The Data NFT space is filled with numerous utilities and use cases, yet key questions remain unanswered. Skilled individuals have the opportunity to leverage their expertise by minting skills, information, tools, and data as Data NFTs.
However, the challenge persists: What should one mint? What will be in demand? How can value be brought to both the community and oneself?
On the other hand, the community may be interested in specific datasets but lacks the expertise to complete the task. Nevertheless, they possess transformative ideas that can be realized and brought into the world thanks to Itheum’s Data NFTs.
Enter our concept of Data Bounties — a collaborative framework bridging Data Creator expertise with community needs and ideas. Data Bounties is the latest feature built into the existing Data NFT-powered BiTz XP system.
Let’s Dive into Data Bounties
What are Data Bounties?
Data Bounties represent an innovative approach to incentivizing community members and Data Creators to collaborate, produce, and launch data, information, skills, and tools as new Data NFTs.
The concept of Data Bounties emerged with a clear objective: empowering individuals with valuable ideas but lacking the necessary skills to independently create and share value. By harnessing the power of Data NFTs, these individuals can transform their ideas into tangible assets that resonate within the community.
At the same time, Data Bounties encourages skilled Data Creators to participate by offering their expertise to fulfil existing bounties. This collaborative framework not only bridges the gap between idea and execution but also fosters a dynamic ecosystem where knowledge and innovation flourish.
In essence, Data Bounties catalyze collaboration, enabling the transformation of ideas into actionable solutions while promoting the exchange of data, knowledge, information, and expertise as Data NFTs within the ecosystem.
To embark on this journey, simply navigate to https://explorer.itheum.io/getbitz and explore the listed bounties or propose your own by filling out a form.
But here’s the twist: Fellow community members can “Give BiTz” XP to power up any Data Bounty, showing their endorsement and solidarity to the vision of bringing a Data Bounty to life!
Unlocking a New Utility for BiTz XP: Redefining Data Bounty Metrics
The community plays a pivotal role in decision-making, contributing to the creation of valuable and innovative projects. As we translate these ideas into Data Bounties, one key challenge arises: How can creators measure demand for the data to be minted as a Data NFT? How can they ensure there’s genuine interest from collectors and community members?
Enter the new utility for BiTz XP Points: A realm of real metrics showcasing demand for specific Data Sets to be minted as Data NFTs. Community members can power up Data Bounty ideas with their BiTz XP Points.
When they see a good idea that aligns with their interests, they can seamlessly (with 2 clicks!) power up the Data Bounty with BiTz XP points, providing creators with valuable insights into potential “demand for their data, knowledge, or expertise.”
Each Data Bounty has its own “Leaderboard” of community members who have powered it up, this “Gamifies” the act of powering up” the best ideas as well to ensure maximum engagement is achieved and the best Data Bounties are raised to the top.
Data Bounties with the broadest community member leaderboard and high BiTz backing signal strong interest and serve as a reliable measurement system to gauge the value of specific information.
BiTz — is more than just an XP system, it’s a catalyst for informed decision-making and community-driven innovation.
Bringing Ideas to Life: Exploring the User Personas in BiTz Powered Data Bounties
Participation in Data Bounties is open to all. Let’s explore three user personas:
1. Data Bounty Submitter: Anyone with an idea can join, create a Data Bounty, and await community support to power it up. Skilled individuals transform these ideas into reality using Data NFTs.
2. Data Bounty Contributors: Individuals interested in supporting ideas can contribute BiTz points to highlight their “attractiveness” or “demand”. Simply collect BiTz points and use them to power up any Data Bounty of interest.
3. Skilled Individuals: Those possessing the necessary skills can participate by expressing interest in completing a Data Bounty. They review the bounty’s perks, estimate deadlines, and then proceed with the task, and at the end, they mint it as Data NFT.
The integration of Data NFTs and Data Bounties powered by the BiTz system represents a new approach to bridging the gap between idea providers and skilled individuals capable of bringing ideas to life.
Have an idea you’d like to bring to life?
Look no further! Submit your creative concept using our simple form, and it could become a Data Bounty waiting to be completed by a skilled individual in the domain.
Access the form via the link provided above or directly on our Data Bounties page.
On the Data Bounty page, you can explore existing ideas that have been transformed into Data Bounties. If you possess the skills required to complete a bounty, you can consider taking it on by expressing your interest.
Alternatively, if you share a similar interest in a specific bounty, you can power it up with your BiTz points, receiving potential perks as Data NFTs, when a skilled individual completes the Data Bounty.
Check out the available bounties and get involved today!
Powering Up Bounties with BiTz
Powering up a Data Bounty with BiTz is straightforward. Simply identify the bounties that align with your ideas and allocate BiTz points to boost them. It’s your choice, as you own these BiTz points. However, please note that once you use BiTz to power up a Data Bounty, these points cannot be refunded. To earn more BiTz, you can continue burning memes or engage in other activities.
When you power up a Data Bounty, the BiTz balance will decrease by the amount you contribute. Importantly, this contribution won’t impact your overall or monthly GetBiTz Leaderboard standings, ensuring competitiveness remains high while stimulating demand for Data NFTs resulting from popular Data Bounties.
Please read the terms of use here
Launch Window Perks:
To incentivize skilled individuals (Data Creators) to complete Data Bounties, we offer a launch window perk: An additional USD 100$ value incentive for the first 5 individuals who complete Data Bounties. Please note that this incentive will be provided in ITHEUM tokens, and certain criteria must be met to qualify for this extra prize.
To be eligible, participants must meet all specified perks, be “verified,” renew their Liveliness Score after one month, avoid penalties for one month, update the Data NFT data a minimum of 5 times per month, and donate at least 5% to be airdropped to the community.
It’s important to understand that this incentive is an extra reward. Skilled individuals who mint Data NFTs resulting from Data Bounties can create additional copies and benefit from Data NFT trades.
Furthermore, Data NFT creators who engage in Data Bounties will receive BiTz and be showcased in a special leaderboard, enhancing their reputation within the #Ith4umLife community. This increases trust and adds a new layer of credibility between community members and the creator.
Here is an example of Data Bounty Fulfillment Perks to incentivize the BiTz usage on Data Bounties:
- The Creator of the bounty will receive 5 copies of the album.
- The top 5 contributors on the GiveBiTz leaderboard for this bounty will each receive 3 copies.
- Contributors ranked 6th to 20th will receive 2 copies each.
- Contributors ranked 21st to 50th will receive 1 copy each.
- Additionally, 5 lucky winners from the top 51 to 100 contributors will each receive 1 copy.
- 50 copies will be donated to the BiTz Monthly Leaderboard.
Dive into the realm of Data Bounties powered by BiTz Points and unleash the power of collective intelligence.
Together, we will redefine the boundaries of data exploration and pave the way for a brighter, more enlightened future.
Join us today and be part of something extraordinary- It’s your time to power up the bounties!
About the Itheum Protocol
Itheum protocol is reshaping the landscape of data ownership in the Web3 and Metaverse ecosystems. Our “decentralized data brokerage” technology champions privacy, adheres to regulations and is prepped for multi-chain integration. Deeply anchored in both enterprise and consumer sectors, Itheum stands as a definitive choice in blockchain data and identity infrastructure. Our platform offers an array of specialized tools and services.
These include:
The Data DEX: At the heart of the Itheum ecosystem, the Data DEX serves as the central hub for personal data ownership. It’s designed to be multi-chain compliant, ensuring broad adoption. This ecosystem encompasses tools for Data NFT minting, wallet management, and a Data NFT marketplace.
Data NFT Marketplace: The nexus of data exchange. A platform where creators and projects worldwide can connect with a myriad of consumers, thereby monetizing their invaluable datasets in a transparent and secure environment.
Data NFTs: Dive into the world of NFTs that are backed by scarce real-world data that boosts the value and utility of the NFT.
Data Coalition DAOs: Governance made accessible. Facilitating bulk data trade, always with your express consent.
NFMe ID Technology: A Metaverse representation of you, but not just any representation. An NFT-backed avatar, powered by your data.
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