Ronin is incentivizing NFT trading with $100,000 prize pool

Looking to boost its onchain trading volume in conjunction with becoming permissionless, Ronin has kicked off a $100,000 NFT trading competition.

Users trading NFTs including Pixels‘ pets, Fableborne‘s Primal HeroZ, Wild Forest‘s WF Lords, among other collections on the Ronin Market, will be eligible for a share of the prize pool. Totalling $100,000 worth of RON, the pool features $70,000 in leaderboard prizes, as well as Top 10 partner prizes including KDR (Kaidro) and WF (Wild Forest) tokens.

Traders will earn points based on the trading volume they generate, but also by boosting their activities through action and collection boosts. For instance, buying an NFT offers a 1.1x boost, while selling gives a 0.9x boost. Buying NFTs from a selection of collections also comes with a 1.25x boost.

In addition, there’s a 1.5x boost for collection offers, where buyers put an offer to buy any NFT from a collection, rather than bidding for a specific NFT. When such an offer is placed, all holders of an NFT in that collection will be able to accept the offer.

Running for a month, Ronin’s NFT trading competition ends on March 10th. Anyone with a Ronin wallet can participate.

As Ronin is ready to become a permissionless network on Wednesday 12th February, the event is a way of driving activity and generate interest as it’s looking to welcome a wave of games, general DeFi projects and other crypto applications.