What is Riite?
Riite is a blockchain-powered platform for video and image contests.
Each contest starts with a fun prompt, sometimes supplied by an influencer, that can be anything: animal sound remixes, dance challenges, WSB memes, Pepes, pickup lines, exercise videos, accent imitations…use your imagination.
It takes 25 entries to fill the contest’s “gallery” on a first-come-first-served basis. Users vote on gallery entries over the next 24 hours, and can “like” (right-swipe) at most 3 entries. At the end of those 24 hours, we tally votes and announce the winning entry.
We then mint a NFT of the winning entry and provide ownership tokens representing fractional ownership to
(i) the winning contributor (60%),
(ii) anyone who voted for the winning entry (10%), and
(iii) the losing contributors (10%).
Users can trade these amongst each other or keep them for bragging rights (yes, soon you might trade parts of Vinny G’s fist pump video instead of GME call options). Once the NFT of the winning entry sells, at the discretion of the winning contributor, the proceeds get distributed proportionally to all ownership tokenholders.