On July 22nd, Narrative Network announced the release of its NRVE reward redemption feature for users who have earned Reward Points on its platform.
Narrative is a US-based company which brands itself as the world’s public journal, a “self-sustaining content society where members are in charge and get paid, and the world’s best content, on every subject imaginable, is easy to find.” The project aims to disrupt the traditional business model for social media networks by sharing 85% of monthly revenue with users who “take part in creating and maintaining a reputable environment” using NRVE, its ecosystem currency. This includes users who engage with content, content creators, niche owners, moderators, and members who participate in governance.
Narrative was recently nominated alongside TranslateMe, both NEO-based projects, to participate in Hacker Noon’s First Annual Noonies Awards in the “Most Exciting Startup” category. Narrative was also included in the “Social Network of the Year” category. The Noonies are intended to be democratic in nature and rely on community member votes to choose the winners. The voting period ends August 16th and winners will be announced on August 20th.
Redeeming Reward Points for NRVE
Narrative records user rewards on its platform as Reward Points which are redeemable 1:1 for NRVE. To improve security for users, the Narrative team has developed a Narrative rewards redemption process requiring users to connect a NEO address to which they control the private keys with their Narrative account.
Below is a brief overview of the Narrative Rewards redemption process.
Step 1: Generate a NEO address
In order to begin the redemption process, users must already own a NEO address they generated off platform and control its private keys. Those already familiar with using applications integrated with the NEO blockchain likely already own a NEO address and its corresponding private key.
For those who are not familiar with generating and securing a NEO address, Narrative has put together a guide for generating an address using Neon Wallet. Alternatively, NEO has published a list of alternative NEO wallet options.
Step 2: Adding NEO address to Narrative
Once a user has completed step 1, the NEO address can be connected to their Narrative account by navigating to “Manage Account” and clicking “Add Wallet.” The user will be prompted to add the NEO address:
At this point, the user must input the NEO address they generated in Step 1, Narrative account password, and a two-factor authentication (2FA) code if 2FA is enabled. For security purposes, Narrative requires a two day waiting period after adding a new NEO address before the user can redeem NRVE.
Step 3: Request Reward Point redemption
The user can then request a redemption by navigating to “Your Profile” and clicking the “REDEEM” button. The following prompt will appear:
The minimum redemption amount is $20 worth of NRVE, a figure that will fluctuate based on the market value of NRVE at the time of redemption. Once redemption is initiated, it could take up to 10 days for the user to receive NRVE in their NEO address and can be canceled any time before it is complete.
Account security, redemption delay and taxes
Narrative recommends users activate the 2FA feature to further increase account security. To prevent further damage in case of account hijacking, changing account email addresses requires the user to be in control of both email addresses to complete the process. Additionally, the processing delay of up to 10 days after initiating the reward redemption process is in place as an added precaution to protect Narratives rewards funds.
On the topic of taxes, Narrative states that it may be required to report the NRVE rewards earned by US-based users to the IRS if rewards exceed $600 annually. Furthermore, if earnings exceed $20,000 in a year, Narrative mentions NRVE redemption requests “will not be approved until you (user) contact us (Narrative) to consider whether information needs to be collected for tax authorities in the United States.”
Narrative states it cannot provide accounting or legal advice and to view its Terms of Service for more details.
The original announcement can be found at the following link: