RRC [XX] - Revitalizing NFT Activity on Rari Chain: A Gamified Initiative (FINAL DRAFT)

dzonson.eth · December 12, 2024, 4:30pm

Revitalizing NFT Activity on Rari Chain: A Gamified Initiative

Abstract

Rari Chain, a core component of the Rari DAO ecosystem and a natural extension of the Rarible NFT Marketplace, remains underutilized despite its cost-efficient, royalty-centric model. Currently we have almost 0 volume on Rari Chain regarding NFTs. To address this, we propose an eight-week gamified quest campaign designed to engage users, boost NFT activity, and align the platform with growing market trends. Building on the proven success of DeFi Days, this initiative combines strategic partnerships, community-driven engagement, and sustainable growth to lay the groundwork for future strategies.

‘‘Current state of Rari Chain NFTs’’

Motivation

The NFT market is experiencing a resurgence, driven by major catalysts such as Magic Eden, Abstract Chain, and initiatives like Pudgy Penguins’ $PENGU coin. This provides a unique opportunity for Rari Chain to capture attention and activity. Moreover, the success of DeFi Days on Rari Chain, which brought in 30,000 active users and generated an average of 10,000+ transactions, demonstrates the platform’s untapped potential. This campaign seeks to leverage that momentum, focusing specifically on NFT activity to establish a framework for future development and decision-making.

‘‘Surge on NFT marketplaces’’

Pudgy
‘‘Pudgy ecosystem breaking ATH, surpassing Blur farming era’’

Feedback and Revisions

The initial draft of this proposal was positively received, with valuable feedback highlighting:

Budget Optimization: Concerns over $RARI sell pressure led to a reduction of the budget from 50,000 $RARI (~$90,000 USD) to 15,000 $RARI, supplemented by rewards from partner projects.
Revenue Mechanism: Confirmation that the Fee Switch is active ensures the DAO will earn fees from secondary NFT sales. (Source)
Alignment with DAO Goals: Feedback emphasized the importance of integrating this initiative with Rari Foundation’s broader objectives. Direct collaboration with Stephen from the Rari Team will ensure synergy.

‘‘DeFI Days by Rari on Superboard - Stats’’

Proposed Solution

An Eight-Week Gamified Quest Campaign will encourage active participation and trading on Rari Chain, leveraging innovative quests, strategic partnerships, and DAO-aligned incentives.

Key Elements

Gamified Quests:

Tasks include buying NFTs, providing liquidity, holding specific items, reaching trading milestones,interacting with NFT Rari chain related dApps, and engaging with social media.
Development Platform: Superboard will design and implement 10 quests at a cost of $1,500 per quest (total: $15,000 USD). Integration and deployment will take approximately one month from proposal approval.
The campaign builds on the success of DeFi Days, extending its principles to NFT-focused activities, ensuring continuity and leveraging user interest in Rari Chain.Users would continue earning points for $SUPR.

Strategic Partnerships:

Collaboration with prominent projects and platforms to increase user rewards and visibility:
- Rarible: Promote Rari Chain as a complementary ecosystem.Of course, our main and priority partner.
- StreamNFT: Encourage creators to launch exclusive collections on Rari Chain.
- Ajna: Integrate liquidity-providing incentives tied to NFT-backed pools.
- ROSS: Explore cross-chain NFT initiatives to attract diverse users.
- Stargate & Camelot: Utilize their ecosystems for cross-promotion and deeper DeFi integration.
- HeyMint & MintPad: Simplify NFT minting for creators, driving collection launches.
- Nucleus: Build an analytics layer to track quest progress and NFT market trends.
These partnerships will contribute to user rewards, co-marketing campaigns, and technical support.

Budget Allocation:

Rewards Pool: 15,000 $RARI, supplemented by partner contributions.
Supervision & Management: 5,000 $RARI allocated to Dzonson and Forexus for campaign planning, execution, and monitoring.

Revenue Generation:

Fee Switch ensures a portion of secondary sales royalties flows back to the DAO treasury.

Data-Driven Decision-Making:

The campaign will serve as a testing ground, providing actionable insights to guide future NFT strategies on Rari Chain.

Financial Overview

Quests Development (Superboard): $15,000 USD.
Rewards Pool: 15,000 $RARI.
Supervision & Management: 5,000 $RARI.

Total Estimated Budget: ~75,000 USD.

Implementation Timeline

Proposal Approval: Starting point.
1 Month Post-Approval: Development and integration of quests on Superboard.
Eight-Week Campaign Launch: Quests go live, supported by targeted marketing and community engagement.
Post-Campaign: Review performance, analyze KPIs, and prepare actionable insights for future NFT initiatives.

KPIs and Expectations

User Engagement: Onboard at least 10,000 active quest participants during the campaign.
Trading Volume: Achieve a 10x increase in monthly minting and trading volumes.
Community Growth: Build a vibrant user base across Discord, Twitter, and partner platforms.
DAO Revenue: Establish sustainable income streams via secondary sales royalties.

Conclusion

This eight-week campaign offers a focused, strategic approach to reviving NFT activity on Rari Chain. By leveraging the proven engagement of DeFi Days, integrating valuable feedback, and collaborating with strategic partners, we aim to generate meaningful insights and outcomes that will guide future strategies. This initiative lays the foundation for Rari Chain to become a central player in the NFT ecosystem while driving sustainable growth for the DAO.

Jose_StableLab · January 6, 2025, 10:00am

Hi Dzonson,

Thank you for putting up this revamped version of the incentives campaign.

The adjustment of program timelines and budget allocation seems much more in line with the capabilities of a DAO with the size of Rari. Are these funds being requested from the incentives budget currently in possession of the Foundation or directly from the Treasury?

Revenue Mechanism: Confirmation that the Fee Switch is active ensures the DAO will earn fees from secondary NFT sales. (Source )

The Rari Protocol fee is critical to ensure long-term sustainability for the DAO. However, it has been activated in Ethereum but not yet in Rari Chain. In order to obtain revenue from Rari Chain secondary sales the DAO needs to activate the fee switch in Rari Chain via a new governance proposal. I think this should be a short-term priority.

Can you provide more context on this $SUPR token, is it an airdrop reward token?

I would like to see Ruble.exchange included in the Strategic partnerships as the DAO recently supported the development of the app.

Can you include in the proposal a final report, that gets delivered no later than 15 days after the incentives program end? This report should include key KPIs achieved during the campaign, such as user acquisition metrics and general Rari Chain and NFT-specific TVL and volume data. This information will provide the DAO timely information that ensures we can efficiently react to the results of the incentives campaign and should be oriented toward deciding whether the rewards campaign was successful and we should extend it / Increase it, or on the other side the outcomes were not satisfactory and we should look for different ways to engage users. This final report will also justify Supervision and Management fees included in the budget.

dzonson.eth · January 6, 2025, 2:38pm

Thanks for the feedback @Jose_StableLab , especially since you’ve been guiding us and helping us from the beginning on how to optimize our proposal and bring the most benefit to Rari Ecosystem.

We will be requesting funds from incentives budget currently in possession of the Foundation. RRC-7 was passed 2 years ago with only about 20% of allocation being spent to this day. I think that would be much better instead of diluting the treasury.

I have double checked with the Foundation team and they assured me it’s activated on Rari Chain too. I don’t have knowledge to check in on-chain on my own. Will raise this as a topic on a community call.

$SUPR a native token from Superboard platform, which is yet to have TGE. While grinding the ‘DeFi Days By Rari’ for example, apart from climbing ranks in the campaign, you also grind the Global Leaderboard from which participants will sometime in future get rewarded with $SUPR.

This is a must IMO. Even though we haven’t specified in the draft, we are in active talks with @Sidney and other builders/creators. The main idea of our proposal is to incentivize and direct traffic to quality dapps/platforms on Rari Chain. That way we help builders + we get to introduce users to ‘fun’ stuff on Rari Chain.

Great suggestion, will do it definitely!

bitblondy · January 11, 2025, 1:41pm

Thanks for the revised version! As far as I’m understanding, you decided to continue using Superboard as a platform for the quests, could you maybe describe the rationale behind that?

dzonson.eth · January 11, 2025, 3:52pm

The Rari Team has been collaborating with the Superboard platform for several months now. Through this partnership, the ongoing campaign “DeFi Weeks by Rari” has successfully onboarded over 80,000 users to the Rari Chain via Superboard.

As a participant in all the quests, I found the experience to be seamless and highly satisfying. Most importantly, the platform’s UI/UX design is beginner-friendly, making it easy for new users to navigate. Transactions are verified instantly, which is a crucial improvement we’ve prioritized after learning from the challenges faced during the Galxe campaign in early 2024, where platform bugs led to significant dissatisfaction and frustration within our Discord community.

The 80,000+ users currently participating in DeFi Weeks by Rari are not only earning rewards in $RARI but also accumulating points toward a future $SUPR airdrop. This means users have the opportunity to farm $RARI allocations while also earning $SUPR, the native token of Superboard. This dual incentive system adds significant value to the campaign and enhances user engagement.

What further strengthens this collaboration is the well-established communication channels between the Rari Team and Superboard. These channels have already proven effective in supporting the development of the current campaign and will undoubtedly be instrumental in future endeavors.

Additionally, we have been in direct discussions with Superboard representatives regarding this proposal. I appreciate their proactive approach and their commitment to making the campaign as enjoyable and optimized as possible. Both teams share a common goal: to avoid creating a dull or uninspiring campaign. Neither Superboard nor Rari wants to be associated with such an outcome.

Finally, I believe the costs associated with this initiative are reasonable and within an affordable range, making this collaboration even more appealing.

Sidney · January 15, 2025, 9:20am

It’s a good proposal, and I’m glad to see Rumble included, but I do have one concern. While 80,000 users have reportedly been onboarded, there’s little to no meaningful engagement. Almost no one is talking about anything other than a few members asking about upcoming quests, rewards, or what they can do on the chain. I like the idea behind this, but it feels like these campaigns might not be as successful as the metrics are showing.