CryptoArt_Ai’s original “Bid To Earn” and “Share To Earn” : first step towards DAO autonomy
Go beyond DAO!
Currently, although NFTs have experienced two market highs, but are still up in the air for most people. So how to make NFT universally applicable is a question that CryptoArt. Ai want to solve. Our original “Bid to earn” and “Share To Earn” will make NFT more accessible and are likely to become a powerful tool in the market.
Obstacles in the NFT market
“Bid” is a simple behavior by nature, but there are difficulties in practice.
The bids on chains are too costly. Most NFT platforms currently prioritise the ETH contract, which leads to the high cost of ethereum gas. Artists will need to balance the cost of the gas fee by setting a higher price, and that will lead to a low transaction rate. Even nfts in good quality will face the inconvenience in second market circulation.
Blind speculation has led to a skewed value of NFT, with many players focusing only on the form of NFT rather than the artwork or asset itself. Overvalued nfts have led to the NFT market transformation from NFT fever to NFT cooling off.
NFT owners do not enjoy more benefits than the appreciation of the NFTs and upvaluation. This dilemma have discouraged a lot of potential collectors. We want to break the dilemma by bring new feature “Bid To Earn” and “Share To Earn”. Both two features are an in-depth exploration of the autonomous personality under the platform expansion and DAO system.
“Bid+Share” is the basis for value coexistence
FT is consensus, while NFT is empathy, and empathy is the root of the value of NFT, an irrational network effect. In NFT auctions, bid is its value transfer and share is the channel for value transfer.
Our platform accounts for only 1.5% of secondary sales in the current NFT market. We want to open a new channel to embrace the secondary market and promote the circulation of NFT, which is directly related to the newly designed “mutual Earn” model in V2.
According to the rules of CA 24H auction, only bids placed within 24 hours will be rewarded with a “Bid To Earn” bonus. The spreader will receive a “Share To Earn” bonus. Since the launch of 2.0, all 24H auction on the CA platform are eligible to participate in the “Bid To Earn” and “Share To Earn” schemes.
In the 24H auction, the participating bidder could have a 5% share in both the first auction and the second sale, and the invitee has a 1% bonus, which is fundamentally different from the previous V1. In terms of the overall journey trajectory of the auction, Bid+Share is more focused on maximising player involvement, rather than being the end of a static auction.
Simply put, Share To Earn is about inviting people to place bids, and if they are successful, the inviter receives a 1% bonus on their bids. It is completely cost-free and straightforward to participate in, and any user can post a link to an interested NFT enthusiast or collector.
Under the “Bid To Earn” system, the first bidder on an NFT piece in the 24H auction will receive 5% of the difference between the bid and the starting price, and the second bidder will receive 5% of the difference between his bid and the first bid, and the first bidder’s bid will be refunded and an additional 5% bonus ……
With the latest bidder receiving 5% of the difference to the previous bid, this will allow an NFT piece to gain more exposure. The “Bid To Earn” system expects artists to receive a higher income, as the “Bid To Earn” bidding itself will, hopefully, increase the artist’s income. The “Butterfly Effect” begins with “Share To Earn” as an intermediate bridge, which is a vehicle to extend from the inside to the outside, and as NFT continues to increase in play and value, and will eventually become “Bid = Earn”!
“Bid+Share” is a shift from centralisation to DAO autonomy
The bid model of B2E and S2E draws on the long-standing trading model and eco-economic model of the CEX. Artists and collectors use roles as a dimension and rewards as an extension channel to further expand the consensus of collectors and build an early prototype of “NFT Gold”.
This is similar to YGG’s gold-beating model, in that both target the ‘free’ players in the market, who are in fact the ‘top of the funnel’ of NFT auctions and potential consumers. We have learned from the success of YGG that in crypto games, the ‘top of the funnel’ can be NFT collectors or landowners, and that tapping potential users requires a combination of channels and incentives.
By purchasing or auctioning an NFT work, the collector is not only the holder of the digital ownership of the NFT, but also the proof of identity. CA has now partnered with Mask, an on-chain wallet, and Litentry, a decentralised cross-chain identity protocol for the polka ecology, to give more NFT holders a block-chain identity, and holding a Web 3.0 ticket will no longer be a paper exercise. In CA 2.0, “Bid To Earn” will be the starting point, and “Share To Earn” will be the trigger to gather the power of real top-down community DAOs to achieve a virtuous cycle of NFT ecology.
With “Share” as the thread and “Bid” as the canvas, we firmly believe that the Bid+Share mechanism will attract more collectors and boost more deals, and this enthusiasm will be a strong support for the whole CA platform and the NFT community.
In the future, CA will also experiment with various DAO governance models, opening pools and DAO groupings to incentivise the shared governance of the CA ecosystem. In CA’s self-growing ecosystem, more eco-projects and plug-in wallets will be gathered, connecting one end to the NFT source and the other to the world of Web 3.0. With each user joining, the ecology will deepen a bit, and these trickles will eventually merge into the sea, with CA as the source.
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