ParasHQ IDO on Skyward Finance Official Announcement
Paras is happy to announce the launch of the $PARAS token and their IDO during which they will distribute 5% of $PARAS token on Skyward Finance from September 14th – 21st.
What is Paras?
Paras is an NFT marketplace that focuses on digital collectibles. They thrive upon bringing conventional collectibles to crypto space. They believe that every single physical art form needs to be stored and digitized to keep it future-proof. Paras, an all-in-one digital collectible marketplace, is eager to diversify the assets to digital collectibles.
Unlike other marketplaces, Paras is putting collections forward instead of a single art release. They believe that collecting collectibles (digital art cards) do not only attract crypto collectors but also conventional trading card collectors. With the current artists we have, they are confident that they can capture the essence and excitement of collecting a set of cards. They also pursue to increase the card’s value by including background stories or lore as they think that visuals can be enhanced through this approach.
Paras want to produce and develop crypto-native IP as they believe that by creating new exclusive IPs, we could tailor and design new experiences of these mediums: comics, games, and toys. Giving utility and use cases over digital assets could create more value to collectors and creators. In the end, they would like to build their own metaverse where Paras becomes the gateway to access multiple sources of entertainment.
As their marketplace grows and the technology in Web 3.0 space advances, they are able to create more unique experiences and add verticals to the current NFTs. Paras is pursuing the idea of metaverse on their platform in the future. On top of that, their approach to the business focuses on the creators’ economy. To support that idea, they take 5% of every transaction on their platform including the secondary market sales.
Why did Paras choose NEAR?
By building the platform under NEAR and IPFS/Filecoin, they want to track the ownership of every single collectible in their platform. Through these solutions, Paras validates ownership and gives access to every purchase and mint to the public. Running on top of NEAR, a scalable blockchain, Paras offers a very cost-effective, fast transactions, and user-friendly platform for users.
What are $PARAS, the token allocation, and future utilities?
Paras token is a utility token that will be distributed and used for these purposes:
- To maximize the functionality of features and future development of Paras.
- A tool to secure funds for further ecosystem projects and developments.
- An incentive for users regarding their participation in community governance.
Token Allocation
The $PARAS token supply is 100,000,000, and the distribution is as follows:
Token Future Utilities and Use Cases
These are the use cases for the $PARAS token:
1. Exclusive Deal and Event
Some deals and events can only be accessed by $PARAS token holders. Established influencers, artists, creators, and other merchants can issue limited edition NFTs that are both certifiably scarce.
Limited edition physical goods that can be received through raffles from collecting the card collectibles. The raffle spot can be purchased via NFTs, from the buyers/collectors’ perspective this is very interesting because even though they didn’t win the prize, they at least own the NFT as proof of participation in the raffle.
Paras saw how crowdfunding platforms like Kickstarter were able to generate demand for creative projects. NFTs can be a new way for creators to launch their projects. NFTs can be fully digital or redeemable physical goods, it’s up to the creators on how they wanted to structure the deals.
2. DAO Governance
One of the biggest challenges with a decentralized NFT Marketplace like Paras, Opensea, Mintbase, etc., is the “spamming” of low-quality artwork across the platform. To grow the platform by providing a better experience to the users, some form of curation or whitelisting is needed, and the best way to do it on a blockchain is via DAO governance.
$PARAS token holders can take part to govern the ecosystem, from artist whitelisting, feature updates, parameter changes to community grants. In addition, the $PARAS token holders can also decide to allocate the fees from the platform via the DAO. DAO governance will happen approximately 12 weeks after the token launch to make sure the token is well distributed and decentralized.
Timeline:
- 14th – 21st Sep: Pre-sale of the $PARAS
- 21st – 25th Sep: The sale of $PARAS
With the launch of the $PARAS token, it legitimizes the growth and plants their commitment to the Paras community.
📰 INFO
