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.
🤔 NFTs, I was looking forward to POSH use case being used as a currency for promoting post on peakd. I feel this will make posh more valuable and give people more reasons to want to buy more posh and want to earn more posh by promoting their post on Twitter and Reddit. But for NFTs, I don’t really know well that will work out. Because I love the Hive’s NFTShowroom
That is also a usecase I'd want to pursue later, @jarvie has mentioned he wants @peakd to give all communities their own way to promote posts within the communities. Meaning they can choose themselves what token or cost they'd accept to promote posts within other posts on their trending/hot pages. So I think maybe it's better to wait for that before checking if they'd be open to using POSH for promotion and maybe giving it a discount.
It's technically possible now but isn't heavily promoted and the feature needs to be given a second and 3rd edition to really iron out the full functionality of it. So we're just waiting and doing a few other things first.
I love the concept, but I'm not keen on dressing up our dog. It'd probably freak him out anyway.
lol
My first thought was, "Hell yeah!" but since my brain is still trying to wrap around the whole NFT thing, I figured I'd wait to respond until I'd had a chance to mull it over a bit.
It's now been well over four hours (lawls), and after rereading this a few times, my first thought still stands. I love the play on PoSH being... well, posh and adding cute critters to the mix will really ramp up the fun.
However I'm a bit worried, given how badge obsessed I am (thank you, @hivebuzz!). I can totally see this in my future...
I would have liked to see that infographic you mentioned, maybe it will be later when they present the project. I am interested in what you can get an NFT by delegating HP, I think that other methods should also be considered, for example you can exchange your tokens earned by uploading links to Twitter for an NFT, so there would be more traffic of articles on Twitter. Depending on the amount you have you can exchange for a NFT that can give you much reward as for one that not so much, and that will decide your effort.
Yeah, basically say if 2 people are delegating to @poshtoken, one with 10k hp, the other with 40k hp, the first one will have a 20% chance to win an NFT daily, the other a 80% chance. They can then either sell the NFT or hold it to earn POSH tokens (staking). Maybe more things in the future but feels like there's already a lot of ideas yet to be figured out how to make a reality or if it's even possible.
I will be keeping an eye on the progress of the project, I hope to be in possession of some PoshPets, so far the token has not disappointed anyone so all will surely be well
I don't think you bring value here... who can I complain to to get you to leave?
isn't that censorship?
semantics
ait go have a meltdown somewhere else now
Goodbye and good luck with your insanity to bring control over the HIVE...
Glad we're NOT together on this... regards.
Only thing I can say is:
I was going to say this as the long description might be overwhelming to those of us that have really been into NFTs.
Nevertheless, I think you have simplified it enough even for newbies to understand, provided they will take their time to read in between the lines. I have always wondered what makes people to own a piece of digital art, sometimes costing huge amounts, but it seems your post has thrown light into it. People will hold anything as long as there are incentives to it. I will say bring it on.
I have read this twice now. Honestly, to me it sounds awfully convoluted and confirms my general opposition to anything that makes Hive more complicated, including all add'l tokens, Steem Engine, etc.. But don't take my word for it; I'm just an old fart. Just thought you should hear something other than the many cheerleader comments you must be getting all the time. Good luck with the project anyway; the pet pics are cute for sure :-)
For the end user it wouldn't be anything other than being able to buy/mint nft's on say hiveposh.com and knowing they'll be earning extra POSH for holding the NFT and POSH tokens on hive-engine.
Same as for hiveposh.com itself, you just gotta register once and share posts on Twitter with a #hive tag to earn. It was meant to be as easy as possible so I want to keep it that way.
The post is more about the idea and what it would do on the backend, it is quite a process I agree and it will be even more difficult to actually code it and get it running. That part goes over even my head.
So you care about user experience?
if they attempt to bring value to hive yes I make sure they're treated as well as it's in my power to.
You're a danger to yourself and others with your wild interpretations of what "Value" Is....
Look it up... It's not a hard Disability to find... and if you fix it, you'll be better.
there's no real loss if people who don't bring anything to hive stop using it, we're bringing in content creators daily that take up their spot easily and they do at least try to use hive as well as they can. You're the cancer attempting to let worthless "influencers" get a big pie of the reward pool for nothing in return.
You are messed up chuck... And I will be meeting you.
I'm using hiveposh myself and it works great. It's logical, too, how the acct's are linked up. I just wish ALL rewards, no matter where they originate, would only be paid in staked Hive. Even HBD as a second coin is too much for my taste.
At least I have an incling there might be very valid reasons for many of these things, so I don't even presume my remarks hold any water. I did that once, bitching and complaining loudly about the abolition of the buy votes, and I WAS WRONG. Since then, I have taken the stance that what counts is the end result.
Fact is, the entire Hive ecosystem is great, and there must be good reasons for this, which I don't fully understand (yet). So by all means, don't be discouraged in pursuing this new idea. That's not what my comment was meant for.
Also this is the second comment I'm getting today about people sucking up to me. I don't really appreciate it as I don't play by those rules. I do vote up a lot of comments that are posted on my posts as a thanks for their time and acknowledging I read them, but that doesn't mean I just vote up positive ones or only comments on my own posts. Nor does it mean I'd go out of my way to go and vote on the same people over and over just cause they keep appearing on my posts to fake activity or anything. If there are new users I haven't seen before I do make the effort to check out if they've been curated but I try to not establish a connection where if they appear again it means they'd get another post voted.
Just trying to say I've built my account here as genuinely as I could, never asked for followers, autovotes or actively vote-traded and at the same time I'm a pretty good judge of character to notice if some people are doing things for the wrong reasons or to "suck up". So it gets a bit annoying if people think others are just commenting for that and ignore the time and effort I've put in not just to be consistent with my Hive activity but to also connect with as many as possible in more ways than just curating them.
Good Lord no! I'm not insinuating ANY impropriety on your part! No need to get huffy-puffy. I simply stated the obvious. You're a leader in this outfit, and people suck up to leaders. I understand this might be difficult for you to filter through that, and I don't envy you.
Yeah no worries, got another comment on twitter regarding it so felt like I needed to make that clear. Not saying my influence on Hive and votes don't affect rewards I may receive on posts and attention, but I really try and not use it for my benefit in posting.
I think it's a start, a lot of work is needed to create use cases for all sorts of Hive Engine tokens and games, collectibles and art are prime candidates to make it happen.
My opinion is not one from the technical standpoint. I started on Hive for the fun of it as a user. Sooo, anything that adds some additional fun to the everyday ins and outs of it all is a plus to me. If your looking for an opinion that is from a user, then mine is this sounds cool and fun! It would keep me interested in cultivating the Posh culture and add incentive. PLUS I love pets.. very cute idea in my opinion. Looking forward to seeing this idea become a reality. I hope it does. I want one of those NFTs already 🤗😁🤗🐶
I think it would be fun (opinion as a user). There are so many pet owners on Hive as well as on Twitter. I think it would be a great tool to connect the user on Hive to posh and to/from Twitter.
Will you name one of the posh pets after my cat? XD
You’re on to something with this idea.
I highly recommend @ baptisttadg to do the artwork. Their specialty seems to be animals.
Or did you already have another artist in mind?
Thanks for the suggestion! I found one on uber but haven't decided yet.
lol fiverr* XD
Considering how the NFT scene is screaming for NFTs with utility/passive income possibilities a project like this could bring value to Hive itself and not only be a way to make $POSH usable. I’m positive.
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The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
GARBAGE Content IMHO... I wish criminals wouldn't be allowed to play with Crypto : /
I think posh token and NFT goes like Coffee with milk . Posh token and NFT will support each other ecosystem as people like to see the shared contents on twitter about NFT .
Amazing pets
Las fotos están súper hermosas.
Greetings, congratulations for your achievements, sorry to interrupt you in this post, but I have not found another way, I would like to know where I can receive technical assistance in reward.app.
What issue are you having with it?
thank you, we have already communicated by discord