GP11 NFT Rewards - ALGOxNFT

Governance Discussions
, ,
10

Adding the actual proposal text here:

Our plan is simple and effective:

  • It will consist of 4 period, each 2 weeks in length.
  • Each week:
    • The creator with the most primary AXN sales will win ~22,248 ALGO
    • The collector with the most primary AXN purchases will win ~22,248 ALGO
  • Every Monday after a period ends we will announce the winners after vetting their participation, and once cleared, we will send them the prizes.

Rules

  • There is no limit on how many times someone can win.
  • Participants must adhere to the NFT Rewards program rules, including prohibitions against wash sales.
    • The creator, defined as the owner of the project, must not purchase from their own primary drops on ALGOxNFT.
    • Talent that the creator hires to create art, tech, manage the community, etc. are allowed to purchase from the primary drops, as long as they do not own the project (i.e. they are not the creator).
  • Drops must be of new NFTs, i.e. no recycling old NFTs:
    • The new NFTs can be part of an existing collection or new one, but the ASA and associated art/video/creative must never have been sold before.
      • There is a special consideration for ASA with total counts higher than 1, i.e. multi-mints.
      • For example:
        • Creator drops a collection with 1 NFT with 100 units at 2 ALGO per unit.
        • Creator sells out their collection, generating 200 ALGO in primary sales volume.
        • The entire sales volume above (200 ALGO) would count towards the competition.
        • Any sale past the unit count would not count.
          • So the 101st sale of that NFT would not count towards the total.
      • The reasoning for handling multi-mints this way is that otherwise, a booster pack/traits style collection (e.g. “Pokemon Card like” boosters or R.A.V.E.N) would find it almost impossible to win, as most of these are implemented using a single ASA for the pack.
      • That said, as illustrated in the example above, we will only consider the first N sales of that multi-mint for the rewards calculation, where N is the total units that multi-mint ASA has.
    • This will be a powerful mechanism to help us discourage wash trades, as seen in Q1 of our rewards program.
  • Both existing Algorand NFT creators and new creators are welcome to participate.
  • No NFTs that are purely “raffle tickets” or merely coupons/entries.
    • Booster packs in the vein of “Pokemon Card style” packs are not considered raffle tickets in this sense.
      • Each booster pack guarantees something inside, whereas a raffle tic*et could end up being worthless (i.e. nothing inside).
  • All rewards are subject to review for activities that may disqualify them.
  • Sales must happen during each week’s time period (from Monday 12am EST to Sunday 11:59pm EST the next week) and count only toward that period.
  • Primary sales volume will be ranked by the creator wallet.
    • If a creator wants multiple collections to count cumulatively towards winning, they should use the same creator wallet (and different unit name prefixes if they’d like) for both collections.
    • For example, if a creator creates 10 collections with the same wallet and does 1k ALGO in primary sales within the same week, then they have 10k of primary sales towards winning.
    • On the other hand, if the same scenario happens, but with 10 different wallets , then they would at most rank with 1k ALGO in primary sales volume.
  • Sales volume will include primary sales of NFTs on ALGOxNFT through:
    • Auctions
    • Buy Now
    • Shuffles