Here is our plan for GP11 NFT Rewards(Q2), to be voted on in GP10!
This upcoming period we want to introduce a new feature to the Gems NFT Incentive Program that we have received great community feedback around on our last Forum post:
Allowing and tracking ASAs as a currency volume we believe will increase total volume and trade frequency on the Gems platform. In addition it will also have an impact on the trading activity of the ASA pools on DeFi platforms. We have witnessed the impact of allowing projects to sell in the ASA of their choice and how it can lead to value generation for not only the creators, but the community that holds their tokens. COSG is our best example of this effect.
We have included quite a lengthy list of tokens we would like to include, so please provide feedback around our selections, new additions, or removals! We are all for listing a new token the community thinks there is demand for.
On that note, pending the approval of this initiative we will work on onboarding new token communities through social media campaigns where the most popular interactions will lead to an immediate token listing on the Gems platform, as well as inclusion in our Q3 NFT Incentive Program. Ideally these are tokens that are bridged to Algorand to grow cross-chain exposure, and will be our primary target. To be clear we will not spend any resources from the NFT Reward Program on this initiative.
Thank you for reading. We look forward to your feedback and value it greatly. Lets make this our best NFT Rewards Program yet!
Great plan! Thank you for listening to the feedback about alternative ASA payments and making it happen.
I also think other marketplaces should aim to do more towards attracting NEW users to the ecosystem, exactly what you are doing with supporting bridged assets.
I can’t wait to use my alchecoin and my alvacoin to buy my nfts! I support using ASAs for purchases and for counting them in this program. I have some COSG I can spend too!
Yieldly token should be removed as they are not active in the ecosystem anymore.
I like the rebate, leader board and minter approach. Also giving rewards in terms of ASAs will make sure these communities encourage purchase over Gems platform.
We have included the Yieldly token because they have a large community that has cross-chain roots. We also recognize the potential shortcomings of the team in the past. This is for the Yieldly community to have a place to be rewarded for using their YLDY. We were the first NFT Marketplace to support YLDY as a currency for NFTs and want to see more activity in this community that we hope translates into increased DEX activity and optimism instead of scorn around this OG project.
We will be rewarding in ALGO for the activity and will not purchase any ASAs with the allocated funds. We plan to add more tokens from bridged communities to provide a new utility to these cross-chain users.
We recognize this may prevent listings in ALGO on other platforms but our intention is to provide projects additional freedom when they list. We see this as a net positive and hope to see all marketplaces adopt this functionality. Exa is doing great in this regard!
I hope this provided further context around the decision to include Yieldly, and ASAs as a currency. Please let us know if we missed something in our response. Thank you for the feedback.
Update:
We have increased the frequency of Leaderboards to Bi-Weekly. We have also grown the prizes from top 5 to top 8!
We expect this to be more inclusive as well as promoting more consistent volume across the month.
I have not used your site much, I’m more EXA based, but I like the focus on other tokens. I do have yieldly so it’s really kind of you to support it. Between you and them, we have an excellent marketplace setup!
