PolkaRARE AMA Summary Recap with Shin Chan Community
We held a live AMA with Pramod, CEO & Founder of PolkaRARE on 3rd May 11:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Pramod : So about Myself,
I Worked as a software developer with multiple startups for the past 8 years, where I worked with and have led multiple teams on application development.
Have been involved in crypto space as an investor for the last 4 years as well with advising and investing with top projects.
Been interested in NFT space since Last year and wanted to develop something of my own in this space.
Along with me, there are 2 full time software developers and 1 full time UI/UX developer & 1 person in business development for Indian markets.
We also have 2 graphics designers and 1 Angular developer on contract basis.
We are currently in process to increase our team to have more backend developers for our development in other chains. We will be hiring at least 3–4 more developers by next 2–3 weeks.
JH| Shin Chan: Do you have any news/update about PolkaRARE would like to share with us?
Pramod : Yes, we just annoucned our IDO platforms today and started whitelisting for Poolz IDO. https://twitter.com/PolkaRare/status/1389210546138796037
If you dont hold any POOLZ tokens, follow these simple steps -
Follow Poolz (https://twitter.com/Poolz__) on Twitter
Follow Polkarare (https://twitter.com/PolkaRare) on Twitter. Retweet this tweet HERE (https://twitter.com/PolkaRare/status/1389210546138796037?s=20)
Join Polkarare (https://t.me/PolkaRAREAnn) Telegram group
Fill the whitelisting form -: https://forms.gle/m6tRRnGkv5QEuPmM9
AMA Twitter Section Begin:
Q1 :It caught my attention the fact that PolkaRare is powered by Polkadot, Polygon, Ethereum and Binance Smart Chain. Can you tell us more about this? Why did you decide to be powered by this many blockchains and what are the benefits of it?
Pramod : PolkaRare is powered by PolkaDot, Polygon, Ethereum, & Binance Smart Chain
Most NFT platforms are based on Ethereum. However, current Ethereum network congestion issues have become a bottleneck for NFT creation and trading. Polkarare platform targets to be a multi-chain NFT platform, where creators and users can optimize the blockchains they want to use, and seamlessly transfer them across different networks.
The initial phase of the platform allows NFT creation on Ethereum and Polygon chains. In phase 2, we will add NFT creation on the BSC and gradually extend it to other blockchain networks.
for Gasless txns, As we are using Matic chain for our V1 marketplace, the gas fees will be borne by the platform and the user doesn’t have to spend any gas himself.
For other chains, where Gas fees are high like Ethereum, gas fees charges for user will be discounted and will be dependent on the amount of $PRARE token held by the user.
Q2 : One of the features of your Native $PRARE token is the Farming NFT can you tell me more about it ? By holding $PRARE we will get random NFts ?
Pramod : We plan to bring NFT farming and collection drops in Q3
NFT farming — Rare NFTs will be airdropped randomly to the $PRARE token stakers & Liquidity providers
Yes, we will be airdropping RARE NFT to PRARE holder.
Q3 : Can you tell us more about PRARE? What are the main use cases of this token in and out PolkaRare’s platform? And what benefits will it bring to users if they hold it or stake it?
Pramod : $PRARE token is the platform’s utility and governance token. The total supply is fixed at 100 million. $PRARE will be issued and distributed as an ERC20 & BEP-20 token at the IDO and will be cross-chain later.
Token Utilities :
Governance
$PRARE token holders will be able to propose and vote on key proposals, a portion of platform transaction fees will be used for the governance rewards.
Medium of exchange
$PRARE is used as a primary mode of payment on PolkaRARE.
Staking Rewards
Stakers will be rewarded with platform fees. Stake $PRARE to earn $PRARE.
NFT Farming
Stake $PRARE to farm rare NFTs.
Exclusive NFT drops
$PRARE holders will get exclusive drops from the collectibles product.
Q4 : I saw on your website, Polkarare Supported by Polkadot, Polygon, Ethereum and Binance Smart Chain. Why did you choose all of these Networks, Especially Polygon?
Pramod : PolkaRare is powered by PolkaDot, Polygon, Ethereum, & Binance Smart Chain
Most NFT platforms are based on Ethereum. However, current Ethereum network congestion issues have become a bottleneck for NFT creation and trading. Polkarare platform targets to be a multi-chain NFT platform, where creators and users can optimize the blockchains they want to use, and seamlessly transfer them across different networks.
The initial phase of the platform allows NFT creation on Ethereum and Polygon chains. In phase 2, we will add NFT creation on the BSC and gradually extend it to other blockchain networks.
for Gasless txns, As we are using Matic chain for our V1 marketplace, the gas fees will be borne by the platform and the user doesn’t have to spend any gas himself.
For other chains, where Gas fees are high like Ethereum, gas fees charges for user will be discounted and will be dependent on the amount of $PRARE token held by the user.
Q5 : PolkaRare has something called “Early Supporters Program”, can you give us more information about it? What is the main purpose of this program and what are the long term benefits users will get from it once project passed it’s early stage?
Pramod : We have recently launched Early supporters program to rewards the community who are helping us to spread awareness about Polkarare and expand the community
Winners will be eligible for private sale allocation.
Find the details here — https://twitter.com/PolkaRare/status/1388482703729729539
Telegram Live AMA Begin:
Q6 : PolkaRARE has a lot of use cases, so can you share us, what are you most focused on and What brings the highest revenue for PolkaRARE?
Pramod : Yes we have a revenue plan and its important for a project to have a revenue plan to survive long term
Our revenue plan in brief :
1 : % of fees from NFT Trading
2 : Collections products — We launch exclusive NFTs for artists, sports celebrities and brands. We will charge % on sales
3: Loans products — we also charge a small fee here
% of profits will go to the dao treasury which will be controlled by token Holder’s.
Q7 :Polkarare is not only powered by Polkadot but also by Polygon, Ethereum and Binance Smart Chain, so it makes you compatible with almost everything, can your features communicate through these chains? What are the advantages of running on all of them?
Pramod : To give the use best of everything and user can choose which chain he wants to use
Most NFT platforms are based on Ethereum. However, current Ethererum network congestion issues have become a bottleneck for NFT creation and trading. Polkarare platform targets to be a multi-chain NFT platform, where creators and users can optimize the blockchains they want to use, and seamlessly transfer them across different networks.
The initial phase of the platform allows NFT creation on Ethereum and Polygon chains. In phase 2, we will add NFT creation on the BSC and gradually extend it to other blockchain networks
For Gasless txns, As we are using Matic chain for our V1 marketplace, the gas fees will be borne by the platform and the user doesn’t have to spend any gas himself.
For other chains, where Gas fees are high like Ethereum, gas fees charges for user will be discounted and will be dependent on the amount of $PRARE token held by the user.
Q8 : Could you explain how PolkaRARE’s NFT price discovery protocol works? How does this protocol determine what an NFT is worth or not worth? What characteristics does it take into account?
Pramod : for the correct marketplace price discovery, We are be launching our own price discovery protocol in future
Current NFT trading happens through auctions on most of the platforms. While auctions provide a great mechanism of discovering price, they are not as efficient as traditional open order book based bids/asks mechanism price discovery.
The time factor is another constraint that an auction suffers from. Creators have to either settle for the highest bid obtained in a specified period of time (potentially leaving money on the table) or will have to indefinitely wait for liquidity till a bidder emerges and matches the ask.
a. User will pledge NFTs in NFT vault
b. NFT vault will be fractionalized and fungible tokens will be issued
c. Using our market maker algorithm, a market will be established to trade them.
d. Using liquidity aggregation, these tokens can be traded at best price.
Q9 : How will $ PRARE tokens be used for this exact purpose?
Pramod : Token Utilities :
Governance
$PRARE token holders will be able to propose and vote on key proposals, a portion of platform transaction fees will be used for the governance rewards.
Medium of exchange
$PRARE is used as a primary mode of payment on PolkaRARE.
Staking Rewards
Stakers will be rewarded with platform fees. Stake $PRARE to earn $PRARE.
NFT Farming
Stake $PRARE to farm rare NFTs.
Exclusive NFT drops
$PRARE holders will get exclusive drops from the collectibles product.
Q10 : How did you choose/end up with a name “ PolkaRARE ”? What was your thoughts back then so you decided with “ PolkaRARE ”?
Pramod : We wanted to name the project which aligns with what we are building.
Our ultimate goal is to build on POLKADot to utilise the feature of cross-chain interoperability and RARE signifies the characteristics of NFTs scarcity which will be available on our platform.
Q11 : What is the competetive advantages of PolkaRARE ? How PolkaRARE is better than its competitors?
Pramod : Yes correct, Market is very competitive and there are lot of NFT marketplaces around but I bet you would never seen an easy to use platform like PolkaRare.
How do we stand out -
We are abstracting blockchain from our product by social logins, gasless transactions.
We are also trying to bring full potential to NFTs by introducing social, commerce and other unique features
We are also providing shopify like storefronts for creators, adding unlockable content to NFTs. eg: only NFT owner able to access hidden data in NFT metadata
We are also providing Social features, adding features like user profiles, following, likes, favorites, comments etc.,
We will go mainstream by collaborating with celebrities and do rare NFT drops, our advisor Priyanka Gill is helping us with onboarding mainstream artists and connecting with auction houses.
Q12 : Many artists looking to break into the crypto space consider NFTs to be a complex structure and require a lot of technical knowledge. How can PolkaRARE simplify NFT creation to address these artists’ challenges?
Pramod : That’s why we are making our platform easy to use for users with no barrier of experiece of blockchain but being 100% blockchain project.
Real world problems with NFT platforms is the ease of use and understanding, we are trying to simplify the use case for every user having no prior experience of blockchain.
Q13 : Would it possible to support NFT from different chain e.g Ethereum?
Pramod : yes, ethererum, polygon, Binance smart chain and polkadot.
Q14 : Are you confident PolkaRARE is the best defi platform? Which partners do you cooperate with for development?
Pramod : yes, we have partnered with kylin network and polkafoundry which we will announce soon.
Q15 : So many big news from polkarare, can i expect any cex news soon?
Pramod : yes definitely.
- End -
