Monthly Reddit (r/HNY) NFT Competition

Monthly r/HNY NFT Competition

Proposal Information

Proposal description:
Nonfungible tokens (NFTs) are becoming an increasingly popular implementation of smart contracts. Many 1Hive community members have expressed interest in creating 1Hive/HNY/Honeyswap-related NFTs. Each month, the official Honey subreddit (www.reddit.com/r/HNY) will host an NFT competition, with the top 3 most upvoted and/or most voted upon NFTs splitting the prize (50/30/20).

Proposal Rationale
Although Honey (HNY) has use cases beyond Honeyswap, if Honeyswap is to be a success we need to market. Content creators who want to participate can easily do so, as Rarible is as simple as connecting your wallet and uploading/minting your art into an NFT. A competition will bring attention to HNY, and the content being created will increase the amount of circulating Honeyswap/HNY-related content.

Furthermore, Reddit is a phenomenal place for cryptocurrency communities to thrive. Although this forum caters to the core Honey developers and community members, Reddit is a great way for investors to learn about and discuss their favorite ongoing projects without having to leave their preferred Internet forum (Reddit). Subreddits usually bolster a community and I feel that this is a great way to grow our subreddit by incentivizing users to visit our subreddit for information about the competition, information aobut HNY/Honeyswap, and for updates about the competition.

Expected duration or delivery date (if applicable):
Winners will be selected once per month for two months.

Team Information (For Funding Proposals)

solarmkd Noice Detz Pressure

Skills and previous experience in related or similar work:
N/A

Funding Information (For Funding Proposals)

Amount of HNY requested: 1

Ethereum address where funds shall be transferred: 0x435Fb56f9ef9A5b4BE0Ba6FF1f4eFf10c553FfBD

More detailed description of how funds will be handled and used:
The prize per month will be 0.5 HNY. Once per month 3 winners will be announced. The winners will receive 50% (0.25 HNY), 30% (0.15 HNY), and 20% (0.10 HNY) for first, second, and third place, respectively. We would only need 1 HNY (for 2 months) for this because I do not think it would be good for the token distribution to give too much HNY. We can do two competitions (two months) for 1 HNY total and re-evaluate afterwards to see if we should continue hosting such competitions. As long as HNY maintains its value, people will rush to create artwork for 0.25 HNY. Users should only be allowed to submit 1 NFT to the competition per month to limit spam and to give everyone a chance to win.

7 Likes

This is great. Stoked for HNY NFTs :honey_pot:

Would the winners be judged just on Reddit up/down votes (potentially easy to game), or would Discord/Forum polls also be taken into consideration? Ideally the community would join /r/hny as it’s quite awesome, but having a dual poll that’s then averaged together might increase participation.

Would maybe up the prize to 1 HNY per month since that’s a nice even number. Also, at the time of writing 1 HNY is also approximately 0.0001 of the common pool. Seems like the potential upside from engagement and attention would be more than worth the risk.

Also, are NFTs minted on Rarible available on xDAI, and if so, could they also be sold for HNY? Could be a great start to bootstrap a HNY art market :honey_pot: :framed_picture:

1 Like

Good initiative, I like the idea of NFTs.
As far as I know, Rarible it’s available just on Ethereum network.

2 Likes

Would the winners be judged just on Reddit up/down votes (potentially easy to game), or would Discord/Forum polls also be taken into consideration? Ideally the community would join /r/hny as it’s quite awesome, but having a dual poll that’s then averaged together might increase participation.

Since real money (HNY) is involved, I think it would be most appropriate to use an official poll on Reddit rather than just going by upvotes, but I’m totally open to other suggestions. Like you said, the Reddit upvote system is prone to manipulation, and I think a real poll would be ideal.

Also, at the time of writing 1 HNY is also approximately 0.0001 of the common pool. Seems like the potential upside from engagement and attention would be more than worth the risk.

Completely agree with this! Also, bringing more attention to Rarible and NFTs will increase usage of the Ethereum blockchain and overall stimulate growth of the NFT ecosystem, which is overall good for cryptocurrency, smart contracts, Ethereum/xDai, and Honey as a whole.

To be honest, copy and pasting the Rarible code onto xDai in a similar manner as what we did with Uniswap/Honeyswap could be huge for 1Hive as well. However, that’s a bit off topic :wink:

1 Like

NFT competition would be super cool. I already have a small collection going from the ones that @Detz has already made and I love them. It would definitely be cool to see what users come with. I fully support.

3 Likes

I love this idea, maybe if minting to xdai is available soon we could use this competition to promote it farther and make this the first NFT competition fully on Xdai

3 Likes

I kind of feel like we should push to get an NFT app on xdai and have the competition using that?

Maybe down the road.

I think .5 HNY a month is more than plenty.

I think an NFT competition is brilliant.

Stoked to see this is funded and how good is that am already on to creating NFT platform on xDai with a sprinkle of honey.

I will be participating for sure

1 Like

I’m supporting this with the little inactive HNY i’ve got left.
Great idea :call_me_hand:

Proposal was executed.
Any updates for the NFT competition?

seems like there is no competition, gg scammed?

I never intended to solely host this competition on my own. I have sought help with this project from a few community members and we have been delayed as we all have real life obligations that are preventing us from getting anything done. I am attempting to find others, or a full swarm, who would take on this task and see it through, but have been struggling to do so. The other option is for me to just transfer the funds back to the common pool.

I do not appreciate being accused of scamming. Please refer to the wallet address and note that the funds (1 HNY) have not been touched or moved.

3 Likes

There will be competition we will announce it during this month , @Pressure had no time to write the announcement and organize everything so he will let that to the Buzz swarm. I will make sure we will discuss the rules and marketing campaigns for it as soon as possible .

We will keep everyone in touch here and on 1hive Discord Buzz channel and social media channels.when we will be ready.