Time to Creaticles
The NFT Requests Marketplace
In 2017, Cryptokitties emerged quickly and grew to take over the entire Ethereum network for a period of time as users poured in to breed and trade digitally generated cats. Cryptokitties, the first popular form of non-fungible tokens, or NFTs, started a trend of online digital collectibles. Fast forward to the present day, and we see an emergence of NFTs and blockchain collectibles that are permeating mainstream interest, finding their way onto the front page of media like the New York Times.
With platforms like Rarible, OpenSea, and SuperRare, NFT creation and collecting has become easier than ever, and the opportunity opens doors to connect creators with collectors. In this world, users can shop around, buy new art, or trade existing art created by artists around the world. While exciting stories about NFTs selling for $560,000 make the news, a majority of sales net artists under 1 ETH (see the Dune Analytics chart below for more information).
Furthermore, most NFTs aren’t sold. It doesn’t mean they’re bad — but it implies that supply is greater than demand for NFTs at this moment. Artists are eager to create in hopes of selling an NFT for a record-breaking $69.3 million and becoming the next Beeple. At the end of the day, though, most artists’ efforts don’t bear fruit, and NFTs are left unsold. In other words, creators are putting in the time, but they aren’t necessarily rewarded. This gets into a core problem that Creaticles has identified and is setting out to solve.
The Problem
Creating NFTs, for a majority of creators, is like taking a shot in the dark: you think someone might want something, you so make it, but whether or not it actually gets sold is arguably luck. In other words, so much talent is wasted. On the other hand, people looking for cool NFTs currently have many options to shop around, but what if you don’t find something you like? Often times, people turn to platforms like Twitter to request NFTs from the community, but that’s luck as well. You have to get the attention of the creator community.
Both the creators and the buyers are therefore experiencing a problem of optimization: buyers want specific NFTs, and creators aren’t sure what to create. That’s where Creaticles comes in. Our marketplace allows buyers (whom we refer to as requesters) to broadcast requests for custom NFTs, and those broadcasts are matched with artists who then take a stab at creating what the buyer wants.
Creaticles: Custom NFTs — Manifest Your Imagination
We see an opportunity in simultaneously helping both the creator and the collector. Creaticles is the NFT Request Marketplace. In other words, users (we call them requesters) come on the platform and can request specific NFTs, which are sent out as projects to the artist community. Artists then take action, and create the requested NFTs. The NFTs that are chosen by the requester are subsequently purchased. Requesters are looking for custom NFTs, and Creaticles gives them a chance to manifest whatever is on their minds.
How Requests Reward Creators
Creaticles offers three straightforward modes of offering NFT rewards, which provide flexibility for the requester and maximizes rewards for the artists. Different modes offer different advantages. For example, the faucet mode can be used for a meme contest, where the requester wants to create as many memes as possible. From the other side, faucet mode is a great way for an artist to earn guaranteed tokens for their art, although it won’t likely earn as much as single-winner mode.
Single Winner Mode
As the name states, the Single Winner gives the entire prize to a single winner, which is selected by the requester. An unlimited number of entries from artists can be submitted, but only a single piece will be rewarded. For example, if a requester sets Single Winner mode for 1 ETH, then regardless of whether there are 5 or 50 submissions, the requester only chooses one winner, which receives the 1 ETH.
Funnel Mode
In Funnel Mode, the requester sets tiers of rewards, and selects a winner for each tier. For example, the requester can set 1st, 2nd, and 3rd place prizes, which would be different amounts: e.g., 2 ETH for 1st place, 1 ETH for 2nd place, and 0.5 ETH for 3rd place.
Faucet Mode
The Faucet Mode drips an equal amount of token to each creator. The requester sets a total amount of ETH and a total # of entries. For example, if a requester sets 10 ETH and 10 entries, then each artist’s entry receives 1 ETH.
In Single-Winner and Faucet Mode, the requester needs to select a winner. The winning NFT(s) are then transferred over to the requester. But what happens if a requester forgets to select a winner? In the event that a request expires with no selected winner, then those funds are moved into the Community Treasury.
The Community Treasury
The Community Treasury is a magical place where lost ETH is adopted by Creaticles token holders. That’s just a fantastical way of saying that unrewarded BSC in the Creaticles ecosystem is redistributed back to the token holders. We decided on building the Community Treasury as we thought about what to do with unclaimed funds.
On the one hand, we could have returned the unclaimed funds back to the requester. While this seems fair at first glance, it becomes unfair once we realized that the artists had already put in the work. By returning the money back to the requester, we are encouraging theft from a community of hard workers.
On the other hand, we could distribute unclaimed funds to all the artists that participated in a request. Again, this seems like a good idea at first, but we realized this encourages spamming — bad actors who submit bad content specifically for the purpose of netting unclaimed funds. By encouraging this through redistribution to artists directly, we are indirectly contributing to lower quality control of the community.
The Community Treasury is a perfect balance: it redistributes unclaimed funds back to Creaticles token holders. This solution offers a fair balance because creators are still collectively rewarded, but it does not require any specific participation in any singular request — eliminating the spam incentive for bad actors.
The Creaticles Token
Creaticles tokens are mined through activity participation in the Creaticles platform. Creaticles tokens has a fixed supply of 1 billion tokens. Community tokens are mined on a weekly basis. To mine, you don’t need a powerful computer or GPU. All you need is to either request or submit NFTs in the Creaticles platform. There are two ways to mine Creaticles. More information about the token economics will be published at a later time.
Creators can send quality submissions to requests
Every time a creator sends an NFT submission, they qualify for an allocation of tokens. To weight quality over quantity, the amount of qualified tokens a creator can mine for each submitted NFT is reduced based on the number of submissions that are created by each user during each mining period.
Requesters select the NFT(s) they want
A requester can also earn Creaticles token by selecting the winning NFTs from their requests. As we mentioned before, the unspent request rewards are moved into the Community Treasury. But this isn’t the best outcome, because that action misaligns incentives — creators should be directly rewarded. To incentivize this on the requester side, we are enabling requesters to mine tokens, also, when the requesters select the winner. Similar to the creator mining, the amount of tokens per request selection diminishes based on the number of requests selected.
The Chain Deployment Strategy
Our plan is to first deploy on Ethereum and Polygon. We carefully made this decision due to the primary reason of accessibility: We’re looking for a growing, smart-contract (Turing-complete) chain that can provide us the platform to build a simple and streamlined user experience.
Creaticles: Manifest Your Imagination
At Creaticles, we believe that NFTs are the future of content creation on the Internet. We also believe that the problem of matching requesters and talented creators is an unsolved one in this space. Our goal is to solve that problem in an easy-to-use manner that allows requesters to quickly get what they want, and for creators to spend their time more wisely and be rewarded accordingly.
About Creaticles
[Website] [Twitter] [Telegram]
Creaticles is a decentralized app that lets anyone request a custom NFT from the creator community. Our mission is the empower creators by giving them greater opportunities to share their art and talent.
