NFT Platform Para Announces Launch, Tokenomics & More
December 21 2021 - 10:10PM
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Over the last twenty years, there have been regular changes and
developments in different aspects of the showbiz and entertainment
industry. People have moved from buying CDs to downloading mp3
files of songs to watching music videos on YouTube. These changes
have brought with them some negatives like the massive decrease in
revenue for the artists as many of these digital versions of music
are pirated and mostly copied into as many different versions as
possible. This has gone on for years now but solutions are popping
up for this. One of those solutions is adopting blockchain
technology and Non-Fungible Tokens (NFTs). Non-Fungible-Tokens were
first to win 2017 with the famous CryptoKitties. NFTs are digital
tokens that represent unique assets and give data real value. These
assets are non-copyable and they tend to be rare. The CryptoKitties
NFTs grew so popular that they completely clustered the Ethereum
blockchain at their peak. That popularity has grown even more in
2021 and now the industry processes billions of dollars in
transactions every month. Percentages of these transactions flow
back to the creators of the NFTs being sold and this serves as a
stream of income for these artists. The Covid-19 pandemic has led
creatively to look for better ways to get their arts across to
their audiences and generate revenue for themselves. Lockdown and
quarantines have restricted musical acts from showcasing themselves
and their latest songs/albums live and this has led to major
financial issues. Para is a platform that is aiming to solve this
problem and disrupt the entertainment industry in a
multi-dimensional way. Para Para is a platform that aims to use
blockchain technology in providing a new and lucrative source of
income for influencers and entertainers. Para already has an
advantage and this is in the German music industry. Members of the
founding team have engagements in the industry which has an
estimated audience of about 50,000,000 people. This engagement in
the industry has made it possible for Para to already secure deals
with some of the biggest German artists and athletes. Para plans to
start its NFT platform for entertainers, Influencers and stars. The
first NFT drop of Para will reach more than 15 million people and
this will be the hugest NFT Sale the European market has ever seen.
Token Para is the official native token of the Para platform. It
will go live on the Polygon network and because of the low gas fee
on the network, everyone can participate in the NFT sales. This is
preferable to the alternative which would have been Ethereum but
the issue of high gas fees plaguing the network might discourage
Para’s target audience; newbies to cryptocurrency. Tokenomics &
Token Allocation Total Token in circulation — 1,000,000,000
Liquidity for Exchanges (50%) — 50% of the entire tokens in
circulation will be used to provide liquidity for exchanges like
QuickSwap and SushiSwap. To enjoy that there is enough liquidity
for new users to get in, this percentage will be paired together
with $250,000 in WETH. Also, 50% of the initial LP tokens will be
burned to ensure a balance between flexibility and security.
Marketing (30%) — 30% of the total tokens in circulation will be
used for marketing. These tokens will be used in influencer
marketing as they would be given out to superstars and influencers,
who will talk about the Para Ecosystem and the Para Token.
Development Team (10%) — 10% of the entire token in circulation
will go to the development team and this will fund the future
development of the Para ecosystem. These tokens will be vested
linearly for one year. Reserve (10%) — 10% of all the tokens in
circulation will be locked in a smart contract for later use. This
fund will take care of needs like liquidity mining rewards or other
specifics which might come up at some point down the road. The
Roadmap Para plans to launch its NFT platform and the Para Token in
December 2021. Q1 2022 From the first quarter of 2022, the Para
Token will be used to access special giveaways that are connected
to the NFT platform and users will only interact with the
marketplace using the Para Token. This strategy will help with the
slow integration of the Para Token into the platform. Late Q1 —
Early Q2 2022 The Para platform will evolve from an NFT sales
platform to a real marketplace. As a result of this move, the
profit margin of the ecosystem will increase by 5% because there
won’t be any fee being paid to OpenSea anymore. Also, during this
period, Para Token will start being used to pay for NFTs. Users
will be able to stake their tokens and the 5% increase in profit
margin will be shared amongst the stakers. This acts as an added
use case and encourages more people to buy and hold Para tokens. Q2
2022 The team behind Para will work extensively to onboard Para
tokens in different businesses related to the music and
entertainment industry as a method of payment. This again adds to
the usability of the token and reiterates the use case of being a
payment token. Late Q2 — Early Q3 2022 Artists can now release NFTs
on the Para platform. NFT categories will also be expanded. There
will be a fundraising feature for upcoming artists looking to
afford studio sessions. Music stars can sell their unreleased songs
and videos as NFTs on Para and Influencers can also sell access to
exclusive content to their community via NFTs. Late Q3 — Early Q4
2022 The journey into the Metaverse begins. With Facebook’s
announcement about changing to a company focused on the Metaverse,
the world is ready for real immersive Metaverse experiences and
Para will be well placed to satisfy this need with its already big
network of Stars and Influencers. Para Token will be used to
purchase digital tickets to Metaverse events which will happen more
frequently than ever.
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