Collect Gallery Launched! Biggest Update of the Year Explained
Hello to all newcomers and old allies!
Finally thrilled to announce: we released a feature that could help find more exposure for creators and worthy possibilities for collectors.
The Gallery is a digital 2D decentralized space that brings together the features of NFT-art exhibition, NFT-collectibles staking & token mining, renting & leasing space, interactions between creators and collectors.
Fast Gallery Onboarding: How to start?
- Acquire Gallery Spot — spots are put on the daily public sale by the virtue of the Auction process on Collect’s website.
To gain access to the Auction, the User needs Key and RACOON tokens in amount to cover the minimum bid.
- Stake Gallery Spot and NFT — the non-fungible token staked on the Spot will provide the mining power to receive the rewards.
- For the rest elements of interaction with Gallery, check on our YouTube Guide:
Key Gallery Features
- NFT Exhibition — gain attention as a digital artist or monetize your artwork;
- NFT Sale & Purchase in Gallery — we made sustainable and easier access to NFT-market for artists and NFT-collectors;
- NFT Staking — stake NFTs from the collections on WAX to receive the ongoing reward in RACOONs;
- Renting & Leasing Spots — earn from leasing space to artists or rent it for mining, staking, or NFT representing;
- Staking NFTs on the rented Spot — rent a Spot to expose your art and gain more awareness among Gallery visitors;
- RACOON Staking — lock RACOON token in the gallery and receive a percentage of the staked amount;
- Gallery Room Spots upgrading for Boosters staking— implies a higher RACOON mining rate proportional to booster rarity.
- Upgrading the border of NFT elevates the mining level separately from the booster rate (feature to be delivered after Booster sale);
- Gallery Gamification involves finishing mini-games like sliding 8 puzzles and getting a reward in RACOONs;
- Watch to Earn platform: watch advertisements and get Racoon rewards!
What is a Gallery Booster?
Boosters are NFTs at the mining rate, starting from 25 to 5000 RACOONs. Boosters will be sold via packs in the next drop(s). Boosters can mine NFTs when you stake them on Gallery Spot.
Boosters are aesthetic visuals that bring more attention to Gallery Spots. To get Booster staked, the gallery has to be upgraded.
Every Booster slot requires some amount of RACOONs to be upgraded.
Farming of RACOONs from Boosters will happen daily.
The Booster is a new special Collect’s add-on asset designed to mine an increased RACOON amount via its staking in the Gallery Spot. In this case, token mining happens according to the distinguished Booster rate.
The higher the booster rarity is, the more RACOONs per day it can produce.
Boosters will be farming RACOONs during the whole Gallery farming performance (2 years from Gallery launch).
Afterward, boosters might be exchanged for some other valuable assets.
How to use Boosters?
To stake a Booster NFT, you will need to own or rent a Gallery Spot in one of the Gallery rooms.
Each Gallery Spot has up to 6 Upgrade Slots that can be used to stake Booster NFTs. Once you stake a Booster NFT, you’ll get a daily RACOON reward! If you rent a place — you’ll share the reward with the Spot owner.
Now let’s have a closer look at the farming itself.
Gallery Rewards and Racoon token farming
The Gallery Spots farm (or mine) RACOON tokens daily.
Farming will produce daily rewards at a starting rate of 100 000 Racoon tokens on Day 1. The farming rate will grow by 1% daily for 347 days and will stop at 3100 275 Racoon tokens. Afterward, mining will be ongoing at the same rate till the farming pool is not issued — this will continue for the next 383 days. As a result, farming will be working non-stop for 2 years.
Gallery Spot mining rate will depend on several factors:
- The amount of RACOON tokens staked into the Spot increase the mining rate. For every 100 000 RACOONs, it increases the rate by 1%;
- Spot also can be upgraded via having different borders.
By default, there’s no border. If a user wants to upgrade and get the mining rate boosted forever, they have to pay 2000 RACOONs to move to Border 1, which will give +1% of the mining rate.
Next levels to be calculated.
- Buy and Sell activity on the Spot;
- Gallery has 10% as market fees on every operation:
— 5% of every operation will go into the Treasury;
— 2% accumulates into a particular Gallery Spot as a Prize. Prize can be won by someone who got a special NFT during viewing 10% of Spot prize or buy/sell operation as 50% of a Spot prize;
— 2% goes to Collect;
- Buy and sell activity will have a cooldown, so it declines if there was no operation in the previous period.
It is some kind of indirect liquidity mining via the NFT market;
- Per every 1000 WAX activity on the Spot, a rate will increase by 1%, with a decline of 0.05% per day;
- Gallery Spot owners will define % of rewards that will be distributed to Gallery Spot viewers. The default rate will be 30%.
It creates an incentive to get visitors into the gallery. By default, there will be a limit to 20 viewers per Gallery Spot per day, however, every Gallery Spot owner can upgrade and boost that number. By boosting that number, the Gallery can also receive a better farming rate among others.
For example, basic Gallery power will be 100, if Gallery attracts 20 viewers (max per day), it will receive 20*100 more power.
Then every additional booster implemented on the gallery will give more % there.
For example, 200 000 Racoons staked, will be (100+20*100)*1.02(Racoon booster) = 2142.
If you just have joined us, this scope of articles would be a useful source of comprehension with the platform:
- Explanation of Gallery Spots and Halls arrangement;
- Auction Guide;
- Three Pillars of Collect: meet the Key, Gallery, and RACOON Token;
- Collections curating & monetization: how to start leveraging your NFTs.
Plan your activity in the Gallery, and see ya on virtual festivities!