NFT Guild 1.5 Month Update Mar 15, 2023
NFT Guild 1.5 Month Update
Documentation and Accountability Standards
Significant time was spent setting up systems of accountability. Namely:
- Accounting and Transaction Documentation
- Early progress baselines of all content creators
- Standards of review with documentation
- Hashtag system which will be used for future analytics
Please refer to the above documentation for raw data.
New Systems of Incentivization
To incentivize original, diverse, and high quality content, several strong policies were set:
- Content that is too similar to a prior post will NOT be rewarded at all unless it offers a unique perspective, format, or comes as significantly higher quality content.
- Experimental NFT Guild Bounties has been rolled out where general topics are encouraged with extra Bounties to top 3 winners. All non-winners receive normal rewards. Participation for written content requires community editing through the Writing Room to enter into these bounties.
- Non-compliant posts will not be rewarded (not following prior rules of Hashtags, posting formatting, “double-dipping”, etc)
We expect that as a result of these adjustments, we will have a reduced volume of content creation in the future, and we are currently building new protocols to incentivize higher quality work and rewards.
Management Adjustments
theFVK was unable to provide time as originally expected, and two sub-directors with strong reputations for high-quality content were brought on to replace him.
Prophet reviews all Tier 3 content creators.
MaxTheo reviews all Tier 2 content creators.
Pnin, after a “training period” for sub-directors, will continue to review all content and decide exact KSM rewards per content, relying more and more on the reviews and recommendations of the sub-directors in the open review document. Intermittently, detailed feedback will also be performed by Pnin on a random “audit” basis to establish consistency between director and sub-director feedback.
Additionally, Pnin has taken on all tasks of Accounting, Payouts, and Financial risk management. He has NOT taken any payment for these tasks thus far despite the funding allocated as a precaution in case that funding may be needed elsewhere. After the 6 month period, based on work done and the funding remaining, should there be enough to pay the original proposed rate and should the work remain his, he will do so only at that point.
Under consideration for regular work is Alice Und Bob for help with pulling analytics for the NFT Guild’s Financial Auditing purposes, and possibly additional help with NFT reputational design and implementation.
Content Creation
Content creation began “late”, several weeks after funding as the standards were all designed and implemented.
Vampy’s report is as follows:
Data on WagMedia’s NFT Content Creation Guild
Monthly Update
February 2023
I. Overview
Started by Jay Chrawnna (@GldnCalf), WagMedia (@thatMediaWag) is a media organization that facilitates the production of community-generated news and original articles and videos covering the Polkadot-Kusama ecosystem.
Within WagMedia, there are various sections focusing on different genres within the ecosystem. Each section is led by a Director who is in charge of reviewing, curating, and disseminating the community-produced content. The Directors also provide feedback where appropriate and grant awards to contributors based on quality and type of content and work.
This article examines the data on the productions and payouts for NFT Content Creation Guild (“NFT Guild”) and provides links to content produced in the NFT Guild from December 2022 through February 2023.
Approved for funding via the Kusama Governance in January 2023, the NFT Guild has a budget of 2,657 KSMs for 26 weeks, through June 2023. (https://kusama.polkassembly.io/referenda/70)
Led by PNin, the NFT Guild focuses on producing original content, research, and analyses of NFT projects and technologies, digital art and collectibles, and other related genres. The NFT Guild is also developing NFT analytics and an NFT collection geared to measuring and recording content quality and performance. (Note that there are other WagMedia sections, e.g., Paraverse Content Creators, Chinese Unit, etc., that are separately funded and operated for their own purposes).
The research and analyses conducted for this article, and subsequent monthly updates, was funded by the NFT Guild. This is the first of several articles to follow.
Many thanks to the Polkadot-Kusama community for funding the NFT Content Creation Guild and Jay and PNin for the data and discussions. The numbers in the data and calculations reported in this article are not fully audited, certain numbers are approximated, and subject to different interpretations and errors. Please reach out if you see any major errors.
For my earlier article examining the production and payouts in last year’s WagMedia’s Bounty #12 (on all sections and methodologies), see: https://vampsy.substack.com/p/preliminary-analysis-of-wagmedias?sd=pf.
II. Content Production
II.a Overview
The data on content production and payouts are based on a native spreadsheet for WagMedia’s NFT Guild treasury, reported publicly on https://report.wagmedia.xyz/.
The NFT Guild was approved for funding in January 2023 and commenced payouts in February 2023. For content published in December and January (prior to approval), the NFT Guild retroactively paid for them at a rate of 50 percent the standard rate. This article focuses on content that received a payout in February, many of which were published in December and January. (The “date” of this data is the payout date, which lags the publication date).
During this period, 27 content creators produced 71 original content for the NFT Guild, of which 22 were videos and 49 were articles and/or threads. The Guild paid 40.5 KSM in total for these 71 content, which leaves 592 KSMs in remaining budget for the production of future content through June. In other words, there is plenty of budget for creators to produce a lot more original content!
| NFT Guild Content Creation | December 2022 - February 2023 |
|---|---|
| # of Creators | 27 |
| # of Original Content Produced | 71 |
| # of Videos | 22 |
| # of Articles and Threads | 49 |
| Average Payout, Videos (KSM) | 0.94 |
| Average Payout, Articles and Threads (KSM) | 0.41 |
| Total Payout (KSM) | 40.54 |
| Funding for Content Creation through June (KSM) | 633 |
| Remaining Budget for Content Creation (KSM) | 592 |
II.b Content Data and Links
The data for each content produced from December 2022 through February as well as links to access the content are listed in the tables below.
[Creators: Please let me know if you would like me to edit the “Topics”for your content. I tried to shorten the title and content description to make it fit in the table.]
| NFT Guild Videos (December 2022 - February 2023) | |||||
|---|---|---|---|---|---|
| # | Payout (KSM) | USD Value* | Creator | Topic | Link |
| 1 | 2.10 | $76 | MaxTheo | Tutorial on Navigating Raresama NFT Marketplace | https://www.youtube.com/watch?v=abIu47SYkfc |
| 2 | 1.80 | $82 | MaxTheo | RMRK, Kucoin, Unique | https://www.youtube.com/watch?v=sE0nmJx0u5o |
| 3 | 1.80 | $82 | MaxTheo | Skybreach Metaverse, RMRK Report and Outlook | https://www.youtube.com/watch?v=uUG4qb18CKA |
| 4 | 1.50 | $68 | MaxTheo | BitCountry Kaosland Metaverse Land Claim Guide | https://www.youtube.com/watch?v=Sg%5FJ19hPJ%5FA |
| 5 | 1.20 | $55 | DrCAO | Youdle NFT, Invarch Updates | https://www.youtube.com/watch?v=wa3-iO0514Y |
| 6 | 1.20 | $53 | DrCAO | Astar Degens | https://www.youtube.com/watch?v=4re4swLxiFk |
| 7 | 1.08 | $47 | DrCAO | Tutorial and My Experience on Ajuna Avatar Minting | https://www.youtube.com/watch?v=aD7kB0Oavak |
| 8 | 1.08 | $49 | MaxTheo | BitCountry Kaosland Metaverse Land Claim | https://www.youtube.com/watch?v=6kCluc3weMc |
| 9 | 0.90 | $41 | DrCAO | Candy Girl NFT Reveal, Astar | https://www.youtube.com/watch?v=CaNNBqU2n1k |
| 10 | 0.90 | $41 | DrCAO | InvArch, OCIF Staking and Community Sale | https://www.youtube.com/watch?v=e2k8X9fQfKU |
| 11 | 0.78 | $35 | DrCAO | Candy Girl NFT Minting | https://www.youtube.com/watch?v=LXBCVIYLtGc |
| 12 | 0.78 | $35 | DrCAO | Youdle NFT Setup Tutorial | https://www.youtube.com/watch?v=XidIgisXk8g |
| 13 | 0.78 | $35 | DrCAO | Polkadot NFT Update, Candy Girl, Degens, Manta, Phala | https://www.youtube.com/watch?v=zNQsahqd6b0 |
| 14 | 0.78 | $35 | RichieB83 | RMRK NFT 2.0 and Music by Chaos Collective | https://www.youtube.com/shorts/GweTxeIap0E |
| 15 | 0.60 | $27 | DrCAO | YoudleDAO, PhalaWorld, Candy Girl | https://www.youtube.com/watch?v=7AhB0Y-hw60 |
| 16 | 0.60 | $26 | DrCAO | My Experience Participating in InVarch "It's Grow Time" | https://www.youtube.com/watch?v=UYijKee5rs0 |
| 17 | 0.60 | $27 | kryptoschain | Bitcountry Metaverse Kaosland Land Claim and Estates | https://youtu.be/2VG9wEulVaw |
| 18 | 0.60 | $27 | DrCAO | PhalaWorld Shell Incubation | https://www.youtube.com/watch?v=hX8YLxt1d1I |
| 19 | 0.50 | $23 | DragonZero | PhalaWorld Twitch Stream and Shell NFT | https://youtu.be/LW0rGON4ro0 |
| 20 | 0.48 | $22 | DrCAO | PhalaWorld NFT Dress Up Contest | https://www.youtube.com/watch?v=X44NUWFspkI |
| 21 | 0.48 | $22 | DrCAO | Candy Girl NFT Pool Event | https://www.youtube.com/watch?v=RvMffwBkil8 |
| 22 | 0.09 | $4 | smdawudeen | Collections on Singular | https://youtu.be/Y%5FE-olK5iyw |
| *USD value estimated based on payout date. |
The payouts ranged from a low of 0.09 KSMs to a high of 2.1 KSMs for video and a low of 0.09 KSMs to a high of 2.0 KSMs for articles and threads. The distribution of the payouts are reported below. For example, less than 10% of videos received a payout of 1.8 KSMs or more, less than 25% of articles and threads received a payout of 0.48 KSMs or more. The payouts depend on the creator’s “tier” and assessed quality of the content. For this period, content produced in December and January (prior to the funding of NFT Guild) was paid at a rate of 50%, as described above.
III.c. Creators
From December 2022 through February 2023, 27 creators produced original content for the NFT Guild. In total, 40.54 KSMs were paid out, which works out to an average of 0.57 KSMs per creator. The data on each creator are reported below. For example, Dr. Cao produced 14 original content and received a payout of 10.86 KSMs in total, which was approximately 0.78 KSMs (to two decimals) on average per content.
| NFT Guild Creators (December 2022 - February 2023) | ||||
|---|---|---|---|---|
| Creator | Content Produced (#) | Payout (KSM) | Average Payout (KSM) | |
| 1 | DrCAO | 14 | 10.86 | 0.78 |
| 2 | MaxTheo | 5 | 8.28 | 1.66 |
| 3 | prophet | 6 | 5.04 | 0.84 |
| 4 | pitcoin.spacelabs.astr | 2 | 2.10 | 1.05 |
| 5 | Csaint02 | 1 | 2.00 | 2.00 |
| 6 | Jesusized | 7 | 1.77 | 0.25 |
| 7 | Jesseblessed | 8 | 1.59 | 0.20 |
| 8 | VampsyFear | 1 | 1.50 | 1.50 |
| 9 | smdawudeen | 5 | 0.90 | 0.18 |
| 10 | amedkarim | 4 | 0.84 | 0.21 |
| 11 | RichieB83 | 1 | 0.78 | 0.78 |
| 12 | kryptoschain | 1 | 0.60 | 0.60 |
| 13 | PNP | 1 | 0.60 | 0.60 |
| 14 | DragonZero | 1 | 0.50 | 0.50 |
| 15 | Cessar | 1 | 0.30 | 0.30 |
| 16 | Drip | 1 | 0.30 | 0.30 |
| 17 | kanbeok | 1 | 0.30 | 0.30 |
| 18 | MichielB | 2 | 0.30 | 0.15 |
| 19 | mujaddady | 1 | 0.30 | 0.30 |
| 20 | paulll | 1 | 0.30 | 0.30 |
| 21 | Sanchez | 1 | 0.30 | 0.30 |
| 22 | Stevebrown | 1 | 0.30 | 0.30 |
| 23 | The Phunky One | 1 | 0.24 | 0.24 |
| 24 | bahu | 1 | 0.15 | 0.15 |
| 25 | Dr. Preposterous | 1 | 0.15 | 0.15 |
| 26 | sage | Tricky_NFT | 1 | 0.15 | 0.15 |
| 27 | johnnytheman227 | 1 | 0.09 | 0.09 |
| Total | 71 | 40.54 | 0.57 |
III. Content Scores
The NFT Guild is experimenting with a scoring system for content produced within the guild. The scores are based on 6 factors: (1) Accuracy, (2) Ease, (3) Originality, Depth, and Relevance, (4) Presentation, (5) X-Factor, (6) AI Use / Plagiarism, with a score of 0 to 10 assigned to each factor. For (1) - (5), 10 is the best score, for (6), 0 is the best score. For the purposes of this article, the score for (6) was calculated as 10 minus the score, to make it comparable to the others. The scores for each factor were added, and in cases in which more than one reviewer scored the content, the scores were averaged.
The data on content scores were provided by the NFT Guild. In total, there were 37 original content published from December 2022 through January 2023 that were given a score, of which 23 were produced by Tier 2 creators and 14 were produced by Tier 3 creators.
The scores data loosely, but not fully, correspond to the data from the WagMedia treasury above, which are based on the payout date (which lags the publication date). Therefore, the scores reported in this article are limited to December through January.
| Content Score Distribution (December 2022 - January 2023) | ||
|---|---|---|
| Tier 2 Creators | Tier 3 Creators | |
| # of Scored Content | 23 | 14 |
| Highest | 54.00 | 53.00 |
| Average | 46.48 | 42.93 |
| 50th Percentile | 48.00 | 42.50 |
| 75th Percentile | 42.00 | 40.00 |
| Lowest | 34.00 | 34.00 |
| Score is based on 6 factors weighted equally. | ||
| Minimum Score = 0, Maximum Score = 60. | ||
| Score for each content is the average of 1 or 2 scorers. |
Tier 2 creators generally scored higher than Tier 3 creators, as reported in the figure below. For example, the average score of Tier 2 creators was 46.5 vs. 42.9 for Tier 3 creators, the top 25th percentile score for Tier 2 creators was 53.0 vs. 48.5 for Tier 3 creators.
The tables below show the content produced by Tier 2 creators scoring 50 points or more and Tier 3 creators scoring 45 points or more.
| Top Scoring Content, Tier 2 Creators, Scores ≥ 50, December 2022 - January 2023 | ||||
|---|---|---|---|---|
| Creator | Content | Score | Payout (KSM) | |
| 1 | MaxTheo | Skybreach Metaverse Land Sold Out, RMRK Eco Report & 2023 Outlook Video | 54.00 | 1.80 |
| 2 | Csaint | RMRK for ETH Heads | 53.00 | 2.00 |
| 3 | MaxTheo | RMRK Restricted on Kucoin For U.S. Residents & RMRK vs. Unique Drama ! Video | 53.00 | 1.80 |
| 4 | Vampsy | NFT Auctions by SamaSystems: The Kusamarian and Peer Effects Article | 53.00 | 1.50 |
| 5 | Prophet | RMRK Infrastructure thread | 53.00 | 1.20 |
| 6 | Prophet | EIP 6059 “Parent-governed Nestable NFTs” : the dawn of Multi-layered and Nested #NFTs on ETH | 52.00 | 0.78 |
| 7 | pnp | Candy Girl NFT Thread | 51.00 | 0.60 |
| 8 | Prophet | EIP 5773 “Context-dependent multi-asset tokens” | 51.00 | 0.60 |
| 9 | MaxTheo | BitCountry Metaverse: Claim Your Free Land Soon ! video! | 50.00 | 1.08 |
| Top Scoring Content, Tier 3 Creators, Scores ≥ 45, December 2022 - January 2023 | ||||
|---|---|---|---|---|
| Creator | Content | Score | Payout (KSM) | |
| 1 | Daredevil 3x7 | Elements of Kusama | 53.00 | n/a |
| 2 | Richie BB3 | RMRK NFT2.0 and NFTMusic by Chaos | 49.50 | 0.78 |
| 3 | Jesseblessed | Kodadot Offline NFT Gallery events | 48.50 | 0.24 |
| 4 | The Phunky one | Kusama Kingdom | 46.00 | 0.24 |
| 5 | Dr. Preposterous | Astar Degens | 45.00 | 0.15 |
| 6 | Neurolanche | What is Metaverse? | 45.00 | n/a |
III. Funding
The NFT Guild received 2,657.4 KSMs in funding based on a proposal for $77,171 in USD as described above. These funds are set to be allocated among the various tasks, as noted in the proposal and replicated below.
| NFT Guild Funding (26 Weeks through June 2023) | ||
|---|---|---|
| Task | USD | % |
| NFT Content Creation Incentives | $18,373 | 24% |
| NFT Analytics Development (Samasystems NFTs) | $16,250 | 21% |
| NFT Direction | $15,600 | 20% |
| NFT Collection Development (Tricky NFTs) | $8,658 | 11% |
| NFT Artist | $6,240 | 8% |
| NFT Sub-Direction | $5,850 | 8% |
| Accounting and Misc Expenses | $3,600 | 5% |
| Data Science | $2,600 | 3% |
| Total | $77,171 | 100% |
| USD values from https://kusama.polkassembly.io/referenda/70 |
To date, the NFT Guild has spent 1,056 KSMs, which leaves 1,601 KSMs to fund the guild’s activities through June 2023 based on the initial funding of 2,657 KSMs. The funding and payouts to date are reflected in the table below. Note that certain tasks were paid in USDC, and therefore, the KSM amounts for them are approximated based on the exchange rate. Certain tasks with a fixed payment were paid in full and will not require additional payouts throughout the term.
| NFT Guild Payouts through March 13, 2023 | ||
|---|---|---|
| Task | Fund Allocation (KSM) | Payouts (KSM) |
| NFT Content Creation Incentives | 632.70 | 40.54 |
| NFT Analytics Development (Samasystems NFTs) | 559.60 | 137.92 |
| NFT Direction | 537.19 | 537.19 |
| NFT Collection Development (Tricky NFTs) | 298.10 | 66.60 |
| NFT Artist | 214.90 | 107.58 |
| NFT Sub-Direction | 201.40 | 33.47 |
| Accounting and Misc Expenses | 123.86 | 43.52 |
| Data Science | 89.65 | 89.65 |
| Total | 2657.40 | 1056.47 |
| Fund allocation in KSM estimated from USD based on exchange rate of approximately 29 KSMs per USD. |
State of Financials
During a bullish period, given the high chance of return to a lower mean, the treasury was converted heavily to stables, all visible in the documentation provided.
The strategy is to extend the runway as responsibly as possible. Thus, when KSM value is higher than the rate at receipt, then KSM will be spent on contracted work. When KSM is below the received rate, then stablecoin will be spent on work (converted at time of payment to the payee’s preferred token).
At present, the treasury stands at a value of roughly 57.8k, whereas our projected rate was 51.3k, leaving us with a positive net of 6.5k.
Currently, 65.5% is in Stables:
30.9% in USDC
- 13.6% multi.USDC on Moonriver
- 17.25% native on ETH
34.5% in xcUSDT
- 17.25% on Moonbeam
- 17.25% in xcUSDT in INTR vault (more on that later)
34.5% is in KSM:
- 30% Native
- 4.5% as xcKSM on Moonriver
INTR Vault
In efforts to explore a low-risk, high yield method of generating yield while providing ecosystem value to the community with assets not under immediate use, the first exploration has been in partnership with Spazcoin, an established ChaosDAO member who already manages around half a million in funds as a trusted entity.
We chose 10k because it was the net value held above our original estimated treasury at the time.
Spazcoin is holding the private keys to the NFT Guild’s Vault for the 10,000 xcUSDT trackable here.
Collateralization is set conservatively between 200-300% to remain safe, manually compounded.
The fee for management is 10% to the operator, 4% payout management, and 5% of rewards to ChaosDAO treasury for a total of 19% fees, leaving the NFT guild with 61% APR at this time.
Future Explorations
Liquid Staking will be considered in the next month to even further the runway to the NFT guild’s treasury after some time to properly estimate rate of spend and safety has been established.
NFT Project Design
Design progress has been earnest, with significant discussions between all parties. Several models have been proposed, and early draft art has already begun (not shared now because of the future value in the excitement of art reveal).
Contributions from members have been:
Tricky - arrangement of layers, visualization of layers and code connections in RMRK which will be published in march under CC, explored if all wish-list goals are technically doable, feedback and checks for the first drafts by the lead artist, discussion of the most efficient way to get the doable wished features into reality.
SamaSystems - Setting IAM & Billing for all required Cloud Services, have launched a VM with fully synced Kusama Node up and running which can be verified on telemetry as "samasystem" which will used for Development with RMRK-Tools, also built a data pipeline between Twitter API and BigQuery for data storage and analytics.
For the month of March along with continuing general project management, the main goal is to solidify code for data retrieval, storage, transformation for building out the scoring systems.
The data in question is utilizing RMRK NFT data, Kusama Identities, Twitter Profiles Follows Tweets.
Lady Kusama - Started working in the base design of the NFT and how items will work on each layer in order to achieve great flexibility in customisation.
Pnin, in addition to global direction, project management, and discussion between parties, has been in discussion with Alice Und Bob on possible additional queries for NFT reputational factors, as well as methods to detect gamification of those factors.
We hope this update provides confidence to token holders on how funds are being used in a fully transparent manner. Please let us know if there are any questions or concerns in the comments.
KSM/DOT Enthusiast
The NFT Content Creation Guild
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