What are Bounties?
Bounties are a way for brands and businesses to find and connect with the people that care about their products and a way for creators to earn money for their content.
What platforms can I create bounties for?
Right now bounties are only enabled for Lens. Other platforms will be added in the future.
Creators can apply to bounties by submitting a post that meets the requirements of the bounty. This includes the text of the post along with any images they want to use and an authorization signature to post on Lens. Once the post is submitted, the brand can approve or reject the post. If the post is approved, the creator will receive the funds from the bounty.
Multiple creators can submit bids on a bounty and mlitiple creators can win. Payouts are immediate and distributed in the token chosen by the sponsor.
Step by Step
- Find a bounty you like
- Create a bid with a Lens post body and optional image
- Set your bid amount
- If there are additional actions such as follow/mirror/collect select the ones you want
- Create an authorization signature in your wallet for each of the Lens actions
- If your bid is selected the sponsor will submit your signatures and your post will be created on Lens and you will receive payment instantly
When you submit a bid your current Lens account nonce is used in the signatures you submit for that bid. If you later submit another bid before the first has been accepted then both bids will have the same nonces and only one will be able to be accepted.
If you sign an action on your Lens account for something completely different, such as a paid collect on Lenster, this will also increment your nonce and invalidate your bid signatures.
We are currently working on a solution to this problem. In the meantime, if you are submitting multiple bids, please make sure you are not signing any other actions on your Lens account.
A brand posts a description of the message they want to share with web3 social users along with images to provide inspiration and a budget they expect to spend. These funds are escrowed in a smart contract and released to the creator once the brand approves the content.
A MadFi protocol fee is applied automatically when the bounty is created. This fee is included in the escrowed funds. Every time a creator is paid the fee for the amount is paid to the protocol.
When a bounty is closed all unused funds including fee amounts are returned to the sponsor.
Bounty Escrow Contract: 0x741eFf3e4FD6bf088C55F88A14c7f32d43418e37