NFT Raffle for GIVDonors

The Amazing Giveth NFT Raffle!

I’ve been mulling this idea in my head for a while and I’d like to try and put it together a proposal for an NFT Raffle as a reward system for contributors.

As an aside - this is a draft proposal and I would like to test the waters to see if it is moving in the right direction.

Intro and Rationale

Trivial reward schemes incorporate an NFT based on an activity - the best example being POAP. This NFT reward is more representative of an achievement/badge of merit. This represents a nice thank you to the donor, and can be viewed and displayed a badge of social status - but it does not really represent significant value, as the NFT itself is not a part of a limited series (something with rarity tiers) or a value accrual mechanism. It would be interesting to explore a potential reward mechanism that lets outside participants (that is, people who do not receive rewards) buy NFTs, while at the same time providing value to top donors and the GIVEconomy as a whole. In a nutshell, it would allow donors to potentially sell into a greater market by owning a share of an NFT series.

Design Goals

  • Provide redeemable NFT rewards for donors
  • Allow outside particpants to buy GIVEth NFTs
  • Grow the GIVEconomy while maintaining incentive alignment

NFT Raffle

The purpose of the Giveth NFT Raffle is to allow the platform to conduct NFT Mints in exchange for raffle tickets that are handed out as donor rewards/incentives and can also be minted in exchange for tokens that benefit the DAO treasury.

Raffle Rounds and Drawing

Giveth would host periodic sales of NFTs to benefit the GIVEconomy. Every round would be a sale of NFTs through giveth with a certain number of NFTS with rarity tiers.

Once a draw is announced a deposit window is active. Within this window, anyone can deposit tickets into a raffle to become eligible for drawing an NFT. The draw can determine the maximum number of raffle tickets that a single address can deposit, as well as the minimal number of unique participants.

Once the deposit window is complete, and if a sufficient number of tickets is deposited, the draw commences. A winner is drawn for every available NFT until the series is depleted.

Raffle tickets

Raffle tickets would be available in two classes: privileged and regular.

Privileged tickets have a minimal guaranteed rarity attached. This means that a ticket submitted to the raffle can have:

  • A minimal rarity reward (eg. cannot draw common tier)
  • A greater weight for higher tiers (eg. counts as more tickets towards Legendary)

Regular tickets do not have special properties, have equal chances to draw from any tier and have a normalized weight of 1.

Ticket distribution

Privileged tickets are meant to be distributed to Giveth donors based on internal platform accounting. This means that donors are guaranteed to claim a reward from a Giveth NFT Raffle Round with a minimal guaranteed rarity.

Regular tickets are meant to be sold in exchange for tokens of value. Raffle tickets are meant to have a nominal price. Depending on treasury economics, Giveth can sell the raffle tickets in exchange for:

  • GIV tokens
  • Any allowed token (that has valid price discovery)
    • Probably makes most sense with stables
  • As above but with a discount on GIV

Regular tickets could be sold in periods to accomplish different funding goals. TBD is how this funds would be allocated - direct to platform, or split between platform and a set of verified projects.

Open questions

  • Do we even want to fundraise throught NFTs or is this just meh?
  • Do the economics make sense
    • Does this interfere with the regular GIVEconomy value flows?
  • How often do we raise, how much?
  • Can regular raffles be sold back
    • Do we do some curves for this
  • What are the NFT tiers for each round
    • How does the draw math work out?
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