NFT Economic Model

Design Concept

The PetStar platform introduces NFT rewards to provide users with unique digital assets using blockchain technology, enhancing the competition's appeal and collectible value. This also promotes the utilization and circulation of PetToken (PET). NFT rewards not only serve as encouragement for winners in the pet talent competitions but also offer users tradable and displayable digital collectibles, further enriching the platform's token economy ecosystem.

NFT reward details

NFT name: PetStar Talent Star Trophy (PetStar Talent Star Trophy)

Type: Limited edition NFT digital trophy

Design description:

Appearance: A 3D-style trophy with the base engraved with "PetStar Talent Star," the body decorated with pet paw prints and blockchain chain elements, and the top featuring a golden PetToken token pattern.
Dynamic effects: The NFT features dynamic effects (e.g., trophy rotation, chain glow) to enhance visual appeal.
Rarity:

Only 3 NFT trophies are issued per quarter competition (1 for the champion, 1 for the runner-up, 1 for the third-place winner).

The champion NFT is of "Legendary" rarity (gold theme), the runner-up is "Rare" (silver theme), and the third-place winner is "Common" (bronze theme).

Additional attributes: Each NFT includes a unique number, competition date, and pet name (e.g., "2025 Q2 Champion - Max") to record competition history.

Quantity: 3 per quarter (1 champion, 1 runner-up, 1 third-place winner), with an annual total of 12, ensuring high scarcity.

Acquisition Method

Reward Recipients:

Limited to winners of the Pet Talent Show offline finals (quarterly grand finals): Champion, Runner-up, and Second Runner-up.

Distribution Process:

Confirm winners after the competition: After the offline finals, the platform determines the top three based on jury scores and audience votes.
NFT Minting:

The platform generates an exclusive NFT trophy for each winner, containing the pet's name and competition information.

Minting fees are borne by the platform. The NFTs are based on the Solana blockchain, using the SPL standard.

Automatic Distribution:

The NFTs are automatically distributed to the winners' PetStar platform wallet addresses via smart contracts.

Distribution records are stored on-chain. Users can verify NFT ownership and transaction history through blockchain explorers (e.g., Solscan).

Notification and Display:

Users receive a platform notification indicating that the NFT has been distributed to their wallet.

The NFT is automatically displayed in the "My Collection" section of the user's personal homepage for viewing by other community users.

Use Cases

Digital Collection and Display:

Users can showcase NFT trophies on their PetStar platform personal profiles as a symbol of their pets' talent achievements.
NFTs can be linked to pet profiles, enhancing the value of a pet’s digital identity (e.g., "Max - 2025 Q2 Talent Star").

Trading and Circulation:

Users can sell or trade NFT trophies within the PetStar platform's built-in NFT marketplace, with transactions settled using PetToken.
The platform charges a 2.5% transaction fee, with the revenue used for ecosystem development (e.g., community reward pools).

Community Privileges:

Users holding NFT trophies can gain community privileges, such as:

Priority entry to the next quarter's "Champion Challenge" contest (by invitation).

Additional voting weight (e.g., NFT holders’ voting weight increases by 20%).

Participation in exclusive platform events (e.g., charity events exclusive to NFT holders).

Metaverse Applications:

Users can bring NFT trophies into the PetStar pet metaverse, displaying them in virtual spaces as decorations or social symbols.
Future support for cross-platform display, such as showing NFT trophies on other metaverse platforms (e.g., Decentraland).

Value Representation

Scarcity and Collectible Value:

Only 3 NFT trophies per quarter, limited to 12 annually, high scarcity, and long-term collectible value.
NFTs include competition history and pet information, possessing uniqueness, attracting digital collectors.

Transaction Value:

NFTs can be freely traded on the platform marketplace, with market prices determined by supply and demand.
Based on the market performance of similar NFT projects (e.g., OpenSea data, where limited NFTs can reach prices of hundreds of dollars), the initial transaction value of PetToken NFT trophies is expected to be 500-2,000 PetToken tokens (dynamically adjusted according to token market price).

Token Economy Interaction:

NFT transactions are settled in PetToken tokens, increasing token demand and circulation.
Platform service fee revenue flows back into the ecosystem, supporting more community activities and rewards.

Emotional Value:

NFT trophies record the honorary moments of pet talents, providing users with emotional connection and a sense of achievement.

Reflection of the token economic model

Token demand:

NFT transactions and market activities require the use of PetToken, increasing the practical usage scenarios for the token.
To enhance voting weight (with bonuses obtained by holding NFTs), users need to hold or purchase more PetToken, stimulating token demand.

Token circulation:

A 2.5% fee generated from NFT transactions is charged in the form of PetToken, with portions allocated to the reward pool and platform operations, promoting a closed-loop token economy.

Incentive mechanism:

NFT rewards incentivize users to participate in competitions, increasing platform activity.
NFT ownership privileges (such as weighted voting) encourage users to participate in platform activities long-term, stabilizing the token economy.

Technical Support

Blockchain Standards:

NFT is based on the Solana blockchain, using the SPL standard to ensure uniqueness and verifiability.
Trophy metadata (images, attributes) is stored on IPFS (InterPlanetary File System) to ensure decentralized storage and access.

Smart Contracts:

Minting and distribution are automatically executed through smart contracts, with the contract code open-source and available for user auditing via GitHub.
The marketplace operates on smart contracts, ensuring secure and transparent transactions.

Wallet Integration:

Users need to connect a Solana-compatible wallet (such as the OKX Web3 wallet) to claim and trade NFTs. The platform provides a wallet connection tutorial.
NFTs are automatically linked to users' PetStar accounts, simplifying the operational process.

Cross-Chain Compatibility (Future Plans):

Plans to support Layer 2 solutions like Polygon or Arbitrum to serve users from different crypto ecosystems and enhance user experience.
Future support for cross-chain bridges (such as Wormhole) to enable NFT usage on other blockchains (such as Arbitrum).

Ensuring Fairness

Transparent Distribution:

NFT distribution is executed automatically via smart contracts, with the winner list and distribution records uploaded on-chain for public verification.
Users can verify the minting and ownership of NFTs through blockchain explorers (e.g., Solscan).

Anti-cheating Mechanism:

Competition voting and scoring data are stored on-chain to prevent tampering, ensuring fair outcomes for winners.
NFT trading platforms implement anti-money laundering mechanisms (e.g., restricting frequent trading of the same NFT within a short period) to maintain market health.

Community Supervision:

Community users can raise concerns about NFT distribution, and the platform responds by verifying with on-chain data to ensure fairness.

Expected Outcome

User Attraction: The scarcity and collectible value of NFT rewards are expected to attract more users to participate in competitions, adding 3,000+ new participants quarterly.
Token Circulation: NFT transactions are expected to drive the circulation of 10,000+ PetToken tokens quarterly (based on transaction volume and fees).
Brand Value: NFT trophies become the iconic rewards of the PetStar platform, enhancing brand recognition and user loyalty.

Example Scenario

User Alice's dog Max won the championship in the 2025 Q2 competition and received an NFT trophy of "Legendary" rarity (ID #001).
Alice showcases the NFT on her personal profile, gains community likes, and obtains a 20% voting weight advantage through the NFT for the next competition.
Three months later, Alice sells the NFT to another user, Bob, for 1,500 PetToken tokens. The platform charges a 37.5 PetToken fee, and Alice nets 1,462.5 PetToken tokens.

PetStar Talent Star Trophy NFT rewards deeply integrate the token economic model through scarcity, collection value and practicality to enhance user participation and platform appeal. The application of blockchain technology ensures the fairness of reward distribution and transactions, while providing users with a unique digital asset experience, promoting the long-term development of the PetToken ecosystem.

PreviousPet Talent Show Competition NextPetverse Service Details

Last updated 10 days ago

NFT Economic Model

Design Concept

NFT reward details

NFT name: PetStar Talent Star Trophy (PetStar Talent Star Trophy)

Type: Limited edition NFT digital trophy

Design description:

Appearance: A 3D-style trophy with the base engraved with "PetStar Talent Star," the body decorated with pet paw prints and blockchain chain elements, and the top featuring a golden PetToken token pattern.
Dynamic effects: The NFT features dynamic effects (e.g., trophy rotation, chain glow) to enhance visual appeal.
Rarity:

Only 3 NFT trophies are issued per quarter competition (1 for the champion, 1 for the runner-up, 1 for the third-place winner).

The champion NFT is of "Legendary" rarity (gold theme), the runner-up is "Rare" (silver theme), and the third-place winner is "Common" (bronze theme).

Additional attributes: Each NFT includes a unique number, competition date, and pet name (e.g., "2025 Q2 Champion - Max") to record competition history.

Quantity: 3 per quarter (1 champion, 1 runner-up, 1 third-place winner), with an annual total of 12, ensuring high scarcity.

Acquisition Method

Reward Recipients:

Limited to winners of the Pet Talent Show offline finals (quarterly grand finals): Champion, Runner-up, and Second Runner-up.

Distribution Process:

Confirm winners after the competition: After the offline finals, the platform determines the top three based on jury scores and audience votes.
NFT Minting:

The platform generates an exclusive NFT trophy for each winner, containing the pet's name and competition information.

Minting fees are borne by the platform. The NFTs are based on the Solana blockchain, using the SPL standard.

Automatic Distribution:

The NFTs are automatically distributed to the winners' PetStar platform wallet addresses via smart contracts.

Distribution records are stored on-chain. Users can verify NFT ownership and transaction history through blockchain explorers (e.g., Solscan).

Notification and Display:

Users receive a platform notification indicating that the NFT has been distributed to their wallet.

The NFT is automatically displayed in the "My Collection" section of the user's personal homepage for viewing by other community users.

Use Cases

Digital Collection and Display:

Users can showcase NFT trophies on their PetStar platform personal profiles as a symbol of their pets' talent achievements.
NFTs can be linked to pet profiles, enhancing the value of a pet’s digital identity (e.g., "Max - 2025 Q2 Talent Star").

Trading and Circulation:

Users can sell or trade NFT trophies within the PetStar platform's built-in NFT marketplace, with transactions settled using PetToken.
The platform charges a 2.5% transaction fee, with the revenue used for ecosystem development (e.g., community reward pools).

Community Privileges:

Users holding NFT trophies can gain community privileges, such as:

Priority entry to the next quarter's "Champion Challenge" contest (by invitation).

Additional voting weight (e.g., NFT holders’ voting weight increases by 20%).

Participation in exclusive platform events (e.g., charity events exclusive to NFT holders).

Metaverse Applications:

Users can bring NFT trophies into the PetStar pet metaverse, displaying them in virtual spaces as decorations or social symbols.
Future support for cross-platform display, such as showing NFT trophies on other metaverse platforms (e.g., Decentraland).

Value Representation

Scarcity and Collectible Value:

Only 3 NFT trophies per quarter, limited to 12 annually, high scarcity, and long-term collectible value.
NFTs include competition history and pet information, possessing uniqueness, attracting digital collectors.

Transaction Value:

NFTs can be freely traded on the platform marketplace, with market prices determined by supply and demand.
Based on the market performance of similar NFT projects (e.g., OpenSea data, where limited NFTs can reach prices of hundreds of dollars), the initial transaction value of PetToken NFT trophies is expected to be 500-2,000 PetToken tokens (dynamically adjusted according to token market price).

Token Economy Interaction:

NFT transactions are settled in PetToken tokens, increasing token demand and circulation.
Platform service fee revenue flows back into the ecosystem, supporting more community activities and rewards.

Emotional Value:

NFT trophies record the honorary moments of pet talents, providing users with emotional connection and a sense of achievement.

Reflection of the token economic model

Token demand:

NFT transactions and market activities require the use of PetToken, increasing the practical usage scenarios for the token.
To enhance voting weight (with bonuses obtained by holding NFTs), users need to hold or purchase more PetToken, stimulating token demand.

Token circulation:

A 2.5% fee generated from NFT transactions is charged in the form of PetToken, with portions allocated to the reward pool and platform operations, promoting a closed-loop token economy.

Incentive mechanism:

NFT rewards incentivize users to participate in competitions, increasing platform activity.
NFT ownership privileges (such as weighted voting) encourage users to participate in platform activities long-term, stabilizing the token economy.

Technical Support

Blockchain Standards:

NFT is based on the Solana blockchain, using the SPL standard to ensure uniqueness and verifiability.
Trophy metadata (images, attributes) is stored on IPFS (InterPlanetary File System) to ensure decentralized storage and access.

Smart Contracts:

Minting and distribution are automatically executed through smart contracts, with the contract code open-source and available for user auditing via GitHub.
The marketplace operates on smart contracts, ensuring secure and transparent transactions.

Wallet Integration:

Users need to connect a Solana-compatible wallet (such as the OKX Web3 wallet) to claim and trade NFTs. The platform provides a wallet connection tutorial.
NFTs are automatically linked to users' PetStar accounts, simplifying the operational process.

Cross-Chain Compatibility (Future Plans):

Plans to support Layer 2 solutions like Polygon or Arbitrum to serve users from different crypto ecosystems and enhance user experience.
Future support for cross-chain bridges (such as Wormhole) to enable NFT usage on other blockchains (such as Arbitrum).

Ensuring Fairness

Transparent Distribution:

NFT distribution is executed automatically via smart contracts, with the winner list and distribution records uploaded on-chain for public verification.
Users can verify the minting and ownership of NFTs through blockchain explorers (e.g., Solscan).

Anti-cheating Mechanism:

Competition voting and scoring data are stored on-chain to prevent tampering, ensuring fair outcomes for winners.
NFT trading platforms implement anti-money laundering mechanisms (e.g., restricting frequent trading of the same NFT within a short period) to maintain market health.

Community Supervision:

Community users can raise concerns about NFT distribution, and the platform responds by verifying with on-chain data to ensure fairness.

Expected Outcome

User Attraction: The scarcity and collectible value of NFT rewards are expected to attract more users to participate in competitions, adding 3,000+ new participants quarterly.
Token Circulation: NFT transactions are expected to drive the circulation of 10,000+ PetToken tokens quarterly (based on transaction volume and fees).
Brand Value: NFT trophies become the iconic rewards of the PetStar platform, enhancing brand recognition and user loyalty.

Example Scenario

User Alice's dog Max won the championship in the 2025 Q2 competition and received an NFT trophy of "Legendary" rarity (ID #001).
Alice showcases the NFT on her personal profile, gains community likes, and obtains a 20% voting weight advantage through the NFT for the next competition.
Three months later, Alice sells the NFT to another user, Bob, for 1,500 PetToken tokens. The platform charges a 37.5 PetToken fee, and Alice nets 1,462.5 PetToken tokens.

PreviousPet Talent Show Competition NextPetverse Service Details

Last updated 10 days ago