Voting in general
Voting allows individuals to have a say in the decisions that affect their lives and their communities. The general principles of voting involve ensuring that each eligible voter has an equal opportunity to cast a vote, that the vote is secret, and that the votes are accurately counted. Additionally, ensuring that the election process is fair and free from fraud or undue influence and that the results of the election are accepted by all parties involved.
Voting for NFTs
NFT voting on NFTchoice.io also works on similar principles. It provides participants with the opportunity to express their opinion and preferences regarding a specific issue or decision. The added value for participants is that their vote is counted, and their opinion is included in the decision-making process. It also allows them to share their views and interests with others and participate in public debate. NFT voting gives NFT owners as well as community members a voice and allows them to voice their interests in decision-making. It also allows them to participate in shaping the future of the NFT industry and actively shape its development.
NFT voting – A horse race where all horses are winners
When NFT owners put their NFTs into an NFT voting like a horse race, it can provide several benefits for them. One of them is the opportunity to increase the value of their NFTs by participating in a competition that is supported by the community and the result thus reflects the popularity and sales opportunities of the NFT. Another benefit can be the attention and publicity that can be gained by participating in a contest. This can help increase interest in NFTs and the artists behind the NFT, which in turn can increase the value of the NFT.
Furthermore, it can also be a way for participants to add value to their collections and pit their NFTs against the best NFTs of other collectors in a competition. It might seem that it is a risk to participate in such an NFT voting if the NFT does not perform well in the competition and might lose its value. But not so with NFTchoice’s NFT voting. The voting in NFTchoice.io is designed in such a way that the NFTs do not lose their value but can only increase their value. Thus, in NFTchoice.io NFT voting is not to be seen as a competition but designed as a survey or poll where the NFTs are not competing against each other, but only their popularity and sales opportunity are measured. Hence, there is the NFTchoice Sales Potential Score. The NFTs with the most votes are rated as the NFTs with the highest potential. The votes for the NFTs are thus also the indication that the voter has an interest in the NFT and can thus be a potential buyer.
NFTchoice votings can increase the value of NFTs
The NFT voting of NFTchoice.io is designed in such a way that the NFTs do not lose their value but can only increase their value.
Thus, the NFTchoice NFT voting is not to be seen as a competition, but designed as a survey or poll where the NFTs are not competing against each other, but only their popularity and sales opportunity is measured. Hence, there is the NFTchoice Sales Potential Score. The NFTs with the most votes are rated as the NFTs with the highest potential. The votes for the NFTs are thus also the indication that the voter has an interest in the NFT and can thus be a potential buyer.
Token-driven NFT voting – Enhancing transparency & quality
Participants in the NFTchoice.io deposit an equal amount of money for their vote, thus NFT voting can now have a positive impact on the quality of the result. One possible reason for the impact is that it makes NFT voting more financially motivated, as participants are not only expressing their opinion but also betting that their choice is the best. This may lead participants to invest more time and resources in researching and evaluating NFTs to better support their decisions.
Another positive impact may be that it makes NFT voting more democratic, as each participant has the same financial investment and therefore has an equal voice, regardless of their financial situation.
In the NFTchoice.io, all deposited funds will be collected in a wallet and when the NFT voting is finished, all participants whose votes were cast for the NFTs on which the most votes were collected will receive the largest share of the money from the wallet. These participants are also referred to as the winners of the NFT voting. All participants who voted for the NFTs on which the fewest votes were distributed have to give their money stake to the winners. This rule ensures that participants weigh their choices carefully and evaluate the NFTs more thoroughly, as they have the opportunity to recover or even earn their investment if their vote is successful. Which increases the quality of the outcome from NFT voting.
Even the NFT owners do not go empty-handed.
Part of the money from the wallet of the NFT voting goes to the owner of the NFT that received the most votes. Thus, this approach can be an incentive and reward structure for NFT owners. It encourages them to bring their NFTs on to NFTchoice.io and promote them to get more votes. It can also help increase the quality of NFTs that are contributed to NFT voting, as owners are rewarded when their NFTs are successful.
Advantages of token-driven voting
- Financial incentives: by having the opportunity to recoup or even earn their investment if their vote is successful, participants are motivated to weigh their decisions more carefully and evaluate NFTs more thoroughly.
- Fairness and Democracy: because each participant has the same financial investment and therefore the same value for their votes, regardless of their financial situation, NFT voting becomes more democratic and equitable.
Benefits for NFT owners
- It allows NFT enthusiasts and collectors to support their favourite NFT artists and creators and help them become known and successful.
- It increases popularity and awareness for certain NFT artists and creators, which can lead to more sales and a higher market value for their NFTs.
- It can serve as a springboard for up-and-coming artists and creators to launch their careers in the NFT industry.
- It increases audience and fan participation and engagement in the NFT industry, and also brings some financial benefits to the organizers and the winners.
In summary, Token driven NFT voting can play an important role in the NFT industry. It provides an opportunity for the community to make decisions that affect the industry and for NFT owners to increase the value of their NFTs. The concept of horse-racing NFT voting can add additional value in the form of awareness and publicity for NFTs. It also has the potential to promote project funding, transparency and accountability in the industry. An added benefit is the opportunity to win money. This provides an added incentive to participate in the voting and allows NFT owners to benefit financially as well.