Meet: Staking

Published on
October 27, 2022

In our last post we talked about features and experiences that will be available via the RisingStar platform, including concerts, challenges and the NFT marketplace. Going deeper, this time we’re announcing a new feature that will help you envision how all of these will work together.

RisingStar concerts will be interactive where you can influence the direction of RS experiences through voting. Every experience will operate as its own miniDAO, where users can vote on different minievents. Challenges will operate the same way - miniDAOs allowing users to pool resources for challenges.

Introducing STAR staking

The mechanism for the above will be done through staking, using the Next Earth Staking Protocol. Holders will be able to generate rewards for those that stake thei‍r STAR tokens. STAR staking will operate in the same way as NXTT staking on the NE Staking Protocol with the same bonuses. However, staking STAR will also bring other utility for staked STAR on the RisingStar platform. Staked STAR will determine your voting power in the miniDAOs be it experiences or challenges. Every experience and challenge will have its own pool and the more you stake, not only your rewards will go up (funded directly through platform operations, experience and challenge revenue) but also your voting power against other participants.

We will introduce STAR staking following NE Staking Protocol best practices. In the following weeks, we’ll start the whitelisting process, followed by STAR staking features before the end of the year. Whitelisting for STAR staking will be limited, only to reward early adopters who commit to locking their tokens while the platform development is ongoing. Apart from staking rewards, we will give early stakers (and whitelisting users) extra voting power in the first RisingStar experiences.

To learn more about Next Earth's staking protocol, read this article:
https://blog.nextearth.io/introducing-the-next-earth-staking-protocol-47a2767d2f1f

While platform development is ongoing, we are currently repurposing and converting our existing content to be usable on the platform, including our library of 500+ pieces of VR/AR content we recorded over the previous years.