NFTs are the latest players in the crypto space, creating a real buzz in the community. They have gained significant traction thanks to their use in the digital art space, blockchain gaming, and the digital collectables space.
NFTs are a little difficult to understand, but their popularity has skyrocketed, with some crypto enthusiasts even saying that NFTs have surpassed cryptocurrencies in popularity. A digital artwork created by the artist Beeple auctioned at an eye-watering $69 million. With celebrities like Elon Musk also backing NFTs, NFTs have become the asset that everyone in the crypto space wants to get their hands on.
Let’s Understand What An NFT Means?
A Non Fungible Token or NFT is a digital asset that is based on the Ethereum blockchain. They are unique assets with their identifying information stored in smart contracts. The identifying information is what makes each NFT unique. NFTs are non-fungible, which means that one NFT cannot be exchanged for another. This quality makes NFTs different from fungible assets like Bitcoin or fiat currency. Bitcoin is fungible because an individual can exchange one bitcoin for another. Bitcoin is also divisible, allowing individuals to trade smaller amounts.
NFTs are the opposite of fungible assets; Individuals cannot exchange them since each NFT is unique. NFTs are almost exclusive to the Ethereum blockchain, utilizing the ERC-721 and the ERC-1155 token standard. The use of these tokens guarantees that the asset will behave in a certain way and allows developers to quickly deploy the NFTs, ensuring better compatibility with the ecosystem.
What Is Polkamon?
Polkamons are described as exquisite and animated digital collectibles that are created using blockchain technology. They introduce 3D NFTs to the digital collectibles space, allowing users to collect rare digital monsters. Each Polkamon has a different level of scarcity and is backed by a unique NFT, which can be unpacked using the $PMON token. Users can also integrate them into other blockchain-based products.
Each Polkamon has a rich metadata set that describes the properties and characteristics of each Polkamon. They are also Layer-2 compatible, allowing them to be integrated into Layer-2 applications. This will enable owners of Polkamon collectibles to incorporate them into their collection of games and art.
The Team And Vision Behind Polkamon
Polkamon’s team consists of CEO Leif Eric Leiser, an experienced full-stack developer, and serial entrepreneur. Lennart Brandt is the CMO, has significant experience in the crypto space, and founded several apps; Finn Hansen completes the trio and is an experienced front-end developer and an NFT collectible enthusiast.
They describe their vision as three separate layers that can become the building blocks for a sustainable and modern ecosystem for collectibles. The decentralized ownership system based on NFTs sits on the base layer, supported by an ERC-20 token. The token makes trades easier and improves liquidity. The second layer sits on top of the base layer and enriches NFTs through rich visuals and detailed metadata. The final layer is the application layer, upon which proven ownership, visuals, and rich metadata create a universe of utilization.
- Utilization layers: The team at Polkamon believes that the key to growth is heavily dependent on the quantity and the quality of utilization layers. To achieve this, the team is focusing on building partnerships with several players for layer-2 utilization.
- Visuals and Metadata: These are easy to integrate with Polkamon and are the most significant growth drivers for the platform. It can also act as a support layer for applications.
- Decentralized NFTs and tokens: This layer forms the base of the Polkamon ecosystem, ensuring the highest level of trust in ownership.
What Are The Characteristics Of Each Polkamon?
Each Polkamon has unique characteristics, some of which are
- Glitter: These are extremely rare and are considered to be extremely collectible Polkamon.
- Polkamon: Each Polkamon comes in different colors.
- Horn: Each Polkamon possesses a unique horn. Why? If only we knew.
- Ultra-rare: These are the rarest Polkamon of the Polkamon universe. You could spend an eternity finding them and yet not run into them.
The Polkamon collection
As we know, Polkamon exists in different shapes and sizes. During the IDO, interested individuals could claim an egg by paying a certain amount as gas fees for the egg. The egg could hatch into one of the collectible dragons.
The available collections are Bitcoin, Ethereum, Monero, Uniaqua, and Uniturtle, with more to be added.
Features Of Polkamon
Some unique features of Polkamon are
- Cross-Chain: Polkamon uses both Ethereum and Polkadot, allowing the project to leverage other blockchains. This is thanks to the cross-blockchain transfer feature on Polkadot.
- Staking: Users can also stake their $PMON token and Polkamon and receive rewards and extra $PMON tokens, giving users an incentive to stake both NFTs and tokens.
- Liquidity: The $PMON token also acts as a liquidity provider to the Polkamon project, providing significant liquidity and also provides a swapping mechanism between $PMON and NFTs.
- Scarcity: Each Polkamon is different and unique, with varying levels of rarity. Some Polkamons are so rare that they are often defined as ultra-rare.
- Deflationary: Polkamon is hyper-deflationary, ensuring a scarcity of assets through the burning of $PMONs for every swap and reverse-swap.
The $PMON token is the key to Polkamon, with users needing it to access Polkamon. The total supply of the $PMON tokens is set at 10 million, with the initial supply pegged at 1.8 million, with the price fixed at $0.40 per token.
The Polkamon Ecosystem
The Polkamon ecosystem comprises marketplaces and interconnected apps. Users can explore different collections or showcase their collections by using native mobile apps. Users can also browse for more information about Polkamons and the Polkamon ecosystem while purchasing $PMON. They can also utilize widgets and keep their most valuable Polkamons with them at all times.
Polkamon are digital collectibles that are backed by NFTs and can also be integrated into different blockchains. Some of the uses are
- Layer-2 integration: Polkamon can be integrated into Layer-2 applications with the metadata set describing the qualities of each Polkamon.
- Proof of ownership: Since NFTs back Polkamon, Their owners can integrate them into collections or in different games.
Polkamon has an exciting roadmap ahead, and there will be changes applied to each Polkamon, like the addition of sound and the expansion of the ecosystem through the introduction of apps and widgets. Polkamon hopes to kick-start a future towards NFT-based collectibles.
The low barrier of entry has made the project an attractive prospect to individuals trying to get into the NFT space. It will be extremely interesting to see the direction that the project takes in 2021 and beyond.