Analyst NFT (vNFT)
Last updated
Last updated
Analyst NFT(vNFT) is an ERC721 standard token and is needed to perform verifications. All vNFT transfers and transactions must take place on the FORE Protocol Marketplace.
Each vNFT has Power represented as locked FORE tokens. The higher the Power value, the more of the market the user can verify - directly affects the level of rewards that can be earned by an Analyst (Validator).
There are two ways to obtain a vNFT:
Mint (Primary Market) - At the time of mint, the power is equal to the number of tokens paid. The price of a mint is set in Protocol Config.
Secondary Market - Purchase a vNFT that was already minted and listed on FORE Protocol's NFT Marketplace
VALIDATION PROCESS
In order for a user to verify the outcome of a market, the user must hold or mint an Analyst NFT. To validate a market, the Analyst will ‘vote’ their NFT on an outcome, at which point the NFT is sent to the market contract address and the NFT will be locked until the reward phase. The total power required for market verification is determined by the total market size (sideA + sideB predicted).
REWARDS AND POWER
Rewards are provided for correct verification of markets. The reward is provided as additional power. Additional power cannot be bought, it can only be earned. Additional power can be withdrawn in the form of FORE tokens (which will reduce the power). The user cannot pay for the original power (power at mint). Analysts are rewarded in proportion to the power provided within their respective NFTs. Penalties for inaccurate validations also exist asymmetrically to guide user behavior. If the analyst makes an incorrect verification, the value of their NFT is reduced by 50%. A second incorrect verification will result in a subsequent 50% reduction. A third incorrect validation will result in the NFT being burned. All the accumulated FORE is released and divided between the dispute creator and high guard as a negative incentive for faulty validation is created as a result of inaccurate validation.