*** REVISED PROPOSAL ***
Simple Summary
Introduction of a NFT Pool as a governance pool and a marketing campaign targeting contributions from the NFT creator community. The intended outcome is to attract new players and generate yield for the treasury from the player deposits, with the vision to maintain a self-sustaining pool targeting the NFT creator community.
Abstract
This proposal will allocate [1,300] POOL from treasury to a multisig wallet to
- Sponsor a series of PoolTogether-themed NFTs with creators that would be awarded within the NFT Pool week by week, with a targeted sponsorship of 100 POOL per NFT (in total 11 NFTs)
- Reward 100 POOL each to the contributors of this governance proposal
- Further, the user interface should be updated to improve the visibility of the NFT content
- Set a drip rate equivalent to [50] POOL per day to the NFT Pool [TBD how this works with polygon pool] to incentivise deposits
- The NFT Pool is planned to be launched with DAI on AAVE via Polygon as a yield source to lower gas fees and help facilitate smaller deposits.
Motivation
As the world’s largest crypto no-loss lottery, PoolTogether provides a valuable entertainment and service to encourage people to save money. In addition, PT participants get acquainted with crypto currencies and gain the additional exposure to the new area of Decentralized Finance (DeFi) space.
With the loot box, PoolTogether implemented a feature that enables donation of tokens and all kind of NFTs that are also sent to the winner of that rounds lottery. So far, it has mostly been used by other crypto projects to reach the PoolTogether community for marketing purposes. NFT creators have not been attracted by it yet, however, PoolTogether with its c. 19k followers on Twitter as well as more than 4,800 active players represents a suitable audience.
Taking the loot box as a starting point, the community brought up the idea of a pool dedicated to NFTs to create additional value to players, the PoolTogether protocol as well as to contribute to the broader NFT and DeFi ecosystem.
Specification
Overview
Establishment of a new “NFT Pool” with additional UX features to encourage artists to contribute NFTs:
- Displayed on governance pool overview page
- Gallery view integration of contributed NFTs in a separate section (to avoid the risk of too much fuzz on the Pool page)
- Links to artist profiles on relevant platforms including rarible, opensea, makersplace, SuperRare, Instagram, Twitter etc.
- Use DAI in AAVE on Polygon as a yield source, mint NFTs on Ethereum
- Benefits for artists to participate in this campaign:
- o Selected artists are paid 100 POOL for their PoolTogether themed pieces
- o This provides artists with more exposure in the crypto world
- o If minted e.g. on Rarible, the artists will still make a defined percentage on all sales as commission/royalty. Artists can choose to mint themselves or PT can handle it with an “official” account
Rationale
We chose this set of integrations as they both reward the artists for their commissions by actual payment for their work as well as further exposure in the crypto world. Having the loot box display NFTs through a gallery style view encourages others to participate in the prize through their donations and potentially attract more PT players beyond just the NFT prize pool. In the week commencing 26th April, we saw the first ever NFT submission to the DAI pool and are convinced that more creators will follow after the launch of an even more tailored solution.
PoolTogether would also do a public call for artists to create PT themed NFTs in a competition through a medium article. This creates community engagement. Here is an example from $MEME / 0xb1 that was highly successful: 0x_b1 Commemorative NFT Art Competition | by Don't Buy $MEME | Medium
The campaign should be accompanies by medium posts with detail on the artists and artworks as well as regular tweets.
The web designer to implement the UX changes is assumed to be part of the PoolTogether Inc. team and this project will require some graphic design for illustrating the NFT prizes and setting the stage in the medium article. Both should be compensated for their time as well. The first iteration of this PTIP comes from this forum post. In this PTIP we focused primarily on the first point (PT x NFT Artists) as it provides the greatest benefit for work & funding required. We could explore the other two options in the future.
The community already secured three artists and is trying to fill 1-2 more slots. Committed contributors are:
- Simon Wan (@IAMSIMONWAN / https://simonwan.com): known for his neon scribbles, Simon had a notable sale together with Robin Schmidt from The Defiant as well as MEME. They created the highly successful Rug Pull experiment in the second half of 2020 that was sold for ca. $65k, being the first artwork ever to combine physical art, NFT art and implemented value in form of a wrapped BTC. Simon completed his work already and the NFT “Robot Madonna” will be accompanied by a beautiful physical artwork to be sent to the address of the winner. He already leaked the alpha on his Instagram account: https://www.instagram.com/p/CONlEcvBV28/
- Yusaymon (@yusaymon)
- Hans Haugaard (@haugaardhans / https://www.hanshaugaard.com)
The creators of this proposal would also like to encourage both @Oops and @qwercus as gifted creators within the PoolTogether community to also grab brush and pencils!
To incentivise artists to continue to donate, our short term solution is to have a 11 week campaign with 1 sponsored NFT per week. We would encourage artists to use the Rarible platform to mint their NFT artwork. This way they will earn a set commission on all subsequent sales of their work, in case the loot box winner decides to sell the prize. The sponsored NFTs will be rewarded to the Polygon DAI NFT Pool winner (via Ethereum Multisig). Winner is automatically selected using standard Pool randomization (No prize on Polygon as it’s 100% reserve), then we send the week’s NFT to the same address on Ethereum as it’s an EVM compatible chain.
If the initial campaign turns out to become a success, the community can vote to increase budget to sponsor more and/or higher profile creators. We hope the call to artists will add a sizeable list of interested artists to select from and maintain this as an ongoing event.
Technical Specification
The proposal does not require changes to contracts as the NFTs will be awarded based on the current DAI prize pool strategy, but with a 100% reserve rate.
Other Requirements/ To-Do Objectives:
- Medium Article to make artists aware of the event to participate & build hype together with a Twitter campaign
- Artist interest submission form
- Create Multi-sig wallet (2 signers, @Gabor & @AndyKaufman. Or 4 signers, previous 2 mentioned + 2 community representatives?)