Chorus One onboards Passage, the platform for virtual worlds
Chorus One is excited to announce that we have onboarded the Passage3D ecosystem as validators.
What is Passage 3D?
Passage, or Passage 3D, provides tools for creating a metaverse of virtual worlds that may be accessed using a web browser with no hardware requirements.
The Passage worlds are led by the Strange Clan game, as well as the Blok Hous, which host live NFT auctions and artist performances. These are the inaugural metaverse worlds in the Cosmos ecosystem. The Passage ecosystem runs on the Cosmos Ecosystem and makes use of CPU capacity from the Akash Network decloud with the desire to also decentralise its GPU.
Released on the Juno blockchain, the Passage Marketplace will allow NFTs in the Cosmos Ecosystem to be traded, viewed, and transferred, with ATOM serving as the primary token of exchange. This will be the first NFT-Marketplace to use the native Cosmos ecosystem token.
The Passage token ($PASG) serves as the universal utility token for all Passage worlds. The developers of the new world will stake Passage tokens in order to build a new world within the Passage metaverse.
The APR for World Creator Staking will be the same as for ordinary staking. The needed amount and lock-up duration are determined by the world’s scale. This model will begin with a USD value and will not be tied to a set number of Passage tokens. ATOM payouts are converted to PASG rewards for staking pools.
How the Passage Marketplace is structured to boost the ecosystem as a whole
The model seems sustainable:
- Passage Marketplace charges a fee of 3% on all transactions.
- PASG holders receive a 0.4–1.2% reduction in transaction fees.
- Original NFT makers can put up a royalty ranging from 0% to 10%, as at the time of production, allowing the inventor to earn money every time the NFT is sold.
- Creators will be allowed to mint NFTs in the Marketplace for free post-launch.
The gaming industry has a current market value of $200 billion and is expected to reach $340 billion by 2027. At Chorus One, we believe that GameFi and NFTs will become increasingly important in this share. Passage3D is here to expand and improve the GameFi ecosystem.
Chorus One Commission: 5%
Passage has developed a Cosmos SDK blockchain in collaboration with the development company VitWit. The blockchain will initially offer staking, vesting, and airdrop capabilities, with a goal of counting 100 validators at blockchain genesis, using the Cosmos SDK. The blockchain’s major features will be a mix of security and efficiency, allowing for a large volume transaction rate with minimal costs.
The Passage token will have a low initial circulating supply of 145 million tokens with a fixed supply capped at 2 billion tokens.
There is a high initial inflation of 50%, followed by a 35% decline each year until maximum supply is attained after year 5. After year 5, staking rewards will be derived from Marketplace transaction costs. 71% of the available tokens are associated with staking incentives.
Year 1 staking APR:
- 50% (inflation set)
Aside from the more typical payouts for staking the token, all $PASG stakers will receive in-world advantages for assisting in the security of the blockchain. Savings on streaming Passage worlds and marketplace discounts on transaction costs (0.4–1.2% depending on stake amount) are among the perks. Find more information here.
You need to withdraw rewards and re-stake them with some frequency if you want to make use of compounding returns hence, additional delegation is needed for compounding. There is an un-bonding period of 21 days.