NFT Platform Para Announces Launch, Tokenomics & More
Over the last twenty years, there have been regular changes and developments in different aspects of the showbiz and entertainment industry. People have moved from buying CDs to downloading mp3 files of songs to watching music videos on YouTube.
These changes have brought with them some negatives like the massive decrease in revenue for the artists as many of these digital versions of music are pirated and mostly copied into as many different versions as possible. This has gone on for years now but solutions are popping up for this. One of those solutions is adopting blockchain technology and Non-Fungible Tokens (NFTs).
Non-Fungible-Tokens were first to win 2017 with the famous CryptoKitties. NFTs are digital tokens that represent unique assets and give data real value. These assets are non-copyable and they tend to be rare. The CryptoKitties NFTs grew so popular that they completely clustered the Ethereum blockchain at their peak.
That popularity has grown even more in 2021 and now the industry processes billions of dollars in transactions every month. Percentages of these transactions flow back to the creators of the NFTs being sold and this serves as a stream of income for these artists.
The Covid-19 pandemic has led creatively to look for better ways to get their arts across to their audiences and generate revenue for themselves. Lockdown and quarantines have restricted musical acts from showcasing themselves and their latest songs/albums live and this has led to major financial issues.
Para is a platform that is aiming to solve this problem and disrupt the entertainment industry in a multi-dimensional way.
Para is a platform that aims to use blockchain technology in providing a new and lucrative source of income for influencers and entertainers. Para already has an advantage and this is in the German music industry. Members of the founding team have engagements in the industry which has an estimated audience of about 50,000,000 people. This engagement in the industry has made it possible for Para to already secure deals with some of the biggest German artists and athletes.
Para plans to start its NFT platform for entertainers, Influencers and stars. The first NFT drop of Para will reach more than 15 million people and this will be the hugest NFT Sale the European market has ever seen.
Para is the official native token of the Para platform. It will go live on the Polygon network and because of the low gas fee on the network, everyone can participate in the NFT sales. This is preferable to the alternative which would have been Ethereum but the issue of high gas fees plaguing the network might discourage Para’s target audience; newbies to cryptocurrency.
Tokenomics & Token Allocation
Total Token in circulation — 1,000,000,000
- Liquidity for Exchanges (50%) — 50% of the entire tokens in circulation will be used to provide liquidity for exchanges like QuickSwap and SushiSwap. To enjoy that there is enough liquidity for new users to get in, this percentage will be paired together with $250,000 in WETH. Also, 50% of the initial LP tokens will be burned to ensure a balance between flexibility and security.
- Marketing (30%) — 30% of the total tokens in circulation will be used for marketing. These tokens will be used in influencer marketing as they would be given out to superstars and influencers, who will talk about the Para Ecosystem and the Para Token.
- Development Team (10%) — 10% of the entire token in circulation will go to the development team and this will fund the future development of the Para ecosystem. These tokens will be vested linearly for one year.
- Reserve (10%) — 10% of all the tokens in circulation will be locked in a smart contract for later use. This fund will take care of needs like liquidity mining rewards or other specifics which might come up at some point down the road.
Para plans to launch its NFT platform and the Para Token in December 2021.
- Q1 2022
From the first quarter of 2022, the Para Token will be used to access special giveaways that are connected to the NFT platform and users will only interact with the marketplace using the Para Token. This strategy will help with the slow integration of the Para Token into the platform.
- Late Q1 — Early Q2 2022
The Para platform will evolve from an NFT sales platform to a real marketplace. As a result of this move, the profit margin of the ecosystem will increase by 5% because there won’t be any fee being paid to OpenSea anymore. Also, during this period, Para Token will start being used to pay for NFTs. Users will be able to stake their tokens and the 5% increase in profit margin will be shared amongst the stakers. This acts as an added use case and encourages more people to buy and hold Para tokens.
- Q2 2022
The team behind Para will work extensively to onboard Para tokens in different businesses related to the music and entertainment industry as a method of payment. This again adds to the usability of the token and reiterates the use case of being a payment token.
- Late Q2 — Early Q3 2022
Artists can now release NFTs on the Para platform. NFT categories will also be expanded. There will be a fundraising feature for upcoming artists looking to afford studio sessions. Music stars can sell their unreleased songs and videos as NFTs on Para and Influencers can also sell access to exclusive content to their community via NFTs.
- Late Q3 — Early Q4 2022
The journey into the Metaverse begins. With Facebook’s announcement about changing to a company focused on the Metaverse, the world is ready for real immersive Metaverse experiences and Para will be well placed to satisfy this need with its already big network of Stars and Influencers. Para Token will be used to purchase digital tickets to Metaverse events which will happen more frequently than ever.