Fans and followers of UniArts most likely know of the NPoS governance system and NFT voting mechanics that take place on the network; in this article we will be taking a closer look into the relationship between the NFT artist and the voter, and what this dynamic accomplishes in the short and long terms.
A Brief Revisit
While there are many players in and far from between, the stage is set around the creator and nominator. The former creates art and mints it as an NFT on the network, and the latter views these NFTs with the intent of voting on their favorites.
This act of voting however comes at the cost of locking their UART tokens for a minimum of 28 days, but why?
A Cost With A Purpose
On social media sites, works of art can receive upwards of hundreds of thousands — and in some cases millions — of likes, hearts, upvotes… and other variants of a digital expression of approval. These expressions however come at no cost, and while they work well on a social media platform, may have drawbacks on an art appreciation medium.
In order for a vote to carry weight, it must be done so with care and consideration. When voting is limited in some capacity, when it becomes restricted to an extent, it starts to matter more to the voter, and more thought begins to go into the process.
For a platform centered around the fair and democratic valuation of artwork, it is absolutely important to give meaning to votes, as at the end of the day, it is these very voices that lift deserving artists up for their works. When the nominator is aware of the limited nature of their votes, they are more likely to pay closer attention to the works at hand, and as a result, give more sincere votes to the NFTs they love the most.
A Cost With A Reward
Of course, it wouldn’t make sense for one to lock the liquidity of their tokens for a month without having any form of incentive. On UniArts, just like on any other Proof-of-stake driven network, staking tokens is rewarded regardless of the voting status of the staker.
However, the real incentive provided to nominators are the rewards generated from the eventual sale of the NFTs they had voted on. A portion of the tokens from the sale of NFTs are rewarded to the voters proportionally to the sale price, meaning the higher it sells for, the bigger the rewards become.
Votes That Matter
This beautiful balance of costs and incentives creates layers of thought processes which give meaning to each and every vote, while simultaneously encouraging fairness for artists, through a well thought-out system based around the principles of decentralization and democratization.
On the other hand, here, artists don’t just see a casual “thumbs-up”; on the contrary, they are aware that every vote received is a genuine voice of encouragement and a semblance of belief in their skills and their works.
These same artists may one day find themselves receiving rewards in the short term, and grants and incubation that can develop their talents in the long run — because votes that mattered made a collective statement of approval.