NFT Voting Rewards
Have you heard about “Governance Participation Rewards Kusama,” in which NFTs are distributed free of charge to on-chain voting participants in the Kusama Network? This project incentivizes voting, which had previously been a mere governance function of Kusama.
The “Items” collection on Singular has almost 2300 distinct owners. This makes it one of the most distributed collections in the RMRKverse. What is this collection about and what makes it so unique?
First of its kind
The items in the collection are airdropped 100% free of charge to voters of Kusama referenda. Each time a wallet votes on a Referendum, a new Item is airdropped to its wallet.
Any first time voter will also receive a Shelf NFT (on top of their Item NFT) from the Shelf collection.
As the items are equippable to the Shelf NFT, wallets can fill up their shelf with more items as they continue to participate in referenda voting.
How do I vote?
As mentioned, these NFTs are sent to voters for free. Voting is thus the only criteria to be eligible to receive them free of charge (they can be bought and sold on the secondary market).
Voting is incredibly easy!
Simply head over to the “Democracy” tab (in the governance dropdown) on polkadot.js or click here.
A list of the currently ongoing referenda will show up at the top of the page (should there be any).
After having studied the referendum at hand by reading up on it (make use of the buttons to the right of the referendum row), a user can easily cast their vote by clicking on the vote button.
To vote a user is asked to select a KSM amount and a conviction. These two parameters together decide the ultimate weight of the vote.
A user could for example only vote with a very small amount of KSM without a lockup period or if they feel very strongly about a given vote, all their KSM and a high conviction (long lockup period).
Staked funds can also be used for voting by the way!!!
The following resources will teach you more about the process.
Multiple types of NFTs
For each referendum we create one or more types of NFTs. For most of the referenda until now there were 2 types: A rare NFT and a non-rare NFT.
Whether a wallet receives the rare item depends on a “luck factor”. This luck factor can be influenced by the voter. The higher the vote weight (considering conviction) the more likely a wallet is to receive the rare NFT. With a small vote weight a wallet had only a small chance at receiving the rare NFT.
Collaborations
The goal of this project is to incentivize voting in a fun and interactive way. The whole ecosystem benefits from higher voting turnouts and other projects in the community have been amazing at supporting the cause.
We have already partnered with Exosama, Mushroomtopia and Evrloot and many more collaborations are on the way. We will continue to work hard to ensure additional rewards for holders of the Item NFTs!!!
Secondary Market
All NFTs are tradable. A voter could directly put the item they have received up for sale and turn the NFT reward into a cash reward should they wish to do so.
This creates an economy around these NFT Rewards where people that have missed out on past items are able to “buy in” and receive future rewards given to holders.
The Impact
Since conception of the project (Referendum 171), voting has been steadily on the rise but we are still far from being done! Let us push voting to new heights together for a more decentralized and democratic blockchain!
