Creaticles (CTRL): What is it?
Creaticles is a blockchain platform developed on the Binance Smart Chain (BSC) that facilitates the creation of customized Networked Finance Tokens to connect content creators and consumers. NFT buyers post their needs and creators compete to fulfill them in a contest with multiple game modes.
The CTRL Token:
Those who participate in the Creaticles platform can earn tokens by mining them. A fixed supply of 1 billion tokens is available for the Creaticles tokens. A weekly supply of community tokens is also available. You are not required to have a powerful computer or graphics card to mine the tokens. It takes just a couple of steps to request or submit NFTs through the Creaticles platform. Creaticles can be mined in two different ways. The token economy will be described in more detail at a later date.
CRTL is used for:
Using the Creaticles dApp for payments and transactions
Buybacks of tokens and stake rewards
Mining of new CRTL tokens is tied to reputation management
Making decisions about the future of Creaticles on a community-based basis
Requests for premiums and NFT submissions
Game Modes
When creators join contests, there are three different bidding modes they can select from, each with a different purpose and incentive structure. As a result, the creators would know what kind of time it would take to create an NFT if they wish to join a contest while there are requests from buyers. Below are the points:
Mode of a single winner:
The buyer can entertain an unlimited number of submissions from creators when using the Single Winner Mode. A buyer must be able to identify the winner of the contest at all times during the post's lifespan. Afterward, only the selected NFT will be transferred to the buyer, with the remaining funds being released to the winner.
Multiple Winners Mode:
NFT buyers can utilize the Multi Winner Mode to entertain an unlimited number of creator submissions, much like the Single Winner Mode does with contest creation. This contest differs from the others because the buyer can select some winners. In addition to determining what rewards should be dispersed to winners, the buyer should also determine how those rewards should be distributed.
The social mode:
With Social Mode, the NFT buyer can specify the maximum number of entries allowed. The amount that the buyer has set for each entry is rewarded equally here. All the creators will likely receive an equal share of a buyer's 10,000 CRTL rewards (Creaticles native token). A contest closes if the submission cap is reached in this mode regardless of the contest duration.
Sadly, in case there are no winners chosen for single or multi-winner game modes and fewer than five submissions have been made, the funds designated for the rewards will be returned to the buyer.
The funds are transferred to the Community Chest instead if there are more than five submissions and there has not been a winner selected by the contest's expiration date. If this is the case, the buyer will also not receive the NFTs. To ensure that winners of contests are selected responsibly, this system is in place.
Community Treasury:
Token holders of the Creaticles platform can adopt lost ETH in the Community Treasury. This is just a fancy way of saying that unrewarded BSC in the Creaticles ecosystem are distributed back to token holders. After thinking about what to do with unclaimed funds, we decided to build the Community Treasury.
Unclaimed funds could have been returned to the requester on the one hand. It seems fair at first glance, but it becomes unfair as soon as we realize that the artists had already contributed to the project. We encourage theft from hardworking community members by returning the money to the requester.
Token holders receive a return on their Creaticles token investments by way of the Community Treasury. The creators of this solution are still collectively rewarded, but it does not require a specific share of a single request, eliminating any spam incentive for bad actors.
Mining CRTL Tokens
Users interact with the platform to perform CRTL mining automatically. Every week, new CRTL tokens are released into circulation.
Mining for creators
CRTL tokens are distributed proportionally to NFT creators based on activity on the platform. This will encourage creators to create good NFTs for platform contests. However, there is also a system in place to prevent low-quality submissions and content spamming.
Mining for buyers
Buyers of NFT, or contest owners, receive CRTL rewards based on their platform activity every week. Incentives are provided to encourage buyers to publish high-quality contests continuously. The same is true for buyers who also post low-quality NFT requests and spam.
Governance
Community members are responsible for platform governance. The protocol's governance functions require users to have CRTL tokens. Players can select platform parameters such as fees, trigger levels, and other game mode-related aspects here.
What Makes it Unique?
The Creaticles platform is a first-of-its-kind request marketplace. Chain-agnostic, the platform will be first deployed on the Ethereum and Polygon blockchains, followed by Binance Smart Chain and others. It's different from other NFT marketplaces because Creaticles lets buyers and collectors create their own NFTs. Some examples are:
Crypto startups seeking NFTs to commemorate milestones, including partnerships, the launch of testnets, and mainnet launches
In search of talented artists and art for their NFT initiatives and are looking for traditional companies and enterprises
Those looking for unique designs for special occasions, such as anniversaries, graduations, or other occasions
Their mission is to empower the creator community and provide NFT artists with a safe environment for earning and building their reputation within the space.
Get your FREE Crypto Ebook: https://www.mindwithpassion.com