Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
For NFT’s to realise their potential meritocracy is required
For many Crypto and Web 3 offers the opportunity to create a more equitable and autonomous platform to take ownership of one’s assets with NFT’s being a major player within the ecosystem. While growing pains are normal for any expanding industry, the gas fees associated with ETH for trading and minting NFT’s at times become so high that there is inefficiency in the market. That creates a barrier of entry for your low to mid-cost products.
While this is not an issue for your high-end NFT’s such as those from BAYC which we have seen sold for millions, it is an issue for meritocracy as the average trader would not be able to justify a $50 gas fee for a purchase with a sale value of $300. As such the very system that was created to alleviate high barriers to entry and institutional monopolies has inherited a similar problem from the vast demand we are seeing.
Therefore, while we should not critique the Ethereum Blockchain too harshly as they really laid the foundations for future success across Web 3 and the Metaverse, we should welcome competition and alternatives that increase meritocracy and help NFT’s realise their true potential.
The Utility in Parody.
One early-stage project that is gaining significant attention as of late is Parody Coin (PARO). Parody Coin looks to address the issue of meritocracy in the ecosystem by developing a platform that allows users to mint and trade parody versions of popular NFT’s. While the NFT in most cases would not be unique, the utility from NFT’s that are functional, users are able to derive value in the same way that you would from the original NFT.
Moreover, if the owner of an original NFT purchased a parody, they could burn the original to transform the parody into an original. On the surface, it may seem that this is obsolete, but what this enables is users to benefit from low gas fees on the Parody Coin marketplace and a more competitive marketplace would arise.
The potential of this function is very, very interesting and is potentially the most exciting component of PARO. It embodies all of the philosophies surrounding why so many people are in the ecosystem and alleviates the problem that we see on many marketplaces with the high gas fee.
ParoRewards and Tokenomics
To complement the utility of the protocol, Parody also has strong tokenomics and offers users a chance to earn rewards through staking their native coin, Parody Coin. There is also a ParoReward scheme for simply holding the token. Staking is one of the best ways to support the network and be rewarded for doing so, however, it will require a minimum locking period of 2 weeks to be eligible for rewards. This is actually very reasonable for early-stage coins where usually a far longer locking period is required and can make some users nervous, but with a minimum period of 2 weeks this will not be an issue.
Furthermore, Parody Coin is a deflationary asset, meaning that over time the coin will appreciate in value as measures to combat inflation are in existence through a combination of burning and redistribution to those who hold the token.
Their IDO launch has been set for Summer 2022 on Pancakeswap as per their whitepaper, with 70% of the total supply set to be released to the public and 15% set aside for community rewards and incentive scheme to help benefit those who decide to invest early in the protocol.
A compelling project
With their Presale being one of the more successful pre-sales recently of new NFT-related projects in recent times many are already backing that Parody will be a serious contender in the market and it is easy to see why. Fundamentally, they are a protocol that looks to address a serious issue in an ever-expanding market and implies a philosophy that a community can easily get behind given their emphasis on meritocracy and equitability. With strong tokenomics to boot Parody could be an NFT-based project that you should consider adding to your portfolio and at the very least dive into further for exploration.
For us, Parody really is a compelling project.
Parody Coin (PARO)
Presale: https://presale.parodycoin.io/register
Website: https://parodycoin.io/
Telegram: https://t.me/PARODYCOIN_OFFICIAL
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
