Betting is an action of predicting the results and placing a wager on the outcome. Just like Sports Betting, for the first time, SNAC allows users to bet on the content.
How Betting in SNAC Works
Every week, content creators upload posts and receive likes and comments from the content consumers. The last 48 hours of every week are reserved for voting & betting and for a post to be eligible to get votes, it needs to be posted at least 72 hours before the voting round starts. Users can vote and bet on a maximum of 3 posts of their choice.
Posting Starts — Every Thursday 10 AM KST (UTC + 9:00)
Voting + Betting Starts — Every Tuesday 10 AM KST (UTC + 9:00)
How Do Users Bet?
Every Tuesday 10AM KST, top 10 posts of the whole week will be shown on the “BEST Feed”. Users can later on Vote and bet on a maximum of 3 posts.
In order to bet, users have to click BET icon, enter the amount they want to bet and confirm.
- Minimum amount to bet — 100 SNAC
- Maximum amount to bet — 10,000 SNAC
Purpose of Betting?
The betting feature is introduced to help both the content creators and the content consumers. Content creators can have a chance to earn a good reward if people like their content. Keeping that in mind, everyone would focus on creating quality content rather than just quantity with clickbait titles. Moreover, since people love to buy lottery tickets (around 30% of the people in US participate in one or the other form of lotto), betting using cryptocurrency on the content that actually matters is a chance for them to try their luck here.
Betting Rewards for Content Creators
The top 3 posts out of 10 are decided on the basis of voting. The post with the most votes gets the 1st spot. The top 3 content creators are rewarded in the following manner:
1st place content creator= 10% of the total amount raised through betting
2nd place content creator = 5% of the total amount, while
3rd place = 3% of the total amount
Betting Rewards for Bettors
The rewards given to the bettors follow the ‘Dividend Rule’.
Bettors on the top content get more share relative to the amount they have placed for the bet.
1st place bettor = 70% of the remaining 82% amount
2nd place bettor = 20%of the remaining 82% amount
3rd place bettor = 10% of the remaining 82% amount
Let us know what you think of BETTING ON THE CONTENT feature of SNAC.
Moreover, you can also earn SNACs while applying for SNAC Beta Test.