12th Jul 2023
Shufl

Shufl Launches NFT Rewards Program

In partnership with the Algorand Foundation, Shufl is launching a unique NFT rewards program. It is hoped this pilot program will  provide both a financial boost to Algorands creator community and encourage more active trading bring increased volume to the ecosystem. At Shufl we have always believed in supporting creators first as they are the lifeblood of the community. No creators, no NFTs. So we have designed measures for this reward program to primarily target existing Algo NFT creators.

 

Measure 1: 100,000A

Creators* will receive 25% royalties on all NFTs sold via Shufl. Currently creators receive 5%, the boost in royalties will see a 5x in the total amounts of royalties received. The royalty boost will be paid out using the allocated rewards budget not affecting either the buyer or seller. To avoid any conflict of interest, Goanna NFTs will NOT be included in this measure

The period for these rewards will run as follows:

• Period 1: July 14th – August 14th
• Period 2: August 15th – Sept 14th

At the time of sale the creator will automatically receive the standard 5% royalty fee. Within five days of the end of each period the additional royalty rewards 20% of sale amount will be airdropped to creators.

The amount available for creator rewards will be capped at 50k Algo per period.
If less than 250k Algo in sales volume is achieved in either period, the royalty boost will be shared on a pro-rata basis with eligible creators.
If more than 250K Algo is attained in either period the rewards will be distributed on the first 250K Algos sales only

Measure 2: 25,000A

At the end of Period 1, the creator with the highest grossing collection (total Algo Volume) sold via Shufl will be offered a commission to produce 3 unique pieces of art to be minted as Algo NFTs for an agreed fee of 25,000A. If the artist declines the commission it will in turn be offered to the second highest grossing creator and so on. As with measure one to avoid any conflict of interest, Al Goanna will NOT be eligible for this commission

The NFTs that are produced will be given away as follows

• Artwork 1: The buyer who made the most purchases (by Algo volume)
• Artwork 2: The seller who listed the most items (no of NFTs)
• Artwork 3: The seller who sold the most NFTs (by Algo Volume)

NFTs must be listed at reasonable prices within +/- 25% of Floor Price (except grail pieces which also must be priced reasonably, if there is any doubt it will be referred to the NFT Council.)
NFTs must be listed prior to the end of Period 1 and remain listed until either sold or the end of Period 2, whichever happens first.
The combined sales from both periods 1+2 will be used to determine winners.

The selected artist will enter into a contract with Shufl to produce the art works.
No payment will be made until the artwork has been approved, NFTs minted and received.
The NFTs are to be minted using a creator address controlled by the artist.
All future royalties are the sole property of the artist and Shufl is to have no claim on these.
The NFTs will be distributed to the eligible collectors within five days of the end of Period 2.