Paras is happy to announce the launch of $PARAS token and IDO during which 5% of $PARAS supply will be distributed on Skyward Finance from September 14th to 21st.
What is Paras?
Paras is an all-in-one NFT marketplace that focuses on digital collectibles (sets of digital art cards).
Bringing conventional collectibles to crypto space, Paras is eager to diversify the assets and create more value for collectors as well as creators on the platform.
As marketplace grows and Web 3.0 technology advances, Paras will create more unique experiences and add verticals to the current NFTs, pursuing the idea of its own metaverse where the platform becomes a gateway to access multiple sources of entertainment, such as games, comics and toys.
What are $PARAS, the token allocation, and future utilities?
$PARAS is a utility token that will be distributed and used for these purposes:
- A means to maximize the functionality of features and future development of Paras.
- A tool to secure funds for further ecosystem projects and developments.
- An incentive for users regarding their participation in community governance.
The Paras token supply is 100,000,000, and the distribution is as shown:
|Team||15%||Vested over 36-months (Start after token launch)|
|Investors||15%||Vested over different periods of time (Start after token launch)|
|Community||51%||Distributed to the community members through various community programs like marketplace and liquidity mining|
|Airdrop||1.5%||Airdrop reward to early adopters|
|IDO||5%||Initial Dex Offering via Skyward Finance|
|Reserved||12.5%||For future programs such as grants, marketing campaigns, partnerships, etc|
Token Future Utilities and Use Cases
$PARAS holders can access some deals and events exclusively, for instance: a) limited edition NFTs issued by established artists, creators, influencers or other merchants; b) limited edition physical goods that can be received through raffles from collecting the card collectibles. The raffle spot can be purchased via NFTs which can be owned as proof of participation in the raffle even if you didn’t win the prize.
NFTs can be a new way for creators to launch their projects. NFTs can be fully digital or redeemable physical goods, it’s up to the creators on how they wanted to structure the deals.
One of the biggest challenges with a decentralized NFT Marketplace like Paras, Opensea, Mintbase, etc., is the “spamming” of low-quality artwork across the platform. To grow the platform by providing a better experience to the users, some form of curation or whitelisting is needed, and the best way to do it on a blockchain is via DAO governance. $PARAS holders can take part to govern the ecosystem via DAO, from artist whitelisting, feature updates, parameter changes to community grants and platform fees allocation. DAO governance will happen approximately 12 weeks after the token launch to make sure the token is well distributed and decentralized.
Follow Paras social media channels for more information: