[Updated on March 28, 2024]
1. What is a non-fungible token (NFT)?
A non-fungible token (NFT) is a cryptographic token that represents a unique asset. They function as verifiable proof of authenticity and ownership within a blockchain network.
2. What is a “Vote to Earn” NFT?
The “Vote to Earn” NFT is an NFT that users can purchase, giving them voting rights for potential BitMart token listings. Users holding such NFTs will have a chance to vote and receive airdrops from these projects if their chosen projects successfully list on BitMart.
3. What is the BitMart Vote Listing Program?
BitMart is the first exchange to offer an NFT-based Vote Listing Program for users to support unlisted projects with potential. To participate, users must purchase a BitMart “Vote to Earn” NFT on the BitMart NFT Marketplace or through the BitMart Launchpad first.
Potential token listings will be announced via official BitMart channels, and users that hold one of these Vote-To-Earn NFTs can review information about the project and vote on whether it should be listed on BitMart. When a project reaches the required vote threshold, it will go live on BitMart within 10 business days or at a date scheduled by the project team.
After listing on BitMart, all voters that once supported such listing will get a chance in sharing a prize pool provided by the project via token airdrops.
If users are no longer interested in exercising their voting rights, they can still trade their “Vote to Earn” NFT on the BitMart NFT Marketplace at any time.
4. Vote to Earn NFT Value and New Batch Release drom Sept-2023 to Sept-2024
BitMart team may release additional batches of Vote-to-Earn NFTs on the launchpad based on users’ demand, and the prices may change based on the length of periods that such NFTs are entitled to join “Vote-to-Earn” sessions.
For example, if a batch of Vote-to-Earn II NFTs carries voting rights that are live from 09/25/2023 3:00 PM (UTC) - 09/25/2024 3:00 PM (UTC):
1) User A purchases the NFT on 12/1/2023, and he/she has approximately 9 month voting rights if holding the NFT;
2) User B purchases the NFT on 8/1/2024, he/she has approximately 2 month voting rights if holding the NFT.
Vote to Earn NFT II follow the similar pattern.
Please refer to the below chart:
The holders of the “Vote-To-Earn” NFTs will be entitled to vote for each “vote for listing” section. However, there’s no guarantee for successful listings of related tokens with BitMart.
5. The Timeline of the Voting Period
|
Key Dates |
Deliverable |
|
|
(T-T+3) |
Voting period starts |
|
|
(T+4) |
The crypto project that gets more than 1,000 votes will go live on BitMart within ten business days after the voting period ends |
|
|
(T+N) |
*Note: T = Vote Listing Date |
N = N<= 10 days
6. How to Join
Users can participate in this program by purchasing a “Vote to Earn” NFT from the BitMart NFT marketplace or BitMart launchpad. When a project reaches the required vote threshold, it will go live on BitMart within 10 business days or at a date scheduled by BitMart and the project team.
7. Update about Rewards Distribution Rules from April 5th, 2024
After the second release of BitMart Vote-To-Earn NFTs scheduled on April 5th, 2024, the reward mechanism will be updated as
1) All voters who hold the “Vote to Earn” NFT II will share the airdrop prize pool worth no less than $5,000.
2) The FIRST 800 qualified voters will equally share the prize pool worth $4,000. All remaining qualified users will share the rest of the prize pool equally.
3) Holders of a BitMart “Vote to Earn” NFT II must vote on the specific project that reaches 1,300 votes to get that project’s token rewards via airdrop;
8. Terms of Use
- Rewards will be issued 12 - 24 hours after the listed token trading starts.
- BitMart “Vote to Earn” II NFT voting rights will be live from 09/25/2023 3:00 PM (UTC) - 09/25/2024 3:00 PM (UTC)
- BitMart reserves all rights to change the rules of this event without notification, including revoking the awards to accounts suspected of vote manipulation or abuse.
Attention: Use of BitMart services is entirely at your own risk. The value of digital currencies can go up or down, and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance.
