Introducing Kollect’s Collection Book Reward System
Overview
As most recently announced, our team is preparing the roll out of our testnet where Kollectors will be able to get a glimpse of our platform and all that it has to offer. The reason for the testnet is not only to receive feedback from Kollectors to fix bugs and streamline the user experience. Our team felt that it was also important for Kollectors to try out our unique system and features such as staking in the collection books to get a feel of the user flow as well as a taste of its potential rewards.
Today, we’d like to give you a deeper dive into the Collection Book’s Reward System and how Kollector’s rewards are calculated.
Private Collection Book
Formula Components Defined:
Weighted Score (WS): Weighted Score is a numeric value assigned to a card ultimately measuring its significance to the collection and thus the amount of rewards it is able to reap. There are a variety of factors that are included when determining a card’s weighted score such as its rarity grade, its difficulty to obtain, etc.
Completion Rate Bonus (CRB): Completion Rate Bonus is a buff that Kollectors can receive by reaching certain thresholds in their private collection set. Depending on the completion rate of collection, users will be eligible for additional WS that will factor into greater rewards.
Total Staked Cards Weighted Score: Total Staked Cards Weight Score refers to the aggregated total WS of all staked cards by all Kollectors in the collection set.
Total Completion Rate Bonus: Total Completion Rate Bonus refers to the aggregated total WS distributed to all Kollectors via Completion Rate Bonus in the collection set.
Reward Pool: Reward pool refers to the allocation towards users staking rewards. Each Collection Set has its own reward pool and may have different terms and conditions than other collection set reward pools such as distribution schedule, reward pool amount, etc.
How’s It Work?
To illustrate our Private Collection Book’s reward system, it would be best to look at a specific collection. Please refer to the example collection below for a walk-through of the Private Collection Book’s reward system and how it is calculated.
Let’s look at the formula again.
Let’s break it down into sections of the formula and solve for each part.
Staked Cards Weighted Score + Completion Rate Bonus
a. The Weighted Score assigned to Emma in ‘Sample Private Collection 1’ is 400.
b. The Completion Rate Bonus by staking EMMA will be + 5 WS as it accounts for 25% of the full collection set.
c. Staked Cards Weighted Score + Completion Rate Bonus = 405
Total Staked Cards Weighted Score + Completion Rate Bonus
a. The weighted score of the card we plan on staking (EMMA) shows that it has a WS of 400. As shown in the scenario, we are the first and only Kollector to start staking in this collection. Total Staked Cards Weighted Score = 400
b. The Total Completion Rate Bonus is 5. As shown in the scenario, we are the first and only person to start staking in this collection and have passed a threshold. We are the only one to have received this completion rate bonus (+5).
c. Total Staked Cards Weighted Score + Total Completion Rate Bonus = 400 + 5 = 405
Daily Reward Pool
a. Each collection book has a designated reward pool. As stated for this example and scenario, it has been assigned a daily reward pool of 100 $KOL.
b. Daily Reward Pool = 100 $KOL
Put it all together!
= ((400 + 5) /(400 + 5)) x 100 $KOL
= (405 / 405) x 100 $KOL
= (1) x 100 $KOL
=100 KOL
Should all factors and variables remain constant, by staking our card (EMMA) in this collection set, we are able to get rewarded 100 $KOL every 24 hours until the collection set resets.
Public Collection Book
Formula Components Defined:
First Claimers Bonus (FCB): The First Claimers Bonus is a reward that is available to claim in the Public Collection Book. The first user to claim an allotted slot in a collection will receive the allocated FCB. All stakers thereafter for the same slot are not eligible to claim this reward.
Weighted Score (WS): Weighted Score is a numeric value assigned to a card ultimately measuring its significance to the collection and thus the amount of rewards it is able to reap. There are a variety of factors that are included when determining a card’s weighted score such as its rarity grade, its difficulty to obtain, etc.
Total Staked Cards Weighted Score: Total Staked Cards Weight Score refers to the aggregated total WS of all staked cards by all Kollectors in the collection set.
Reward Pool: Reward pool refers to the allocation towards users staking rewards. Each Collection Set has its own reward pool and may have different terms and conditions such as distribution schedule, reward pool amount, etc.
Staking Bonus Rate (SBR): Staking Bonus Rate is a buff that Kollectors can receive by staking KOL along with their NFT when claiming a slot in a public collection book. Depending on the amount of $KOL staked, Kollectors will be given a Staking Bonus rate ultimately giving them the ability to receive more rewards.
How’s It Work?
To illustrate our Public Collection Book’s reward system, it would be best to look at a specific collection. Please refer to the example collection below for a walk-through of Public Collection Book’s reward system and how it is calculated.
Let’s look at the formula again.
Let’s break it down into sections of the formula and solve for each part.
FCB (First Claimers Bonus)
a. The FCB for the card we are staking in the scenario (EMMA) has a FCB of 200 $KOL. Since nobody has claimed this slot before, we will receive this allocated amount.
b. FCB = 200 $KOL
(Staked Cards Weighted Score / Total Staked Cards Weighted Score)
a. The weighted score of the card we plan on staking (EMMA) shows that it has a WS of 400. This is the numerator.
b. There are no other slots that have been claimed by others. The total of Staked Cards Weighted Score should we stake is 400 (Emma). The denominator is 400.
c. Staked Cards Weighted Score / Total of Staked Cards Weighted Score = (400 /400) = 1
Daily Reward Pool
a. Each collection book has a designated reward pool. As stated for this example and scenario, it has been assigned a daily reward pool of 100 $KOL.
b. Daily Reward Pool = 100 $KOL
Staking Bonus Rate
a. The Staking Bonus Rate differs depending on the amount of KOL staked. In this scenario and for this specific collection set, we have staked 1000 KOL for a 1% Staking Bonus Rate.
b. Staking Bonus Rate = 1 + (Staking Bonus Rate) = 1+ (0.01) = 1.01
Put it all together!
= 200 $KOL+ (400 / 400) x 100 KOL x 1.01
= 200 $KOL +(1 x 100 KOL) x 1.01
= 200 $KOL + 100 KOL x 1.01
= 200 $KOL + 101 KOL
= 301 $KOL
Should all factors and variables remain constant, by staking our card (EMMA) in this collection set, we are able to get rewarded 301 $KOL in the first 24 hours. Every 24 hours thereby after until the collection set resets, we are eligible to claim 101 KOL every 24 hours.
Disclaimer:
Please be advised this is the initial logic of rewards in the public and private collection book as of December 10th, 2021. The logic stated is subject to change as we continue testing and receive feedback from Kollectors. Any changes in logic will be shared with the community.
The Public Collection Book will not be released with the testnet. This feature will be integrated into Kollect after the official launch.
The visual and user interface differs from Kollect’s actual platform. These images are merely an example to better illustrate Kollect’s collection book reward system logic.
About Kollect
Kollect is a gamified collection card platform for any branded IPs. Our Collection Book system Kollect.book has a unique built-in play-to-earn feature, allowing users to strategically stake their cards in different collection books to maximize their rewards. Kollect.book enables flexible gamification of collecting activities. The games published by Kollect through Kollect.game are where users can put their collected NFT cards into real actions. Each of the branded IPs can have their own games and in-game currency. The first game in the Kollect ecosystem will be a play-to-earn battle card game with PvP and PvE combat modes. Kollect envisions becoming the hub for NFT collectibles and play-to-earn games.
