Often, NFT collections have no inherent expected value. Users speculate on the ability of a founding team to execute a roadmap that will provide value to their jpegs. These NFT collections are backed by nothing.
Every SquareUp contest, however, is backed by 100% of the entry fees. All primary mint revenue will fund that contest's prize pool.
Each NFT in a given SquareUp contest has the same expected value until teams are randomly assigned. After teams are randomly assigned, the sum of all NFTs’ expected values still equals 100%.
The SquareUp contest model allows people to speculate on the possibility of a high payout with a low cost of entry. The use of NFT technology allows users to capture some value of a scorecard without holding it to the end of the contest, providing an extra level of engagement rather than relying upon pure random chance.
SquareUp is the first protocol to utilize NFTs as contest assets linked to real-world outcomes. Users will truly own their contest assets and proof-of-ownership will be linked to prize payouts.
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