Racetrack
Overview
The Racetrack NFTs offer players a membership with the opportunity to participate in the governance of their race tracks within the game along with access to rewards related to that specific Racetrack they are a member of. They can earn rewards based on the economic activity generated on their track, and vote on proposals affecting the gameplay, tournaments and design. This level of membership and management stimulates a more strategic and immersive gameplay experience.
Features and Benefits
As a Racetrack NFT holder, you'll be at the heart of the game's economic activity, enabling you to earn a portion of the rewards, have a say in decision-making processes, and leverage early and extended access benefits to improve your chances of winning tournaments and competitions.
Racetrack NFT holders enjoy the following (not-exhaustive) benefits:
Access
Priority access to future Celeros digital assets, allowing you to stay ahead of the competition.
Access to behind-the-scenes content on the development of the racetrack you are a member of, including interactive workshops.
Early access to exclusive Celeros experiences, giving you a knowledge advantage in the game's expanding ecosystem.
Allowlist access for future Racetrack NFT sales within the region you hold an existing Racetrack NFT.
Region Benefits
By holding multiple Racetrack NFT's in a region, you will receive a reward multiplier on your collected and staked Racetrack NFTs where you actively participate and contribute. Key advantages of owning and participating across multiple Racetrack NFTs in a specific area include:
Increased Rewards: By owning multiple Racetrack NFT's, holders can potentially receive a larger share of the rewards generated from the economic activities taking place within the region. This includes advertising, sponsorship, prize pools, and events held at the Celeros Racetracks.
Enhanced Influence: Holding multiple Racetrack NFTs can give holders a stronger voice and greater influence in the governance and decision-making processes related to the Celeros Racetracks and the region. This may include voting on proposals for track upgrades, events, or other developments that could impact the region's overall success.
Synergistic Benefits: Owning multiple Racetrack NFT's in a region can offer synergistic benefits, as the success of one Racetrack may positively affect the others in the area. This could lead to an increase in demand for events, racing teams, or sponsorships within the region, further boosting the value and rewards for the Racetrack NFT holders.
Diversification: By holding Racetrack NFTs in different tracks within a region, holders can diversify their exposure to the game's economy. This can help mitigate risks associated with potential fluctuations in performance driven by community interest of a single track.
Rewards
Share in rewards generated from race track-specific economic activities including; advertising, sponsorships, tournament prize pools, and events.
Rewards generated from economic activity on your race track will be distributed in the form of a fungible token. The details of this will be published in the Celeros tokenomics whitepaper currently under development with our partner, Arcanum Ventures.
Governance
Holders are able to vote on proposals contributing to the direction and development of your racetrack, making a direct impact on its success and growth.
Earned rewards enable you to participate in the allocation of resources of the Saltwater Games Impact Investment Treasury helping to shape the game's broader community initiatives. (See upcoming tokenomics whitepaper for more detail)
In-Game Utility
Get early access and experience the Racetrack you are a member of before the public in-game releases.
Connection to Story
Owning Racetrack NFTs is a key element of your manager role journey to successful Team Principal (Pit Pass Holder) in the Celeros game, where you'll be immersed in the strategic aspects of racing events. While racing is central to the experience, Celeros sets itself apart from other racing games by incorporating a broader economy that supports successful racing events. Effective managers can accumulate items and economic tools to boost their own and their team's chances of success.
In each region, a governance function oversees the coordination of environment designs and events, allowing Racetrack NFT holders to have their voices heard in crucial decisions. As economic activity in each region becomes competitive, tracks and regions in high demand will attract more activity and transactions, resulting in increased rewards for participants.
Each region consists of a set of tracks that serve as the core economic drivers for the area. Every track has a fixed supply of membership Racetrack NFTs, contributing to the overall fixed supply of a region's access/membership fractionalisation.
Region Example
An example of this can be seen in the table below which assumes 5 core tracks in a region with 5 further UGC.
Region | Region’s Total NFT Membership Fractions | No. of Core Tracks | Distribution of Membership Access (per Track) | Fully Diluted Distribution |
Example | 27,775 | 5 |
|
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Rewards Worked Example
Imagine there are 100,000 reward tokens to be shared among the community (25,000) of the Example region's core tracks.
Each NFT will get 4 tokens (100,000 tokens divided by 25,000 shares).
Now, let's say you, as a gamer, own Racetrack membership fractions in the Example region core tracks and have earned multipliers based on your participation:
Track 1: 5 fractions (full multiplier = 1)
Track 2: 2 fractions (full multiplier = 1)
Track 3: 5 fractions (no multiplier = 0)
Track 4: 3 fractions (full multiplier = 1)
Track 5: 10 fractions (half multiplier = 0.5)
Here's how many tokens you get for each track:
Track 1: 5 fractions x 4 tokens x 1 = 20 tokens
Track 2: 2 fractions x 4 tokens x 1 = 8 tokens
Track 3: 5 fractions x 4 tokens x 0 = 0 tokens
Track 4: 3 fractions x 4 tokens x 1 = 12 tokens
Track 5: 10 fractions x 4 tokens x 0.5 = 20 tokens
Add them all up: 20 + 8 + 0 + 12 + 20 = 60 tokens.
You'll receive 60 of the possible 100 reward tokens from your Racetrack NFTs and participation.
Track Set Bonus
You also have a set of all five Racetrack NFT's staked twice, so you will get extra rewards from the unclaimed rewards for lack of participation. Let's say there are 10,000 unclaimed rewards and 1,000 gamers with complete collections.
Each complete collection gets 10 rewards (10,000 rewards divided by 1,000 collections). You have two collections, so you get 20 extra tokens.
Your total rewards are 80 tokens: 60 from your fractions and participation, plus 20 bonus rewards for owning and staking two complete collections.
This encourages gamers to collect all Racetrack NFT's in a region and actively participate in the ecosystem.
Release Schedule
As Saltwater Games (SWG) builds new tracks it will release new Racetrack NFT's in each region up to the pre-determined cap based on the dynamic growth of the community and interest as derived from the overarching governance of Celeros.
Governance
Racetrack NFTs Ownership Structure: A Cooperative Approach
The ownership structure of Racetrack NFTs in the Celeros gaming ecosystem can be likened to that of a Cooperative, where members join together to jointly own, manage, and benefit from the collective entity. By adopting a cooperative-like structure, Racetrack NFTs provide a way for users to participate in the governance and decision-making processes of the game, while also sharing in the rewards generated by the racetracks.
In a real-world Cooperative, members hold membership fractions, which grant them rights to participate in the governance of the organisation, make decisions, and share in any profits generated. Similarly, Racetrack NFT holders possess membership fractions to the racetracks, allowing them to take part in the governance and growth of the tracks, as well as to earn rewards from the economic activity taking place within the game.
By following the legal framework and precedents set by existing real-world cooperatives, the Racetrack NFTs ownership structure aligns to reduce the risk of these NFTs being deemed as securities. In many jurisdictions, cooperative membership interests are exempt from securities regulations because they are designed to facilitate the democratic governance and operation of the organisation rather than purely for investment purposes. This approach helps to maintain the focus on active participation and engagement of the Racetrack NFT holders within the Celeros gaming ecosystem while enabling holders to be rewarded.
Proof of Contribution and Participation for Racetrack NFT Holders
To ensure that Racetrack NFT holders meet the cooperative-style ownership requirements and actively contribute to the Celeros ecosystem, a Proof of Contribution and Participation (PoCP) system is implemented. This system tracks and rewards users' involvement in various aspects of the game, such as staking, voting on governance proposals, and completing quests. By adhering to the PoCP requirements, NFT holders can maintain their cooperative membership status and continue to enjoy the associated benefits.
Key aspects of the Proof of Contribution and Participation (PoCP) system include:
Staking: Racetrack NFT holders are required to stake their NFTs, which demonstrates their commitment to the ecosystem and helps secure the underlying network. Staking also allows users to earn rewards based on their contribution to the platform.
Voting on governance proposals: As part of their cooperative-style ownership responsibilities, Racetrack NFT holders are expected to participate in the decision-making process by voting on various governance proposals. This active involvement ensures that the racetracks and the broader Celeros ecosystem evolve in a democratic and community-driven manner.
Quests program: The quests program is designed to incentivise and track Racetrack NFT holders' participation in various activities within the Celeros ecosystem. By completing quests and playing a key role in the community, users demonstrate their active engagement and contribute value to the platform, which is rewarded accordingly.
Contributing to Ecosystem Awareness: As a Racetrack NFT holder, your role in promoting ecosystem awareness and adoption of Celeros is indispensable. By sharing your experiences, insights, and excitement about the platform and the benefits of your Racetrack NFT ownership, you generate interest and attract new users to the ecosystem.
Proactively referring new members to explore the benefits of Racetrack NFTs, Paddock Club, and Pit Pass Holder groups not only amplifies the visibility and growth of the Celeros game ecosystem but also fosters a more diverse and dynamic community. By championing your passion for the platform and the Racetrack NFT, you contribute to the long-term success and sustainability of Celeros.
The PoCP system is essential in maintaining the cooperative-style ownership structure for Racetrack NFTs, as it ensures that holders are actively participating and contributing to the Celeros ecosystem. By fulfilling the PoCP requirements, users can uphold their cooperative membership status, enjoy the benefits of Racetrack NFT ownership, and contribute to the growth and success of the Celeros gaming platform.
Technical Standard
Built on the ERC-1155 smart contract architecture, Racetrack NFTs offer a unique opportunity for ownership, governance, and rewards within the Celeros gaming ecosystem. These NFTs not only represent ownership of virtual racetrack properties but also enable active participation in the game's governance and the potential to earn rewards.
The ERC-1155 smart contract architecture provides the foundation for Racetrack NFTs, allowing users to efficiently collect, manage, and stake all the tracks in a region to enhance their benefits. By assembling a complete set of racetrack properties within a region, users unlock additional features, benefits, and increased rewards, creating a more immersive and engaging gaming experience.
The smart contract design options have been selected to reduce technical risk and repeatability to allow scaling to multiple tracks per region and multiple regions in the future:
One ERC-1155 contract per region with on-chain 2-phase allowlist support
The contract will implement a lower risk but less flexible on-chain allowlist mechanism (Merkle root based)
The contract will implement 3 mint functions that map to the guaranteed allowlist, waitlist and public mint windows
The contract will include a stored state that will define the time windows for each mint type above, the price of the mint and the number of NFTs permitted to be minted during each window
The meta-data will be updated when we move onto the second racetrack (ie. token id 2 in the contract) with its own set of constraints for that mint
We will deploy using a factory contract pattern that will allow us to share the contract logic for the next region with some updates to the contract meta-data. This will provide economies of scale for deploying across regions with reduced gas fees as we develop further race tracks
This design significantly reduces the coordination between database lookups on our mint page and signing transactions.
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