Hi @Matt_StableLab - yes absolutely - we wanted to give a thorough answer here that also expands a bit to our overall vision for how we believe this STIP can catalyze NFT activity on Arbitrum, being that our aim is to try and solve a challenge quite a bit different than what essentially all the other projects in this STIP initiative will be working towards (for us, meaning to get NFT activity on Arbitrum moving again) and we plan to take a very straightforward approach.
The kickstart of activity is to be designed to be straightforward and basic in order to get a pulse check for NFT users and potential best uses of the resources, and then get more creative in incentive structure as we gather data from what is working well and what can be improved.
-
We plan to incentivize trading in ARB currency on the NFTEarth marketplace contract. (You can currently trade on NFTEarth in 3 currencies: ETH, NFTE, ARB) and by incentivizing ARB, this is a net positive effect for the token of the entire ecosystem, so we believe this is a great place to begin and then evaluate how effective it is at getting traction. We plan to allocate a fixed % of the grant to this bucket, and for users to earn their share of this incentive pro-rata to the overall volume traded per week/Epoch, which we will then make claimable via Merkle distribution or direct airdrop to user addresses. So, we will filter the Seaport contract activity (what we currently use as our primary marketplace contract) for all trades in ARB currency
0x912CE59144191C1204E64559FE8253a0e49E6548and then share results accordingly. -
Next, we have deployed the first onchain game on Arbitrum that uses Chainlink VRF to determine the game winners in a fair and transparent manner, called Fortune, and we believe this could spark significant activity on Arbitrum. This is our in-app game Fortune, at contract address
0xB11eD4D3b3D8Ace516Ceae0a8D4764BbF2B08c50and it is modeled after the game LooksRare has deployed on Mainnet called YOLO. It’s fun and engaging, gamified with music and sound effects, a fun graphical animation, and enhanced with user capabilities for gamers to chat real-time during game rounds. Overall we think a great way to get activity moving in the NFT space. Users can enter rounds with NFTs, ETH, NFTE, and ARB, with the value of the NFT entered with calculated based on the floor price oracle at0xAeB1D03929bF87F69888f381e73FBf75753d75AFprovided by Reservoir Tools. -
Next, we have deployed an onchain raffle game to Arbitrum, which we have also modeled after the raffle the LooksRare team deployed on Mainnet, and is at contract address
0xC597E0eC62b44feB0eF3bb59B374003d51E571C9that we would intend to reward users of the platform with in ARB incentives as part of an on-going raffle for platform participation every ~12 hours. -
Last, is our new voting incentive mechanism developed as part of the NFTEarth Staking Rewards Program. We have deployed a mechanism called xNFTE, which is in large part based on the veBAL system, where in partnership with Gamma Strategies, we enable users to create a fungible UniswapV3 LP position that can be staked to acquire voting power through xNFTE (xNFTE is what represents value accrual and voting power for NFTEarth). As many DeFi protocols (Curve, Convex, Balancer, etc.) hold weekly gauge votes for incentives, we now have the same infrastructure in place onchain to do this in the NFT realm, but instead of incentivizing an LP pair, it will be an NFT collection (or some other behavior ie., mints, collection creation, or other TBD) - and voters can exercise their voting power gained from being stakers in the NFTEarth ecosystem; to vote on our Snapshot Space in the weekly incentives vote to direct incentives. We foresee this being used not only by the DAO to help direct emissions of the NFTE token, but also enable a means for any protocol or individual to - in a permissionless fashion - create incentives for an NFT that they would like to mint or promote trading of, and can then provide the incentives to do so for. The
FeeDistributorcontract for rewards to be deposited to and for all stakers to claim from on a weekly basis is at0x9138A2e628f92a42397B3B600E86047AE49aCa98and this is where these incentives would be sent to.
The final onchain component is what we have spent the most time designing for how we would like to primarily use this batch of STIP - and then build this into a long-term and sustainable incentive program, by gamifying the entire system - is by using our Arbitrum marketplace in conjunction with each user profile tied to the onchain wallet address the user has linked to their NFTEarth profile, in order to accumulate points in a leaderboard and game system, where XP is accrued for the onchain actions desired.
This would be similar to the enormously successful campaign Blur ran on Mainnet last year, except completely optimized for Arbitrum - where users are incentivized to conduct many actions onchain, and are rewarded correspondingly. For example, list NFTs = XP points, make offers = XP points, place trades = XP points. And then some examples to further refine this, special caveats as well, such as if the user is an xNFTE staker (meaning long-term supporter of the protocol and by extension the Arbitrum ecosystem = boost in XP points, if they trade in ARB = another boost in XP points. We would have Seasons and display a page in the app called Leaderboard that much like Blur’s leaderboard, or GMX’s top traders dashboard, shows the current results, and also resets every 24 hours and keeps track of total XP points accumulated by each address throughout the season. This gamified system of incentives is what we are most excited about building and what we believe holds the greatest potential to genuinely turn Arbitrum into the unquestionable L2 NFT leader, and we can’t wait to build it!
Warm regards,
NFTEarth Team