Today is the final day of the current $RARI Rewards program! It was an exciting 4-week journey with 420,000 $RARI distributed, many wins and learnings. Read the recap below – we are looking forward to your feedback on how to make the next rewards programs even better.
Let’s start with wins:
We have successfully increased our market share in two collections chosen for the rewards program: Ledger Genesis Edition and Nyolings. At one point, 35% of Nyolings GMV was traded on Rarible. That was the intention behind the program and these cases proved it successful.
Highlighted in red is the share of the Nyolings collection traded on Rarible for the duration of the rewards program
You can see that in Nyolings’ case, a significant amount of trades happened on Rarible during the week it was part of the reward program, but the numbers decreased after that. For the Ledger Genesis Collection, on the other hand, Rarible showed a large increase in traded volume during the rewards program period, and kept a portion of it after rewards stopped. The fact that Ledger was part of the rewards program for three consecutive weeks might have impacted this result.
The biggest lesson we learned from the current $RARI Rewards program is that selection of collections can massively degrade the performance of the program.
Best results happened when the Rarible team chose the collections
Doodles and other expensive collections didn’t perform even when Rarible chose them
- Rewards turned out too high for cheaper collections and it impacted floor price
When analyzing these and other results, we came up with several potential improvements:
- Have a trending board showing which collections are being voted on, but leave the final decision to selected (or voted) members of the RARI DAO community.
- Decrease the amount of $RARI rewarded, while increasing the length of the reward period from 4 weeks to 2-3 months.
- Increase the lock period requirement to 3 months.
- Decrease or Increase rewards amount based on project’s floor price
- Decrease or Increase rewards amount based on floor bids, instead of listings
Rarible Protocol is changing its focus into building and supporting community marketplaces.
Bringing the rewards program to community marketplaces can be a good strategy to help increase liquidity within the protocol.
We’d love to hear what members of the Rarible community have to say about these results and your thoughts on how we can make our rewards program even better. Do any of the proposed ideas look good to you? What would you do differently?
Leave a comment below and let’s chat!