For many, Crypto and Web 3 offer the possibility of creating a more equitable and autonomous platform to appropriate its assets, NFT being a major player in the ecosystem. While growing pains are normal for any growing industry, the gas fees associated with ETH for trading and minting NFTs sometimes get so high that there is inefficiency in the market. This creates a barrier to entry for your low and medium cost products.
While this is not a problem for your high-end NFTs such as those from BAYC that we have seen sold for millions, it is a problem for meritocracy as the average trader would not be able to justify a fee of $50 gas 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 inherited a similar problem from the vast demand we see.
Therefore, while we shouldn’t criticize the Ethereum blockchain too harshly because it has truly laid the foundation for future success on Web 3 and the Metaverse, we should welcome competition and alternatives that increase meritocracy and help NFTs achieve their true potential.
Utility in parody.
A start-up project that has been getting a lot of attention lately is Parody Coin (PARO). Parody Coin seeks 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 in most cases the NFT would not be unique, the utility of NFTs that are functional, users are able to derive value the same way you would from the original NFT.
Additionally, if the owner of an original NFT purchased a parody, they could burn the original to turn the parody into the original. On the surface, it might seem like it’s outdated, but what it would do is allow users to benefit from low gas costs in the corner parody market and a more competitive market would happen.
The potential for this feature is very, very exciting 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 in many markets with the high gas royalty.
ParoRewards and Tokenomics
To complete the usefulness of the protocol, Parody also has a strong tokenomics and offers users a chance to earn rewards by staking their native coin, Parody Coin. There is a ParoReward system to simply hold the token. Staking is one of the best ways to support the network and get rewarded for doing so, however, it will take a minimum lock period of 2 weeks to be eligible for the rewards. This is actually very reasonable for early stage coins where usually a much longer lock-in period is needed and can make some users nervous, but with a minimum period of 2 weeks this won’t be a problem.
Additionally, Parody Coin is a deflationary asset, which means that over time the coin will appreciate in value as inflation-fighting measures exist through a combination of burning and redistribution to those who hold the token.
Their IoT launch has been set for summer 2022 on pancakeswap according to their whitepaper, with 70% of the total supply expected to be made public and 15% reserved for community rewards and the incentive program to help those who decide to invest in the protocol early.
A convincing project
With their pre-sale being one of the most successful pre-sales of new NFT-related projects in recent times, many are already arguing that Parody will be a serious contender in the market and it’s easy to see why. Basically, it is a protocol that seeks to solve a serious problem in an ever-expanding market and involves a philosophy that a community can easily support given its emphasis on meritocracy and fairness. With strong tokenomics to boot, Parody might be an NFT-based project you should consider adding to your portfolio and at least dive deeper for exploration.
For us, Parody is really a compelling project.
All information about the project below:
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A dive into Parody Coin (PARO) – Why this NFT project can be revolutionary. – Mag Mirror
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