In order for NFTs to reach their elite potential, it is necessary to
For many people, cryptocurrency This is network 3 Offering the opportunity to create a fairer and autonomous platform to take ownership of your assets, NFTs are key players in the ecosystem. While growing pains are normal for any booming industry, gas fees for ETH-related transactions and minting NFTs can sometimes become so high that the market is inefficient. This sets a barrier to entry for your low to mid-priced products.
While this isn’t a problem for their high-end NFTs, like those we’ve seen selling for millions of BAYCs, it’s a problem for meritocracy as the average merchant can’t justify buying $50 in gas fees reasonable. Priced at $300. Thus, systems created to mitigate high barriers to entry and institutional monopolies have inherited similar problems from the huge demand we see.
So while we shouldn’t criticize the Ethereum blockchain too harshly, as they do lay the foundation for the future success of Web 3 and Metaverse, we should welcome competition and alternatives to enhance meritocracy and help NFTs achieve their true self potential.
The usefulness of imitation
An early project that has recently gained a lot of attention is Parody Coin (PARO). Parody Coin aims to solve the problem of meritocracy in the ecosystem by developing a platform that allows users to mint and trade parody versions of popular NFTs. While NFTs are not unique in most cases, the utility of NFTs is functional and users can get value just like the original NFTs.
Also, if the owner of the NFT buys the parody, he can burn the original to make the parody the original. On the surface, this may seem outdated, but this allows users to benefit from the low gas fees of the Parody Coin market and a more competitive market will emerge.
The potential of this feature is very, very interesting, and probably the most exciting component of PARO. It embodies all the philosophies around why so many people are in the ecosystem and alleviates the high gas rates we see in many markets.
Paro and Token Economics Rewards
To complement the utility of the protocol, Parody also features strong token economics and offers users the opportunity to earn rewards by staking their native currency, Parody Coin. There is also a ParoReward program to simply keep tokens. Staking is one of the best ways to support the network and earn rewards, but requires at least a 2-week lockup period to be eligible for rewards. This is actually quite reasonable for an early coin that usually requires a longer lock-up period, and might make some users nervous, but at least 2 weeks, it won’t be a problem.
Additionally, Parody Coin is a deflationary asset, which means that the coin will appreciate in value over time as measures exist to combat inflation through a combination of burning and redistribution to those who hold the coin.
According to the whitepaper, IDO is scheduled to launch on Pancakeswap in summer 2022, with 70% of the total supply planned to be released to the public and 15% for community rewards and incentive programs to help benefit those who make the decisions. in the agreement.
With its pre-sale being one of the most successful new NFT-related projects in recent times, many have already backed Parody as a serious contender in the market, and it’s easy to see why. Fundamentally, they are a protocol designed to solve serious problems in an expanding market and suggest a philosophy that the community can easily support because of its emphasis on meritocracy and fairness. With strong token economics, Parody could be an NFT-based project that you should consider adding to your portfolio and at least dig deeper.
For us, Parody really is a compelling project.
Keywords – Parody Coin (PARO), NFT, Web 3, Marketplace, Tokenomics, Pancakeswap
Parody Coin (PARO)