Focus: Benefits for the artist
These kinds of benefits, unlike those for fans, are designed on protocol, i.e., Public Pressure will provide the ecosystem with all the blockchain and marketplace infrastructures to deliver (at least) the following features.
Artists are incentivised to offer privileges to their fans that are staking with a yield farming mechanism: the more JTPs that are staked toward an artist, the more additional JTPs the artist will receive.
Let’s assume that the reward rate for artists is 5% of the TVL; Brandon is an artist and the staking levels in his favour from his fans are the following:
- Alice: 1000 JTP
- Bob: 1500 JTP
- Mark: 1500 JTP
- Paul: 2500 JTP
- John: 3500 JTP
The TVL staking in favour of Brandon is 10,000 JTP, so Brandon earns 500 JTP per year as a staking reward.
When an auction is launched, artists can book to request a slot. There will be a variable number of slots in each auction (TBD) less than the number of artists requesting (rounded up if the number of requesting artists is odd). For example, if ten artists request availability for a slot and the criteria is half the number of slots compared to the requests, the slots available in that auction will be five.
As auction slots are limited, a rule must be defined to assign slots to artists' requests. The general criterion is that artists generating more engagement get more visibility. But, to guarantee all artists the possibility of winning a slot, the assignment of slots takes place by probabilistic means. The level of community engagement (i.e. the staking level) only affects the probability that a specific artist wins one slot.
Alice, Bob, Mark and Paul are four artists who want to issue NFTs via auction.
The staking levels in favour of the four artists are as follows:
- Alice: 100 JTP
- Bob: 400 JTP
- Mark: 500 JTP
- Paul: 500 JTP
The number of available slots is equal to half the number of applicants, thus two slots.
All four artists participate in the first draw, with the following probabilities:
- Alice: 100 / 1500 = 6.7%
- Bob: 400 / 1500 = 26.7%
- Mark: 500 / 1500 = 33.3%
- Paul: 500 / 1500 = 33.3%
Let's assume that, following the draw, the first slot is assigned to Bob. In the second draw, the dynamics will be the same, but will only see three competitors with the following probabilities:
- Alice: 100 / 1100 = 9.1%
- Mark: 500 / 1100 = 45.5%
- Paul: 500 / 1100 = 45.5%
In the platform, there will be the possibility to promote their products with sponsorships (e.g. featured drops). The artists who will have the highest levels of staking will have discounts in this regard. This mechanism is also ideated to engage curators (labels), incentivising them to hold JTP tokens to promote their artists and decrease the cost of drops (curators will become super-artists). This incentive will be managed off-chain with perks and platform marketing initiatives.