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Q3 2023 NFT Incentive Program
INFO
Rewards: 125K $ALGO
Timeframe: July 14th - September 14th
Incentive Program
Welcome to our exciting Q3 2023 NFT Incentive Program! Unleash your creativity, immerse yourself in the vibrant world of NFTs, and become a part of our growing Algorand community.
With our tailored incentives, not only will you have the chance to make your mark in the NFT space, but also join us in fostering an environment that celebrates innovation, encourages engagement, and appreciates unique talents. Dive in and experience the journey with us!
Our incentive system is composed of three main strategies:
User Rebate Program offering rebates for purchases of NFTs from primary sales.
Volume Leaderboard encouraging exchange and trade on Gems by rewarding top traders in four categories.
Free to Mint Lottery incentivizing new users to mint NFTs with a chance to win Algo.
Furthermore, we propose a unique GEMS Governance Spotlight to foster participation within the community, offering qualifying creators a 2% rebate on all NFT trades. Open for community consideration and review.
All Gems initiatives are tailored to help grow the Algorand ecosystem by incentivizing user participation and contribution!
Gems aims to increase
- Creator revenues
- User buying power
- New users that create NFTs
- Secondary sales that honor royalties
User Rebate Program
Users who purchase NFTs from primary sales (from the creator) will receive a scaling rebate on each purchase. This amount will be tracked at time of sale, and will be paid out on the 14th of the month to reduce manipulation.
User Rebate per NFT Sale:
| Purchases | Rebate |
|---|---|
| 1 | 5% |
| 2 | 10% |
| 3 | 15% |
| 4 | 20% |
| 5+ | 25% |
Your NFT purchase total resets on the 14th of each month, after rewards are sent.
There is no limit to how many NFTs you can purchase from primary with your rebate. First come, first served!
Updates and distribution will be shared through our social media.
Address selection practices
The top 10 addresses by volume over the last 6 months will automatically qualify!
10 addresses will be chosen by popular demand. We will leverage social media polls to achieve consensus.
This list of 10 addresses will be rotated weekly.
We reserve the right to add further addresses for rebates in addition to the base 20, to encourage Algorand creator onboarding.
Volume Leaderboard
To incentivize all forms of exchange and trade on Gems, there will be monthly volume leaderboards for the following 4 categories. Each with 2 winners!
Top 2 Addresses by Volume:
- Primary Purchase
- Primary Sale
- Secondary Purchase
- Secondary Sale
Each of the 8 winners will receive 1000A at the end of the monthly period!
Manual review of 8 addresses monthly will be handled internally, and all results will be made public. As participation grows, the selection of the winner can be transitioned to a DAO vote for scalability and improved transparency.
This is the only incentive that applies to secondary.
5% royalty minimum must be active to qualify.
Leadearboard tracking
Each week we will post the current Leaderboard standings on our socials. The top 10 in each category will be tracked.
Community feedback on eligibility for the leaderboard is encouraged. Leave a relevant comment with your findings on our post!
Free to Mint Lottery
New users to Gems who create a Free to Mint NFT will be selected at random to receive an airdrop of 5 Algo to start creating assets themselves! To qualify, the user must have created a Free to Mint NFT during the incentive program period.
30 winners will be picked for the month, using random-with-review selection methods that will be made public.
This will max out at using 150A per month, and will provide a great onboarding experience for new creators.
Eligibility
Winners will be announced monthly, along with reward distribution. If NFTs are considered low effort or fraudulent the user will be disqualified.
Rewards Distribution
Base rewards are per month (14th to 14th). This will ensure that each month will have rewards available. Rewards will be held and distributed from gems.algo.
If the total rewards exceed the monthly allowance, then no more rebate rewards will be available until more fees are generated, or until the reset on the 14th. The rebate pool will be topped up based on fees generated from the monthly period (Gems has a 2% fee).
The pool for Free to Mint, and the Volume Leaderboard are not included in the total above.
2 Month Period
| Reward ALGO | Monthly Amount | Total Amount |
|---|---|---|
| Rebate | 54,350 | 108,700 |
| Leaderboard | 8,000 | 16,000 |
| Free to Mint | 150 | 300 |
| Total | 62,500 | 125,000 |
3 Month Period
| Reward ALGO | Monthly Amount | Total Amount |
|---|---|---|
| Rebate | 33,517 | 100,550 |
| Leaderboard | 8,000 | 24,000 |
| Free to Mint | 150 | 450 |
| Total | 41,667 | 125,000 |
Community Review
GEMS Governance Spotlight
Leverage the GEMS-based DAO to determine 10-20 creator addresses that will qualify for a 2% rebate (no fees) on all NFT trades.
Gems Governors choose a spotlight every week using their GEMS to vote. The queue refreshes weekly. Winners are viewable on Gems, and will be shared on socials. The spotlight creators will receive increased homepage exposure!
We intend to implement this program for the next quarter, to allow for a longer Algorand community review period.