We are glad that we have recently finished our 2nd version of the Nicho reward system. In the previous version, reward system works by reading the trading fee from the user address. But in the new version of the Nicho Marketplace, we have made the trading fee 0%. In response to the new version, we will update the system and Smart contracts so that users can be provided with rewards.
In the new version, we fully deployed Nicho’s reward system with smart contracts. We have separated them into two parts, Trade to Earn (T2E), and Mint to Earn (M2E). Among them, T2E accounts for 75% of the total weekly rewards, and M2E accounts for 25% of the total rewards.
Rules:
1. Every single address that can be recorded for reward is 20 times per week.(T2E/M2E Each)
2. The reward Statistic and claim period is one week.
3. Rewards must be claimed within the validity period.
4. M2E is only available for free collections.
5. T2E will only award buyers when doing direct buys, and award sellers on offers/auctions.
More Details:
Trading rewards are the most effective way to earn Nicho rewards. The system will read the user’s transactions that have been made in the week and distribute rewards according to the percentage of the total amount of transactions.
The reward information about the user can be found in the top right part of the T2E page. This section shows the Nicho rewards that the user can claim and the time period for claiming rewards. When the user successfully receives the reward, the reward token in “Reward amount” will be transferred to “Balance”.
Note: The time for users to claim rewards is limited. For example, rewards obtained in the 43rd week of 2022 must be claimed within 7 days of the 44th week of 2022, otherwise, the reward token will be sent back to the treasury.
The table shows the real-time reward data for this week (44th). The operating framework of the reward pool is to distribute rewards by counting the number of trades made by the user in the week. The upper left of the table shows the total amount of the prize pool (10,000 NICHO) for this week (Week 44), and it is divided by percentage according to the number of transactions. E.g. the 1st Ranking user from Afghanistan has made 4 transactions so far, accounting for 26.67% of the total transaction numbers. After the reward distribution, the user will be able to claim 2666.67NICHO from the prize pool. Other users will also be allocated in proportion to the number of transactions. Of course, the data in this table is real-time, and the statistics will end at 11:59 pm on Sundays(UTC) every week. New reward pools will be issued at 00:01, and the final reward data will be subject to the data collected in the previous week.
Also, M2E is the other way to get Nicho rewards but only for free collections. Basically, M2E is the same as the T2E model, the top of the page is the user’s reward data from last week. The list below shows the total amount of NFT minted for each collection. The smart contract will check each free collection, and then issue rewards to the collection's creator according to the minted amount of each collection. M2E mainly provides some basic information about collections to help users understand which collections are currently in hot casting.
The above is the introduction of the Nicho reward system. If you have more questions, please join the TG group and contact us.
Contact us
admin@nichonft.com
