Project Galaxy - Helping to build Compound's first NFT-based Loyalty Campaign!

Hey guys! This is Pokka from Project Galaxy. Project Galaxy is a NaaS (NFT-as-a-service) infrastructure that empowers communities with gamified loyalty systems. We believe that community management is key to decentralized organizations and NFTs can be a perfect medium to power on-chain achievements and credentials. After talking with Calvin Liu, we want to share our plan here with all of you.

Sorry for being wordy because this proposal might take a minute for you guys to go through. Therefore, we have prepared some surprise gifts for you at the end of this proposal!**

Our Motivation

  • All communities need a suite of tools like CRM to identify its long-term contributors and manage member relationships. This is especially true for DAO and NFT and therefore are perfect mediums for this.
  • Traditional crypto marketing campaigns like airdrop don’t help much with user retention and engagement.

How Can Project Galaxy Help Compound Finance:

Galaxy Protocol contains plug-and-play modules that allow communities to create customized NFT-powered campaigns based on their needs. With our V1 launch, we recommend three campaign templates for Compound Finance to kick off their NFT journey:

Background Story Ideas for the NFT Collection

We believe Compound Finance can build a new world of DeFi, so we recommend a brand story similar to creating your own SimCity. Community members can participate in different campaigns to collect architecture NFTs, Land NFTs of different dimensions and landscape NFTs. Eventually, users will be able to forge the buildings they have collected to build a city (City NFTs). Different NFTs would have different scarcity or power levels.

1. Governance Campaign - Mission

Reward those who actively participate in the Compound governance with different kinds of architecture NFTs.
NFT Collection Theme in this mission: For example, a skyscraper, a cathedral, Japanese garden…

Rules:

  1. Each vote you have cast will allow you to claim 2 Mystery Boxes
  2. Each Mystery Box will give you 1 random NFT out of the 6 different architectures.

2. Supply (cToken) Campaign - Mission

Reward those who hold cTokens with landscape NFTs.
NFT Collection Theme in this mission: Beach, mountain, rainforest, desert

Rules:

  1. Holding at least $500 worth of cTokens for 5/20/35/50/65/80 days gives you the chance to claim 1/2/3/4/5/6 additional Mystery Boxes. (e.g. holding for 5 days = 1 Mystery Box, holding for 20 days = 2 additional Mystery Boxes, etc.)
  2. Each Mystery Box will give you 1 random NFT out of the 4 different landscapes.

3. Borrow Campaign - Mission

Rewards those who borrow $100 worth of assets for 1/5/10/15/20 days
NFT Collection Theme in this mission: 2x2 land, 3x3 land, 4x4 land in the form of card

Rules:

  1. Users who have borrowed $100 worth of assets for 1/5/10/15/20 days, will receive a chance to claim 1/2/3/4/5/6 Mystery Boxes.
  2. Each Mystery Box will give you 1 random NFT out of the 3 different sizes of land.

Forging Campaign

Allow community members to forge collected NFTs from previous missions into Mega City NFTs.

Rules:

  1. There will be 3 levels of the City NFTs (2x2 City, 3x3 City and 4x4 City), and each level has 3 different City designs.
  2. The NFTs that the users claim from the borrow campaign will determine the level/size of the final product. The NFTs from Governance campaign and Supply campaign have different scarcity scores. To mint the final City NFTs, you will be required to provide at least 3 NFTs from those 2 campaigns. The total scarcity scores of the NFTs users supply will determine the final City in that certain level.

These are just some of the draft ideas. They are open for suggestions and discussions within the community so together we can make this NFT campaign for Compound the best in the blockchain space!

Such Achievement-based NFT Campaigns Can Help Compound with

  • Stronger branding through the issuance of customized NFTs
  • Better form of rewards that inspires community members’ ownership
  • Create something fun to increase community engagement and retention
  • Promote governance and protocol usage through NFT gamification
  • Identify long-term and core contributors in the community

Fees Involved

1. Minting cost

What is this?

  • The minting fee charged is used to cover the transaction fee that Galaxy team pays to the network. This is not for Galaxy to gain any profits.
  • Note that this is in addition to the transaction fee that users need to pay. When users initiate a claim transaction on-chain, our service listens to that event, checks user eligibility and initiates a minting transaction.

How is the minting cost determined?

  • It varies depending on gas price of the network.
  • The minting cost is calculated using the past 7 day avg gas price on Ethereum.

Why do we need this?

  • The reason that we don’t let the players claim and mint directly is that it’s expensive to have all the whitelist data on-chain (since this is dynamic and the list of addresses is huge). So we incorporated an oracle service involving subgraph queries to check user eligibility.

Access to control minting cost can be given to the Compound team if needed.

2. Platform fee

The platform fee is charged when users claim the NFT. It is a $2 flat fee paid in equivalent $ETH or $BNB on top of the minting cost. And it will be charged along with the minting cost to users in one transaction.

Fees will be collected by the Galaxy community treasury and further support the development of the Galaxy infrastructure.

The fee can be waived if the developer chooses to compensate on behalf of users.

What’s Next?

We will be launching Galaxy V1 and the first set of Compound NFT campaigns soon. While we gather initial feedback from community members through these campaigns, we will be preparing for the next set of Compound campaigns that aim to reward community members that contribute to different parts of the Compound ecosystem.

In the long run, we expect more community members can be more directly involved in the process of campaign/design creation. We are really excited to work alongside the Compound community on this.

Please don’t hesitate to comment under this post or on the Compound channel of Project Galaxy Discord. Looking forward to hearing your feedback!

An Easter Egg

We really appreciate all of your patience to stick with us to the end. If you are excited about this event as we do, please comment down below!

The first 100 Community members who commented will be eligible to own the ultra-cool exclusive limited edition Compound version Galaxy Genesis NFTs! (The comment has to be meaningful, don’t spam!)

_____________________

Case Study

Though we cannot disclose the names yet, here are some upcoming partnership examples with other notable projects.

Case #1 - Building a Mining Machine and Promote Staking

Build Your Mining Rig (Part 1 - Staking Campaign):

Who is eligible: Everyone
How to Participate: Staking
Staking requirement: 10-200 tokens
Participants will receive one of the following NFT

Build Your Mining Rig (Part 2 - Forging Campaign):

Who is eligible: Everyone
Requirements to forge: Stake 100 tokens
NFTs collected from campaign part-1 will be able to forge into one of the three mining rig

Case #2 - Creating you own dishes and Promote the activities of DEXes

Create your own dishes (Part 1 - Collecting ingredients):

Who is eligible: Everyone
How to Participate: Trade, Vote and Stake LP tokens on the DEX
Participants will receive one or more of the Ingredient NFTs

Create your own dishes (Part 2 - Cooking!):

Who is eligible: Everyone
Participants will forge 3 of the ingredient NFTs they collect into a dish.

1 Like

Sounds very coool! Collecting NFT to build a city. But is the access of getting NFT too hard? And I’m wondering about the NFTs’ looking.

While this seems like a thorough concept, for me personally that’s too much gamification in an environment that doesn’t need it: finances.
I’d rather support a loyalty campaign that links to real world environmental protection, preservation, restoration, etc. That would feel quite timely IMO.

It seems like a fun idea and should help build the Compound community. I’m unclear what you need from Compound/community to make this success. Can you please clarify?

Any idea the art style on the city pieces? Really curious what they’ll look like.

Traditional crypto marketing campaigns like airdrop don’t help much with user retention and engagement.

How are NFTs different from airdropped tokens? They can also be traded away.

I am normally skeptical of gamification (more as a worry for what behavior is being promoted), but I don’t see any harm coming from this.

Can you give estimates for minting cost? (I.e if gas is X then minting would be between $y-z)

Would be cool to provide NFTs to early users of the compound protocol. There is a retrospective airdrop being planned, that can accompany this NFT

We are just gathering some ideas from the community:

  1. Rules/eligibility to claim the achievement-based NFTs
  2. Some ideas about the design of the NFTs.

By the end of the next week if we can gather enough feedback, we will re-draft a proposal and apply for a small grant to start working on the design and development.

The program can be shipped in 1-2 weeks after that. When the campaign is live, we want to see if it’s possible to be integrated on Compound website. :laughing:

1 Like

We welcome the community to join the discussion of the design/art style of the NFTs.

1 Like
  1. The claiming process is simple. Just click the button and NFTs will be yours (if you are eligible ofc)!
  2. The rules for the campaign can be up for discussion.
  3. We’ll first and foremost make sure the NFT look amazing.

Exactly, it can be a separate mission on top of what we have on the post. Retrospectively reward early adopters of Compound, etc.

1 Like

We can make NFT badges non-transferrable, depending on how community want. This is like a membership status, in the future it can actually be used for various growth hacking marketing for Compound.