Earn Rewards from your Ethereum NFTs with Koii
Koii’s Proofs of Real Traffic lets Ethereum NFT holders put their idle assets to work generating revenue.
Koii is a protocol built off the Arweave network, and uses a mechanism known as Proofs of Real Traffic (PoRT) to power the applications built on top. For NFTs, PoRT enables unique opportunities for NFT owners to benefit from the online attention their assets receive, earning KOII in proportion to how much attention their artwork receives.
NFTs can be minted natively on the Arweave network and immediately begin receiving KOII rewards for online attention. But what if you already own a bunch of NFTs on Ethereum? The Ethereum NFT market is liquid, with robust OTC exchanges like Opensea facilitating an ever-growing marketplace of trades and transactions. When the NFT you own isn’t being traded, however, it’s likely not earning yield in your favor. With Koii, you can securely transfer your asset to the Koii network and earn rewards — then, securely transfer it back to Ethereum whenever you’re ready. Below is a step-by-step process of how precisely to do that.
Step 1: Download the Finnie Wallet
To interact with the Koii ecosystem, you must have the Finnie wallet. Finnis is easy to download, and can be used with the Koii Faucet to get 5 KOII and start your journey with attention rewards.
Check out this guide to downloading Finnie. Remember to always keep your seed phrase secure!
Step 2: Connect your Ethereum Address to your Finnie Wallet
In this step, you’ll be connecting your Ethereum and Finnie wallets so you can browse your Ethereum NFTs and choose which one(s) you want to transfer in order to start earning rewards.
Step 2.1 — open your Finnie wallet browser extension and click “Go to My Gallery.”
Step 2.2 — click on the gear icon and then “Wallet Settings.” You’ll see the option to “Import from Seed Phrase.” Click on that button and continue.
Step 2.3 — in this step, select “Ethereum Key” to import your Ethereum wallet into Finnie. You’ll be asked to confirm which network (mainnet or testnet). Then, you’ll enter your 12-word seed phrase from your Ethereum wallet and your Finnie wallet password. If all is correct, the next screen will confirm success!
Note, this step does not actually transfer your assets from Ethereum to Finnie. Here, you are just making your Ethereum NFTs available for transfer to Arweave and Koii should you wish.
Step 3: Browse your NFTs and Select
On the left-hand side, click the homepage icon. Now, you’ll see a list of all the NFTs that exist in your MetaMask wallet! You can browse through these NFTs and select which ones you want to transfer over to Arweave and Koii to start earning rewards.
Step 4: Transfer your Selected NFTs to Arweave & Koii
Select your NFT for transfer, click the Transfer button to the right of the NFT thumbnail and select Koii. Enter the Finnie wallet address you would like to transfer the NFT to, verify the transfer cost, and send your NFT to Arweave & Koii.
Step 5: Earn!
And that’s it! Your NFT is now on the Arweave and Koii networks, and available for transfer within your Finnie wallet. While your NFT is on Koii, it will earn KOII rewards in proportion to the views it receives.
Want to get back to Ethereum? Returning your NFT from Koii to Ethereum is as easy as reversing the process above. Return to “My Gallery” in your Koii wallet and locate the NFT you wish to return from the Arweave network to the Ethereum network. Select that you’d like to move the asset to Ethereum and pay the 10 KOII fee to do so. Shortly after, you’ll see your NFT back in your Ethereum wallet.