From the announcement:

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In ancient Athenian ostracism, citizens would come together once a year and vote to banish one person from the city, on pain of death, for the next 10 years.

In MSCHF Plays Venmo, the sole winner of the "popular vote" wins the prize pool.

Those who receive the "ostracism vote" get banned from the game for life.

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Will be interesting to see how this plays out.