I recently started managing my first bounty campaign, however, its been a few days and we have yet to see any traction.
The project I'm managing the campaign for is currently in their early startup stages, however, they are running on the VeChainThor Blockchain, they are closely related and in collaboration with an existing prominent project, and are set to release their MVP before the public sale is even set to end.
All these are clear indications, at least to myself, that the project is legitimate and seems to have potential to be a great success. So I would have expected to see more traction by now, but I haven't.
So my question to you all, what do you look for in a bounty campaign?
Do you value a project with a better product, or a project that is giving away higher rewards?
Are there any requirements that steer you away from participating in a campaign?
Any insight and feedback would be extremely helpful so that I can adjust my campaign if needed in order to maximize the results.
Thanks!
This is exceptional of you directly reaching out to the bounty hunters themselves. Let me give you my two cents.
In general, bounty hunters are looking for a couple of things. One is legitimacy/reliability of the project. The second is high reward. But the two should go together. If one is missing, that is enough good reason for them to steer away from promoting your project.
I am speaking of myself and perhaps the majority of bounty hunters of this forum. We do a little background checking of the project we are promoting. We may do a quick glance over your whitepaper, social media accounts, ANN thread, website, and review sites. If the result is positive, we are going to take a look at the rewards. If it is too small and there are already many participants, I might proceed to check another project. But if it is good enough, I will be glad to work for it. But if the project is offering millions and millions in tokens but everything looks shady, like their project team is a bit off, that's scrap for me.
And please, look for a good and responsive manager. People here do not like managers or admins with bad temper.
Thanks for the comments. A few of mine if you don't mind:
I've heard many people state that a large number of participants steer potential bounty hunters away. Is that because most bounties are staked-based and the more participants, the less the reward?
Also, what would you say high rewards are technically when it comes to the different types of bounties?
Lastly, if you have time, would you be able to review my bounty thread and provide feedback based on your own initial thoughts? I really want to help the project I'm managing grow and increase its exposure, so any feedback would be greatly appreciated!
Bounty Thread LinkI took a quick tour in your bounty thread. Here's what I found:
1. "PlanChain has allocated 1,500,000 PLAN tokens (~$30,000 USD)" This ~$30,000 USD may be good enough in terms of little tasks such as retweet, etc. but I am almost certain that by the time PLAN will hit the market, this amount will probably be around 5,000 USD.
2. ~$30,000 USD for 6 different campaigns and in a couple of months might actually be too low.
3. "All participants must complete the KYC Registration process on the PlanChain website to receive any reward." If you can, remove this. This is a complete BS to the majority of the bounty hunters here. Imagine a participant of yours having this: "Reward: 100 PLAN (~$2.00)" undergoing all this intrusive KYC process.
4. Your reward system is not stake-based, right? But you have pegged your total reward at 1,500,000 PLAN tokens? And since you have no limit as to the number of participants, how could you be sure that there is enough for everyone in this 1,500,000 PLAN tokens allocation?
Good luck!
1. That is a very fair assumption based on the history of bounty campaigns and the dumps that come with it. However, the total tokens allocated to this campaign are very minimal compared to the total supply, so theoretically, there should be less of a dump when they hit the market. In addition, since they are so closely related to Safe Haven, once they get ramped up, the price is only to increase with it. But then again, this is just me talking as a full supporter of the team and what they are attempting to achieve!
2. If we see a huge amount of participation, this allocation amount can always increase if needed. I don't foresee any projects having a hard cap of the total tokens they allocate to a campaign.
3. I really wish I could remove this, however, it is a requirement in order to run a safe TGE and bounty campaign. Also, if you participate in the bounty campaign, our bounties are all simple tasks that should take no more than 5 minutes total and where you could accumulate at least $10 in PLAN tokens. But again, going through the KYC process is a pain, especially if you have to do it for the majority of campaigns.
4. Yeah we are doing fixed rewards. Like I mentioned in #2, we can always increase the token allocation or just close the bounty when we hit this amount. If we hit this amount, I would be more than happy in general so lets hope I run into this scenario!
But overall, thank you for providing your thoughts on my campaign! I hope my feedback makes sense and answers your questions on why some of it is setup as it is. I think the biggest thing that PlanChain has going for them right now is their credibility and close relationship with Safe Haven, which is already a well-established project on the VeChainThor blockchain.