NFT Marketplaces
NFT marketplaces are thriving hubs for artists, collectors, and enthusiasts. To enhance user engagement and community building, implementing a badge system and XP points can be highly effective. Here's how tasks can be categorized based on their importance levels and the types of badges that can be awarded.
XP System for NFT Marketplaces
We talked about the XP System and how it is revolutionary here, let's dive straight into implementing the XP system for NFT Marketplaces. The XP algorithm is defined as:
XP Earned = Effort Level x Importance Multiplier x Base Points (usually 10)
Effort Level goes from E1 (tasks will 0-1 min to complete) to E10 (tasks will take >1 year to complete) and similarly Importance goes from I1 (straight forward, low impact task) to I10 (Super high importance, money making task).
Let's dive deep into some actions for an NFT Marketplace that can be categorized into these effort and importance levels.
Effort Level | Example Tasks |
E1 (0-1 min) | Browse NFT listings, Follow an artist, Sign up for newsletters, Follow the Marketplace on Social Media |
E2 (1-5 min) | Place a bid on an NFT, Share an NFT listing on social media, Join the Discord/Telegram |
E3 (5-15 min) | Create a basic NFT, Participate in a community poll, Write a review for an NFT Collection, Generate content on the marketplace |
E4 (15-30 min) | Curate a personal NFT collection, Attend a virtual NFT gallery, Participate in an NFT drop |
E5 (>30 min) | Create a detailed or complex NFT with more features, Host a live Q&A session, Participate in an NFT workshop |
E6 (>2 hr) | Develop a virtual NFT exhibition, Attend a lengthy NFT conference, Conduct an in-depth market analysis |
E7 (>1 day) | Create a series of thematic NFTs, Organize a community event, Complete a collaborative NFT project |
E8 (>1 week) | Establish a long-term NFT artist collaboration, Develop a comprehensive NFT education course, Lead a large-scale NFT marketing campaign |
E9 (>1 mo) | Contribute in the development of the marketplace platform, Establish a continuous NFT artist residency, Run a month-long NFT creation challenge |
E10 (> 1 year) | Maintain a successful NFT marketplace, Develop an NFT-based game or interactive experience, Establish a recognized NFT artist brand or community |
Hopefully after reading the above actions, you will get an idea of effort levels for every action, it can be directly related with the time it takes to complete the action.
Now lets talk a little about the importance levels of various actions that users can perform within an NFT Marketplace.
Importance | Example Tasks |
I1 | Like posts, Click links, Take basic quizzes |
I2 | Comment on social, Customize user profile, Tag friends |
I3 | Provide platform feedback, Set price alerts, Re-share content, Refer friends to join |
I4 | Attend AMA (Ask Me Anything) events, Be active in Discord channels, Create engaging social media posts |
I5 | Publish tutorial videos, Write help guides, Organize game nights for the community |
I6 | Identify and report platform bugs, Submit code tweaks, Work on minor feature improvements |
I7 | Develop core features, Test protocol upgrades, Improve user experience (UX) |
I8 | Organize local community meetups, Forge new partnerships, Influencer promotions on social media |
I9 | Get elected as a delegate, Launch a media outlet related to the marketplace, Drive governance changes |
I10 | Architect significant protocol enhancements, Coordinate major events or releases, Lead working groups or committees |
Basically the XP system guidelines is build on the principles of awarding long term and high importance actions much more than the short term ones.
In some cases, we can also keep the XP calculation formula to have exponential relation instead of simple multiplication but that would demotivate newer folks joining the community and hence our standard formula is simple yet incentivizes all kinds of users entering your protocol.
Badge Taxonomy for Status and Recognition
XP provides a great way to know the status and level of a person in a community but doesn't give the right set of specifics on what all the user has achieved to reach to the current level, thats where badges come in. They are soul bound ERC 1155 NFTs which users get when they complete a milestone.
It's not only super helpful to understand more specifics about the user but can also form sub communities in the community on the basis of interests and achievements. eg: A discord channel or a space in the metaverse can only be accessed by folks who have earned the delegate badge.
As mentioned, Badges in NFT Marketplaces serve as a visual and tangible representation of a user's achievements, skills, and contributions. Here are some badge ideas that can be awarded to users in NFT Marketplaces:
1. Explorer Badge:
Criteria: For users who actively explore and engage with various collections.
Effort/Importance: E2/I2
2. Collector Badge:
Criteria: Awarded to users who curate significant collections of NFTs.
Effort/Importance: E5/I5
3. Creator Badge:
Criteria: For artists who mint and list their original NFTs on the marketplace.
Effort/Importance: E6/I6
4. Community Leader Badge:
Criteria: Given to users who lead community discussions, events, or initiatives.
Effort/Importance: E4/I7
5. Influencer Badge:
Criteria: For users who significantly promote and influence within the marketplace.
Effort/Importance: E7/I8
6. Innovator Badge:
Criteria: Awarded to those who contribute innovative ideas or features to the platform.
Effort/Importance: E10/I10
7. Ambassador Badge:
Criteria: For users representing the marketplace in external events or platforms.
Effort/Importance: E9/I9
8. Patron Badge:
Criteria: Given to users who support artists through frequent purchases or high-value acquisitions.
Effort/Importance: E5/I5
and so on ...
Incorporating a badge system like this into the Marketplace can significantly enhance user engagement and community building. By recognizing and rewarding users' efforts and achievements, platforms can create a more dynamic, interactive, and loyal user base, driving overall growth and success.
There are many other things that is supported by Quest Protocol like Skill & Score, Gems, NFTs, Custom Rewards etc. but for this usecase, we will limit it to the information above.
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