The Bonded Proof of Stake (BPoS) NFT system on Elastos allows users to mint, claim, manage, and redeem ELA-backed ERC721 NFTs, unlocking liquidity for Smart Chain utility whilst supporting the mainchain network’s security. Want to learn more about BPOS NFTs? Learn here! Today, we will walk you through the process of creating and using BPoS NFTs across the Elastos Main Chain and Smart Chain using the Essentials Wallet.
Step 1: Minting a BPoS NFT on the Elastos Main Chain
1. Enter Your Votes: Start by logging into your Elastos wallet and accessing the staking section on the Elastos Main Chain. Choose how you want to allocate your voting power with the staked ELA. For a guide on BPOS voting, please see here.
2. Initiate the Minting Process: After selecting your votes, confirm the minting transaction to create a BPoS NFT.
3. Wait for 6 Block Confirmations: The transaction will take some time to be confirmed by the network. You must wait for 6 blocks to be produced by the Elastos Main Chain before proceeding.
4. Switch to Elastos Smart Chain: Once confirmed, move over to the Elastos Smart Chain (ESC) to complete the claim process.
Step 2: Claiming Your BPoS NFT on Elastos Smart Chain
1. Automatic Check for Claimable NFTs: On the Elastos Smart Chain, Essentials will automatically search for any claimable BPoS NFTs tied to your wallet address. You will receive a notification once a claimable NFT is found.
2. Manual Check for NFTs: If you don’t receive a notification, you can manually check by going to the NFT claim section in the wallet.
3. Claim the NFT: Click “Claim” to transfer the minted BPoS NFT to your wallet. After the claim is successful, the NFT will appear under the “Collectibles” section of your wallet homepage.
Step 3: Managing Your BPoS NFT
Once the BPoS NFT is in your wallet, you can perform several actions:
1. Transfer the NFT to Another Wallet:
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- Navigate to the BPoS NFT in the “Collectibles” section.
- Select “Send” and enter the destination address to transfer the NFT.
2. Destroy the NFT (Convert Back to a Vote):
If you want to stop using the NFT and return to staking directly on the Elastos Main Chain:
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- Choose “Destroy” from the options.
- When destroyed, the BPoS NFT will be converted back into a vote and returned to the Main Chain, where it will regain its original staking status.
3. Future Utility: Upcoming BPOS NFTs plans include incorporating into Elacity’s marketplace for trading and the BeL2s Arbiter network for collateral, as well as opening opportunities to help secure the network in return for BTC rewards.
Unlocking Value
This BPoS NFT system provides users with flexibility, offering the ability to mint NFTs from staked tokens, claim them, and transfer or destroy them as needed. With these NFTs acting as new assets and voting receipts, users can engage with Elastos more dynamically—staking, earning rewards, and participating in governance, all while maintaining liquidity.
By following this guide, you can now confidently navigate the Elastos BPoS NFT ecosystem, unlocking new ways to maximize your staking rewards and explore opportunities within the BeL2 network. Did you enjoy this article? Follow Infinity for the latest updates here!