Getting Started With MusicForLife's VFT Lab

in Musicforlife 🎶24 days ago

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I knew that MusicForLife were working on bringing their own version of DeFi ever since I first heard of the project at the end of February but wasn't expecting to see an announcement last night before I went to bed that the VFTLab was up and running! So before I went to bed, I had a quick play around and damn, they've made it so easy to use, top work everyone involved! I did discover a couple of bugs that I've let the developers know but other than that, it's a couple of clicks and job done!


VFT Lab

This is where you can deposit tokens such as HIVE, LEO, DEC, STARBITS, VIBES and VFTs themselves and they will earn VFT tokens each day.

For those who are in to the crypto lingo, this is essentially "NFT Farming" but developed fully on the Hive network. NFTs are Non-Fungible Tokens where anyone can create a unique token that has a limited number of them e.g. artists making limited edition artwork. You can then use these VFT tokens to buy those NFTs should you so wish on their store which links to a popular NFT Market called WAX.

With that in mind, here's what you will need to get yourself set up with VFT Lab. I'm not going to go in to the full step-by-step as that is described really nicely here by @al-gaming but wanted to share how easy it was to get started.


What You Will Need

  • Wax Account
  • Hive Account - I assume you already have one of these!
  • HIVE, VIBES, LEO, DEC or STARBITS
  • Hive Keychain

Wax Wallet

Get yourself set up with a wax wallet in a couple of easy clicks by going to AtomicHub here - click "log in" in the top right, then select "Wax Cloud Wallet". From there, you select on "create wallet" and then you select your preferred method and that's it!

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Once you've created your Wax wallet, your wallet name will be given. Open up VFTLab, in the top right where it says WAX, click that, copy-paste your WAX Wallet in and you should be linked (although I don't know how you know if it's linked or not at this stage - the devs are looking in to it).

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Hive Keychain

This is a Brave browser extension that you can use to put your Hive keys in for easy access to any site that's powered by Hive. You will need this to log in to VFT Lab and you can download the extension here.

Word of warning, I reported this bug yesterday but when you log in for the first time to VFT lab, do not click on the button shown below as some of the deposit features won't work. They are looking in to it.


Depositing Tokens

Once you're set up, you can then start depositing the tokens you want! Click "create" wallet and you will then have the option to deposit or withdraw:

Click "deposit" and you then type in the amount of that token you want to deposit (assuming you have enough in your wallet) and the rest is taken care of! It's so easy, you don't need to remember the memo. I have deposited HIVE from my Hive wallet and VIBES from my Hive-engine wallet in a couple of clicks.


VFT

Each day at midnight UTC, you will receive VFT tokens that you can use to buy some artwork in the store if you wanted. I haven't tried this yet but I'm looking forward to making my own VFTs with my music and trying them out. Really excited about this and there's a new Interface coming too - keep an eye out for the announcements from @al-gaming about the developments!

Has anyone tried the VFTLab yet?

Let me know

Nicky


Posted via MusicForLife.io

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Oh heck yeah, I am a huge fan of WAX so I am totally going to have to check this out. It would be awesome if they allowed the NFT's to be staked in RPlanet at some point. Thanks for sharing this!

Posted Using LeoFinance Beta

I've not dived in to WAX but when I can start making these mp4 NFTs, I'll be looking forward to doing them. Game changing! Love it! I think they will be adding more options in the VFTLab to stake coins, not sure, I'm just a happy end user haha!


Posted via MusicForLife.io

I hope so, I am not super impressed with what they have there at the moment. It isn't quite what I was expecting now that I am digging into it.

Posted Using LeoFinance Beta

Do you mean with WAX or VFTLab? I know as much about either (which is very little tbh haha)


Posted via MusicForLife.io

You should be careful with what you comment, if you do this on the M4L platform, the safest thing is that they will sensure you, for a comment they even expelled me from the discord!

Español

deberias tener cuidado con lo que comentas, si haces esto en la plataforma de M4L lo mas seguro es que te sensuren, a mi por un comentario hasta me expulsaron de la discord!

Posted Using LeoFinance Beta

Cool I was confused about NFT n such read a bit online via the Splice blog n stuff trying to get my head around it all and its making sense now thanks for the great guide ive got a few VIBES n HIVE on VFT now after following this one and maybe we can do a collab in the future when you have some time free and make a VIP NFT for the peeps with some liquid lushness :D


Posted via MusicForLife.io

It's slowly starting to make sense to me too. I have had to study it a lot but it's getting there. I think with everything, it's just a case of trying it out and then you learn by doing. You may make a little mistake here and there but don't do your tests with large amounts. It is actually pretty difficult to get wrong with the VFTLab though, these guys have done an epic job on making it easy!

Yeah man, I'm up for that collab and getting some VFTs together. Once this post everyday challenge is out the way and I have some time to recoup, will message you on Soundcloud.


Posted via MusicForLife.io

So, i have problems with this Hive Keychain, always appears some ERROR msg, and even configure the login and pass, doesn't work =(


Posted via MusicForLife.io

Hey, what problems are you having? Can you send a screenshot of the error message?


Posted via MusicForLife.io

gracias @Nickyhave por la información es una gran noticia que seguro mas de uno estaba esperando.


Posted via MusicForLife.io

Hey @keniel16! Thanks for this and I agree, very exciting news! Looking forward to all the developments that are happening now with M4L!


Posted via MusicForLife.io

Great post! I invest my VIBES and waiting VFT at the end of day 😜


Posted via MusicForLife.io

Awesome Claudio! I just spent mine from quickly getting some HIVE in last night before the cut off and bought a VFT on the store, it's now appearing in my WAX wallet so this is epic!

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Posted via MusicForLife.io

a great post! Thank you again guru....


Posted via MusicForLife.io

Happy to help mate! To be fair, they made it really easy to set up and use. I just bought my first NFT with VFT and it's now in my WAX Wallet, this is great!


Posted via MusicForLife.io

Sweet yes it was easy just sounded hard

Posted using Dapplr

It's probably like trying to describe someone to tie their shoelaces in an SOP, a lot easier to just do it! (Or use velcro lol)

great I will show my son he only likes to wear crocs....

I haven't tried it yet but I will now. I will just need to set up my WAX wallet and go from there. :)

Thanks for sharing!

Posted Using LeoFinance Beta

Yes mate! Once you're all linked up, it's a couple of clicks and away you go. I just bought some VFTs with some that I managed to get last night before the deadline and bought a snake DJ! It just appeared in my wax wallet:

image.png


Posted via MusicForLife.io

Very cool! I have been wanting to look into WAX for awhile and your post made that quite easy. Added a little Hive and Vibes to VFTLAB to see how that goes. Pretty soon I will be an NFT collector. :)


Posted via proofofbrain.io

I think I'll also be collecting NFTs too, this is pretty cool! I never really came across WAX until this project and I'll be looking in to it a lot more. Looking forward to seeing our collections grow as time goes on!


Posted via proofofbrain.io

It was released a little too early for me. But I do plan to use it eventually when I get enough starbits. I think the steps were fairly straightforward and it will definitely things easier when I do enter the pools.

Posted Using LeoFinance Beta

Plenty of time to get into it mate, when you're ready. It is by far the easiest thing I've gotten in to with DeFi and NFTs etc so kudos to the dev team! Looking forward to when you start farming VFTs :)


Posted via MusicForLife.io

Yea I heard there will be some gamification for NFTs so I plan to get start adding some tokens to the pool after I reach 1 million starbits.

Posted Using LeoFinance Beta

Wait so is this live right now because I can't find it and totally confused.

Posted Using LeoFinance Beta

Yeah man, it's live! The website is

https://vftlab.finance

Nice! invested Vibes and Hive this morning! Excited to see the payout :D


Posted via MusicForLife.io

Awesome stuff man! Have fun and good luck! Happy VFTing :)


Posted via MusicForLife.io

Hello the truth, what a good job you are doing but I would recommend that you upload a video of this because I have not found videos on YouTube and it would be great, thank you very much for your time and for reading this contribution pura vida God bless you
my english is not very good but good I hope you understand me

El que no vive para servir, no sirve para vivir__.jpg


Posted via MusicForLife.io

Thank you for stopping by and I appreciate your comment and recommendation. I don't know if the Music For Life team will do a video tutorial about it but I will try to put one together when I get some time :)

Your English is good and better than my Spanish :)


Posted via MusicForLife.io

@Nickyhave muy buena información me daré una vuelta en VFTLab


Posted via MusicForLife.io

Thank you and glad you found it useful!


Posted via MusicForLife.io