I've been dabbling with this idea for @poshtoken for a little while and wanted to write my thoughts down and see what the community thinks about it, since it's a fully community-based token.
Basically @poshtoken has no use-case right now, people can't do anything with it except for earning, holding or selling.
First off, a quick summary of what @poshtoken is and does since there's a lot of newcomers here now who may not be aware and may be missing out on earning POSH.
By signing up on https://hiveposh.com/home you connect your twitter and hive account through Twitter login authentication and hive keychain or hivesigner. On the website you can see recent posh-eligible tweets that you can go and like or follow to connect with your fellow hivers on Twitter.
To earn POSH, all you gotta do is share a link (either yours or someone else's post) from one of the 4 front-ends we have enabled (peakd, hive.blog, ecency and leofinance) and tag it with #hive. The bot will detect your tweet, leave a comment under the post you shared that it was shared and now you can earn POSH for having shared it. On top of that if you or the author of the post votes up the @poshtoken comment, the sharer will earn those Hive rewards after 7 days.
Okay, so now that that's done, let's talk about the idea I had in mind.
Basically, people want staking enabled on their POSH. I'm not a big fan of this idea, cause staking without any use-case is kind of unnecessary. There is one thing that could work similarly to staking that I've been thinking of, though, so here goes:
POSH PETS NFTs
I hire an artist to create cat and dog drawings, similar to the generative nft projects we've seen being created on Ethereum, the pets would have different skins (furs), different eye colors and other features generated at random at the time of minting.
"What does this have to do with POSH?" you might ask.
The word posh in itself stands for luxurious, fancy, stylish, etc. So what I was thinking was cats and dogs in different clothes/jewelry/etc.
"Okay these NFTs would be all cute and stuff but why would anyone buy them?"
Well, compared to the tens of thousands of generative NFT projects that have been created on ETH, this one would actually have a usecase. At first, I'd reimburse myself for the money spent on hiring the artist, as I want to hold @poshtoken fully community funded the same way the development work was funded but this time from people buying the NFT's instead of post rewards.
After that, we'd use the Hive spent for purchasing the NFT's to power it up on the @poshtoken account. This stake would not belong to anyone (and I'd be open to multisigning the key of course so you don't have to trust me with it), what it would do is vote POSH earners on posts they share on Twitter, depending on who has earned the most and holds the most of those earned POSH and holds a POSH PET NFT. The reason it would only vote on earners is to prevent someone just buying POSH to "buy" votes that way. This removes some of the buy demand of POSH tokens again and only benefits those who've been earning it, but I have another idea in mind for the latter.
The account would iniatiate a powerdown of earned curation rewards that week. Say if the account earns around 50 Hive in curation weekly, it would power down around the same amount. Those Hive would now 1. buy up Posh tokens and send part of them to POSH and NFT holders, this would make it similar to staking but you'd also need to hold a POSH PETS NFT to be eligible, meaning those who don't have the NFT won't receive POSH that's been bought up. Another part of the rewards could buy POSH and just send them to @null effectively lowering supply which already is quite low at a daily 500 per day of which a lot still goes to @null cause many are POSHing but haven't registered with @poshtoken to connect their Hive and Twitter accounts.
Since the amount powered up from NFT sales may not be that much early on, we could also incentivize people to delegate to @poshtoken and daily a lottery style NFT reward would be given out based on how much they've delegated for a higher chance to win a POSH PETS NFT. The rewards from the delegations would be used similarly as mentioned above, buy posh token for staking rewards to posh and nft holders, and/or buy posh tokens to burn. Of course on top of delegations we could also accept beneficiary rewards and it would all be used the same way.
Long term, the @poshtoken account would grow by selling NFTs and powering up that Hive, constantly only powering down weekly curation rewards. This would bring POSH constant buy pressure, NFT holders would constantly get POSH staking rewards and there'd also be a constant burn mechanism while the amount of users POSHing grows causing a supply shock as they're now earning less and less POSH on a daily basis competing versus more people to earn.
The NFT's would of course also be tradable, giving them a market of their own. The different features of the NFT's could be used to determine how much of the daily stake you earn. As an example if you have a POSH PETS NFT with a Hive logo hat, you'd earn 10x more POSH stake than those with regular NFT's, making them more valuable and causing more trades for those interested in getting one but haven't been lucky enough to mint it.
Okay, so there might be a lot to unpack there, it would probably be better if I had done an infographic but let me know what you think so far. This would be one of the first steps of giving POSH a better chance at growing which in the end would only cause more and more users to share links on Twitter to bring more traffic to our front-ends.
I'm not sure yet where we'd mint the NFT's, hive-engine or dlux and if everything is even possible from a dev standpoint (still waiting on the latter but would appreciate if devs reading this would voice their thoughts). Another idea could be to spend a lot more money on more pets, skins and "merch" to also sell these as NFT's on Eth but connect it to Hive in one way or another, but that goes over my head as well and can't really think of a good reason to pursue it now, maybe later on with new drops.
Anyway, looking forward to your thoughts on this! Hopefully one of many usecases to POSH.