For testing purposes, you will need some Devnet test NFTs and some test SOL for minting those NFTs and gas fees.
You can visit the URL here or as mentioned on the app and get both test SOL and test NFTs.
After getting some test SOL and NFTs, head back to the app, and open a collection of your choice. Visit the owned tab, and you'll see all the test NFTs you own in your wallet. Click on the NFT for more options.
For locking an NFT press the Lock NFT button on the NFT page.
Select the duration for how long you'd like to lock the NFT. Based on the duration of your lock, your droplets loan amount and interest payable throughout that duration will update.
The interest payable is max interest because the user can even unlock their NFT before their selected duration and hence pay lesser interest.
Approve the transaction to get the droplets' debt. Your NFT will be locked securely into the NFT locker of that collection so that no one else can swap it with theirs.
You can see your locked NFT into the Locker tab along with all the NFTs that have been locked. Congrats on unlocking instant liquidity without losing your NFT!
To unlock an NFT, you can visit your locked NFT in the Lockers tab, and simply click unlock. The interest payable is based on your duration for how long the NFT was locked.
The beauty of NFT Lockers is that it enables users to:
- snipe rare NFTs that were locked but gets defaulted due to failing to unlock, and
- get 20% of the difference in droplets as a liquidation reward
You can see all the NFTs that are defaulted in the Locker tab:
Simply click the NFT, and press on Liquidate the NFT to liquidate it and claim the liquidation reward.