How to Earn Crypto in the NFT RA!CE
0xDB31
December 10th, 2021

Gm squad,

Last week we announced the NFT RA!CE, the first ever competition to discover the best NFTs according to fans, not price. The competition runs on the first iteration of RARA’s like-to-earn protocol where $RA! tokens are invested to curate NFTs that fans love.

After only 5 NFT RA!CEs, we’ve seen over 1,000 wallets Enter the RA!CE with players earning almost 140,000 $RA! tokens.

There are two ways to compete and earn in the NFT RACE:

  1. Invest $RA! tokens to curate NFTs that you like and believe other will like too; and
  2. Earn $RA! as the creator of a Top 3 NFT in the RA!CE.

This guide will walk you through each way to earn.


How Creators Earn $RA! in the NFT RA!CE

Pronounced “Rah RAH!” like a cheer, RARA is all about fans cheering on their favorite NFTs. In each RA!CE, NFTs compete for the title of Fan Favorite.

The Top 3 NFTs of each NFT RA!CE gain access to the RA!CE Gallery on our website (Coming Soon™) and are promoted in our metaverse galleries. Check out one of our WIP galleries in The Nemesis metaverse here - originally inspired by 5 Pointz.

Additionally, the creators of the Top 3 NFTs earn a percentage of RA!CE Rewards (funded through 1,000 $RA! token inflation). The splits are as follows:

1st 🥇 Place - 50% of the RA!CE Reward
2nd 🥈 Place - 30%
3rd 🥉 Place - 20%

The RA!CE Reward is currently set at 1000 $RA! per RA!CE and will be changed over time as the RA!CE grows. One of your NFTs win a RA!CE? Connect your wallet and Enter the RA!CE to claim your $RA! tokens.

When our like-to-earn curation protocol is deployed to mainnet and decentralized in early 2022, creators of curated NFTs may earn a portion of the curation cash-flow rather than RA!CE Rewards.

*The ERC-721 and ERC-1155 token standards do not include creator addresses by default. As a result, RARA relies on third-party NFT platforms like OpenSea, Foundation, or Zora to note which address was the creator or minter of each NFT. RARA is not responsible for information provided by these platforms but we’ll try to recognize any mistakes identified if you DM us on Twitter at @rara_social.


How to Earn by Liking NFTs with $RA! Tokens

As a fan of the arts, you only need to like NFTs to earn. Invest your $RA! tokens to show the world how much you like an NFT and watch your earnings grow.  Similar to Steemit, Cent, and inspired by bonding curve mechanics, early fans earn more when other fans invest their $RA! in the same curation.

Stated differently, you’re investing in the momentum of virality. It pays to invest $RA! on NFTs you will believe will receive subsequent $RA! investments from others, you’ll earn $RA! even if the NFT is not in the Top 3.

That’s right, you can earn crypto in the NFT RA!CE even if the NFT you curated loses 🤯 the RA!CE.

Want to play? Enter the RA!CE here.

The Math of the $RA! Earnings

For the wizzes, here is how $RA! earnings are calculated at the end of each NFT RA!CE.

R(v) or the $RA earnings of the Player (Victor) are calculated as as follows:

R(v) = SUM(i = 1  to  k-1) {(Vi/Ri)*r(i+1)}
R(v) = SUM(i = 1 to k-1) {(Vi/Ri)*r(i+1)}

i = a player-action of spending $RA! on a given RA!CE NFT;

V(i) = number of $RA spent by player Victor(v) on the corresponding NFT until action i;

R(i) = total $RA! spent on the corresponding NFT until action i;

r(i+1) = number of $RA! spent on the corresponding NFT in the next player-action after action i;

k = number of player-actions (when a player spends $RA!s) on an NFT; and

R(v) = total $RA earnings of player Victor from this NFT in the RA!CE.

An example. In this example, Players A, B, C, and D already invested 10, 25, 25, and 50 $RA! in the same curated RA!CE NFT. This diagram shows each players’ investment the before and after Player B invests an additional 20 $RA!.

Note: The purple shows all the investments prior to Player B investing an additional 20 $RA! for a total of $45 RA! shown in pink.
Note: The purple shows all the investments prior to Player B investing an additional 20 $RA! for a total of $45 RA! shown in pink.

Based on Player B’s last investment, Players A, B, C, and D earnings increase 2, 4, 4, and 9 $RA!. This demonstrates that players are proportionally rewarded as a percentage of their total investments prior to Player B’s last 20 $RA! investment.

Note: The light green shows all the earnings prior to Player B investing an additional 20 $RA!. The dark green shows the additional earnings for each player with Player D's largest investment (50 of 110) having the largest payout of 9 $RA!.
Note: The light green shows all the earnings prior to Player B investing an additional 20 $RA!. The dark green shows the additional earnings for each player with Player D's largest investment (50 of 110) having the largest payout of 9 $RA!.

Dive into this example’s data, formulas, and charts in this Google Sheet.


Verifying your Earnings On-Chain ($RA! balance)

At the end of each NFT RA!CE, we update the $RA! Token Contract (0xa6a74Fd618995e099BEEE82Cf84328D57B4B6a89) on Ethereum with a new Merkel root so players can verify their earnings on-chain. Here is a transaction link updating player balances after the Genesis NFT RA!CE.

We batch RA!CE updates on-chain for player balances for a few reasons:

  1. Accessibility. Saves players from spending $ETH on gas;
  2. Speed. Ensures liking NFTs in the RA!CE can be quick and fun; and
  3. Flexibility. Enables RARA and the community to quickly iterate on how the like-to-earn protocol works in advance of our plans to fully decentralize the protocol.

Today, the claimTokens function is paused on the contract to ensure $RA!s are only used in the NFT RA!CE. Once the protocol is fully decentralized, players will be allowed to claim their $RA! tokens.

Verifying your balance in App

The easiest way to verify your crypto earnings is in the app. Click on your profile and balance in the top right of the app, then click the Verify button to the right of your $RA! Token Balance.

Note:  During a RA!CE, your verified balance may not match your app balance. Specifically, your verified balance will be as of the last RA!CE.
Note: During a RA!CE, your verified balance may not match your app balance. Specifically, your verified balance will be as of the last RA!CE.

Verify your balance on Etherscan

1st, Get Etherscan parameters from API

  • Method: GET

  • URI: https://app.rara.social/api/verify/

  • Response:

    {
      "balance": 0,
      "balanceVerified": false,
      "etherscan": {
        "url": "https://rinkeby.etherscan.io/address/0x2dF565754a8C0157780401fFEF9Da2b8fAE3df7c#readProxyContract",
        "verifyBalance()": {
          "index": 0,
          "account": "0x0DB7239316efefB6826f6CE2BfA4584206051F7E",
          "amount": 0,
          "proof": "[]"
        }
      },
      "contract": {
        "networkName": "rinkeby",
        "networkChainId": 4,
        "contractAddress": "0x2dF565754a8C0157780401fFEF9Da2b8fAE3df7c",
        "contractABI": [...]
      }
    }
    

2nd, Verify on Etherscan

You can also verify your $RA! balance with the contract on Etherscan.

  • Use url property in the etherscan properties to navigate to Etherscan.
  • Click “Contract” and then “Read as Proxy”
  • Find the verifyBalance() function
  • Paste in each parameter. If the params are correct the function will return valid: true
Arweave TX
kbTNSKonjV2VFCTNsDrxccE1K2ie7CKNiTQWyyHTA2s
Ethereum Address
0xDB3106b3D295C289DECD15Ff588dE8aED561d198
Content Digest
pkz9TVZYk0Va2ygupo-SQbMMSC0C1PsaiT3SkhgybaY