Jan 22
PolkaNFT Value Proposition: Utility Token, Token Use Cases and PolkaNFT Marketplace Benefits
Basic key features and value of PolkaNFT. This article reveals PolkaNFT’s utility token, token use cases and the benefits users gain while using PolkaNFT marketplace.
PolkaNFT is developing a unique but user-friendly De-fi multi-chain ecosystem, the first of its kind on the PolkaDot blockchain which is an open source computing network.
We are creating a marketplace where our native token holders will be able to carry out the basic and conventional functions like Minting of NFTs, buying or selling of digital assets, and also ability to exchange NFTs which may have been existing on a different blockchains, while being sure of low transaction fees, swift transactions and robust security system.
When fully launched, PolkaNFT will be the first NFT project under the PolkaDot blockchain to have the most reliable token use case, highly engaging users and value.
Thanks to the founder of the project Mr. Bronson, who conceived the idea and called together a team to develop PolkaNFT, this led to the introduction of the project in December 2021, the team have been working assiduously to ensure the progress of the project.
Prospective users may truly have some honest and sincere queries concerning the new NFT marketplace project, like what value does it have or will it have in the future, why hold or engage with the new project and so many more queries; well, we have shared the most important features and utility of the token, but before then, let us officially unmask the utility token for the new project.
Utility Token
Our utility token is named “$PLK”, it serves as the native token of our project PolkaNFT, which is being deployed on PolkaDot blockchain.
Our team have mapped out half a billion $PLK tokens which is the total supply in circulation. With our native token, users of our platform and holders of the token can enjoy the full benefits which has been set aside for the holders and users of our platform.
NOTE: We firmly urge you to read the Use cases of our native token and advantages of using our Marketplace very carefully, and ask questions using our social links below…..
Native Token Use Cases
The token utility and benefits of holding our native tokens are carefully listed below;
$PLK holders will be able to trade our tokens seamlessly and swiftly for other tokens under PolkaDot blockchain like (OCEAN, KSM, LINK etc) and at a very discounted fee.
Investors who invested early will have access to exclusive NFT drops which will feature on our NFT marketplace. Also, top holders of our native token will be given exclusive and early access to rare and limited edition of NFTs, in addition, top holders who wish to mint their tokens will benefit from some of our built-in features like rarity and randomness, which will only be made available in the future to the Public after the top holders must have had prior access to those arts and features respectively.
Our native token gives its users the power to propose and vote on PolkaNFT governance issues, to determine future features, or parameters of the Ecosystem as well as protocol improvements. Our team also has staking plans for the future, this will ensure that our users can be able to stake our PLK token and earn rewards, while engaging in some decision making processes. Also included in our near future features is the ability of users to stake their NFTs without selling them, rather they will gain some rewards in limited edition NFTs which can be sold on any marketplace.
It is not uncommon for NFT stores to charges trading fee on all NFT creators and sellers and this charge maybe as high as about 7% to 10% sometimes more, depending on some variables, however on our store, $PLK token will be used for processing transaction fees and purchasing of NFTs at a very low transaction fee, an opportunity for all NFT traders to utilize.
With the future utilization of the parachain network, individual and multiple chains can be linked to avoid congestions, which however does not only ensure very fast and secured transactions but also efficiently solves the issue of scalability (ability to handle too many requests without congestion nor crash) and interoperability (communication with other blockchain networks like bitcoin and solana) as traders can trade seamlessly and transfer their tokens to another address just in a single transaction
Active and top token holders will be able to benefit and obtain rewards (in native token) from our platform by earning a stable percentage of profits made from any transactions done on our platform with our native token $PLK.
NFT creators on our store can apply to be verified and trusted creators; for one to get our badge of honor (a sort of verification) on his creator’s page on our store, such person will need to stake some $PLK tokens with us before applying for the badge. More explanations on this can be found under benefits of using PolkaNFT marketplace.
Upon the launch of our marketplace, we will reward users who still have a considerable amount of $PLK with incentives like provision of quick guide on how to mint NFTs and how best to sell them for profit, also we will provide guides on which NFTs to buy at a low rate when they are officially listed, and how to sell them for a higher profit, this guide will only be limited to users who held or have their token staked with us. Native token users will also be able to mint NFTs while utilizing some of our built-in features like rarity and randomness of some NFT features.
Benefits Of using Our NFT Marketplace
One may truly ask what he stands to gain if he uses our marketplace or if he is an early adopter of our marketplace, below are some of the benefits of using our platform when fully launched….
Ideally, all creators and NFT traders are promised an open, transparent, accessible and decentralized financial marketplace.
PolkaNFT which is a multi-chain NFT Marketplace embraces th concept of interoperability, a special type of technology that will enable cross transactions of NFTs built on various blockchains. This innovation will enable minting, trading and distribution of NFTs on the PolkaDot blockchain to many other chains which will include but not limited to Cardano, Solana and BSC chains. With this, high transaction fees which users face in other blockchains will be reduced drastically when using our platform.
Our team of developers are charged with developing a very user friendly UX/UI where NFT amateurs and experts can coexist, and yet harness the full potentials and utilities which our marketplace provides, and users will have access to our marketplace through our desktop version or fully optimized mobile app.
Our marketplace will provide an excellent and smooth user-flow, where all visitors will be mandated to create an account and input some necessary information, create or connect an existing wallet and develop their quality NFTs; successful registrants may then submit their digital assets which they can attach a price or set up an auction, our smart contract will confirm all transactions and record any movement of items.
The previous point leads us to this nice benefit of ensuring better security of transactions and achievement of low transaction fees as middle-men and their fees will be completely scrapped off, PolkaNFT marketplace serves as an escrow who directly connects buyers and sellers together to foster and encourage transparency, here low transaction fees and swift transactions are achieved. Like stated above, this is possible as a result of application of smart contracts which guarantees safety and immutability of assets.
PolkaNFT store will facilitate the use of admin pages; our users will be able to create a page (depending on what the user wishes to do on our platform, either to create, sell or buy digital assets) which will have detailed information about the user, the page will mimic a social page equipped with chat features where users can interact with each other, and learn more about the assets which they wish to sell or buy. On this feature, some pages will be awarded with our badge of honor, this will only be applicable to wallets/users who staked some preset number of $PLK tokens with us, additionally, $PLK token holders will partake in the voting for the verification of the creator’s page, this is an incentive to encourage users to hold on to our native tokens. Our users will always be more likely to buy or transact with verified creators on our platform.
Our team are also working on the possibility of featured listing, a form of advert space where users can buy AD spaces and list their NFTs using our native token. This ad slots will then be given the necessary exposure needed, and will facilitate faster sale of assets, a feature NFT seller will most likely adopt.
Unlike some NFT stores, we will set out means of communication for our users to chat with our operators in case the need arises, At the launch of our marketplace, we will have a live and responsive support system that will typically reply within seconds, as we add this feature we will also maintain our strong community members on Telegram, Discord and Twitter so they also keep interacting among themselves.
$PLK holders and PolkaNFT marketplace users stand a chance to enjoy most of the benefits we have in stock, but other parties can either choose to sell or purchase NFTs outside the network of PolkaNFT. As the first cross chain decentralized project, we are working hard to see that we connect with other popular stores and ensure that our native tokens will be traded for digital assets on their platforms, we are poised to become a lifetime valuable NFT marketplace. This will be achieved as we are solidifying our partnership deal (still in works) with some popular marketplaces like; OpenSea, Rarible which will be for both users and non users of our native token.
Of a truth, most NFTs are minted on Ethereum network, and mostly sold on Opensea but at a very high gas fee. In comparison, we will develop the feature of minting NFTs and selling them on our marketplace at a ridiculously low fee.
Our team also are working on incorporating loan system as one of our unique features, let us give a quick illustration, assume you suddenly blew up some 10mil$ (which happens to be your reserve funds) on some bored ape NFTs and you have an urgent need for medical check-up, you can use your bored ape as collateral for a loan. You will automatically receive your NFTs back when you set off your debt, but if you default, thanks to our smart contract system, the NFT ownership rights will then be transferred to the lender, thereby cutting off the need for bounty hunters and debt collection, lol… isn’t that amazing?.
Metaverse and virtual lands are currently the big things on the NFT headline today, it is surely a game changer for the NFT industry. Our team are surely working together to see the possibility of merging metaverse and virtual lands to our NFT platform. Another quick illustration, A user on PolkaNFT can have a store on metaverse to display his gaming art collections, this space can be located on a rented piece of virtual land, beside the store could be a museum filled with rare NFT arts on another rented virtual land (the land could have its value by being close to the crib of a popular singer like Drake and so on… I mean you understand the logic yea? Also note, that when we incorporate these features together, our $PLK will be utilized for transactions (a plus to our token holders and platform users), to also add, virtual worlds like Cryptovoxels, The Sandbox and Decentraland have given their real-estate a hard cap, you know what it means? there is a finite supply of virtual land, and the more limited the land becomes and demand increases, the more it increases in value, so do some mathematics while we work harder to make this feature a reality.
Our PolkaNFT platform will also serve as a means of passive income to the original developers of any NFTs which will be sold using our platform. Such creators will receive at least 1% of the value as royalty each time the art is being re-sold again.
Some of the basic and unique features which our NFT marketplace official website will be equipped with include, but not limited to;
User friendly Store-Front — When we launch our official NFT marketplace website, our store home page will be equipped with user friendly store front which will be a major and primary feature, the home of our website should contain some information like NFT owners, bids placed on NFT arts which are placed on auction, price history of arts etc.
Advanced Token Search — customers may have multiple ideas he has in mind but should be able to narrow down his needs using the advanced search features which will be available on our website like; music, images, memes, videos etc.
Filters — This feature is similar to the previous one, but here offers are divided into categories example, best selling, newly listed etc. This will give our users better sense of decision while navigating on our website.
Create Listing — This feature will give the customers ability to generate a page where they can submit files and input specific item data like tags, title etc. This will also show users the likely arts they might likely be looking for.
Listing Status — This is another cool feature for creators who submit their arts to be listed, creators who submit their arts can always check the status of their listing, this will also discourage low quality art creators.
Bidding Option — This feature allows users to bid on arts listed for auction, and also allows users to set their digital assets on auction. This will attract more users as some may not want to buy at starting prices, rather they will choose to wait till they have a better chance of winning the bid. Also included will be auction watchlist which will allow users to keep an eye on any item that meets their taste.
Wallet — of course, users will need a safe wallet to store or receive their NFTs, users will have the option to make use of our native wallet which also will come with it’s own benefits, or may choose to use other top preferred wallets like coinbase which will be integrated into our platform.
Ratings & Comments — Our developers will also integrate the rating and comments section functions, this will point the amateurs to the right direction when they want to transaction our platform, it will also charge users to be committed to be fair, honest and committed as none will like to have a poor rating nor discouraging comments.
To conclude…
In general, it is safe to say that NFT use cases are still in their early stages, clearly, not only gamers, art collectors, etc. will be able to benefit from the use of NFTs but regular people who live their normal daily lives will stand a chance to benefit from these use cases. The NFT industry will surely provide ease of use for many services and increase transparency, security and fast initiation of transactions. NFTs can be adopted to real world cases; from security of Intellectual Property and, Patents to DNA and genetic data security etc.
PolkaNFT is getting set to launch a global platform which will bridge the gap between the physical and NFT world. Let us all remember, in the coming years, when we all witness the development in the NFT industry, everyone will attest that PolkaNFT took the front seat in promoting the NFT movement.
Just in case you have any question or confused about anything shared on this article or simply want to join our social networks, please contact us or join us in our social community via our official links below.
Telegram Community — https://t.me/polkanftcommunity
Telegram Channel — https://t.me/polkanft_channel
Twitter — https://twitter.com/polka_nft
Medium — https://medium.com/@polka_nft
Also, please note that this page will be revised and updated periodically.
