Treasury Rewards
Treasury Rewards
The final month of rewards is here!
Table of contents:
- Voter Rewards
- Reward Breakdown
- And Last But Not Least...
Voter Rewards
As we progress through June, we enter the final stages of rewards for Treasury voters. We would like to start by apologising for the delay in Mays rewards. We would like to confirm the remainder of the voter rewards will be dropped on the 20th of June at 22:00 GMT. The next round of treasury rewards will occur before our next airdrops snapshot date, which means even more rewards for treasury voters!
We would like to thank all those who supported us and are proud to now have a state of the art marketplace out in the wild! NFTempo was founded upon the vision of creating a marketplace to connect, democratise and uplift. This wouldn't be possible without its key element - you. From the entire NFTempo team, thank you for your support and we hope you enjoy the music!
Reward Breakdown
The rewards were based off several key metrics:
- $UtiliteX price at snapshot ($0.0028)
- $UtiliteX / $XRP ratio
- $XFT / $XFT ratio
The token distribution for voters was split to further incentivise participation with more generous rewards. This was broken down as follows:
- 1 XRP worth of $XFT tokens for every 1 XRP of $UtiliteX votes up to 100 XRP in value.
- 1.115 XRP worth of $XFT tokens for every 1 XRP of $UtiliteX votes between 101 and 499 XRP in value
- 1.25 XRP worth of $XFT tokens for every 1 XRP of $UtiliteX votes greater than 500 XRP in value
And finally, for the top voters, the following rewards applied:
- Top 50 voters will receive an additional 100XRP equivalent of $XFT
- Top 25 voters will receive an additional 250XRP equivalent of $XFT
- Top 3 voters will receive an additional 500XRP equivalent of $XFT
As only 43 wallets participated, the top 50 element was not applicable. This section of rewards has been set aside by the NFTempo team and will be distributed to wallets who did not qualify for the top 25 or higher. This will be distributed as a single transaction upon the final reward payment.
Let's now look at some examples of how the voter rewards play out.
April
Bob voted for NFTempo with 100,000 $UtiliteX. At the time of the voting snapshot, this equated to 280 XRP.
For April's rewards, the weekly volume weighted average $XFT price of 0.0013/XRP was used. As Bob’s votes were between 101 and 499 XRP in value, Bob was eligible for the 11.5% (1.115 XRP) preferential price of 0.00116591928/XRP. This means Bob's base XRP element equated to 240,153.8467 $XFT, with ⅓ dropped, giving us a pro bonus amount of 80,043.28 $XFT.
Bob was also within the top 25 of voters which means he was eligible for the 250 XRP bonus. This element was calculated at the weekly volume weighted average price of $XFT (0.0013) giving us 192,307.6923 XFT with ⅓ dropped, giving us a bonus amount of 64,096.15 $XFT.
This means for the month of April, Bob receives a total of 144,139.43 $XFT.
May
Moving on to the May rewards, This occurred on the 18th of June due to internal delays.
The same ratios play out again only this time with a different $XFT price.
For May rewards (the 18th of June), the weekly volume weighted average $XFT price of 0.0008/XRP was used. Bob’s preferential price was 0.00071744/XRP. This means Bob's base XRP element equated to 390,276.5388 $XFT, with ⅓ dropped giving us a pro bonus amount of 130,079.17 $XFT.
Bob’s top 25 voter bonus of 250 XRP was calculated at the weekly volume weighted average price of $XFT (0.0008) giving us 312,500 XFT with ⅓ dropped, giving us a bonus amount of 312500 $XFT.
This means for the month of May, Bob receives a total of 234,235.42 $XFT.
June
For June's rewards (the 19th of June), the weekly volume weighted average $XFT price of 0.0005695/XRP was used. Bob’s preferential price was 0.00051538/XRP. This means Bob's base XRP element equated to 543,288.4474 $XFT, with ⅓ dropped giving us a pro bonus amount of 181,078.04 $XFT.
Bob’s top 25 voter bonus of 250 XRP was calculated at the weekly volume weighted average price of $XFT (0.0005695) giving us 438,981.5628 XFT with ⅓ dropped, giving us a bonus amount of 146,312.55 $XFT.
This means for the month of June, Bob receives a total of 327,390.59 $XFT.
Over the course of April, May and June. Bob has received a total of 705,765.44 $XFT.
8 wallets have incorrectly set/missing Trustlines. These tokens will be held by NFTempo for a period of one year following the final airdrop payment. If you voted for NFTempo and haven't received your rewards, please reach out to the team via the NFTempo Discord server.
And Last But Not Least...
Throughout the last month, we have brought our music NFT marketplace online and brought music to the XRPL. We are continuing to add new and exciting features to our marketplace and can formally announce that music videos will soon be available!
To achieve this, an awful lot of server-side and unseen work has been going on behind the scenes to ensure everything runs smoothly on deployment day. This is still in testing for the coming weeks until we are 110% we won't break anything.
The NFTempo team has also been privileged to work alongside countless fantastic artists who are pushing boundaries within the music industry and Web3 alike. We are also humbled by the new connections fans and artists are making together through our platform! Web3 is still young and we will continue to lead the charge forwards towards a fairer, smarter and better music space!
