Polkarare (PRARE) Review
We are living in an age of rapid technological advancement. An age in which life is slowly becoming more digital and people are beginning to understand the true power of the internet and digital space. People can finally own something in the virtual world. NFTs are one of the driving forces behind this revolution as they finally create value for digital assets.
They have already created a huge online economy worth billions of dollars, and there are now dozens of marketplaces dedicated entirely to the creation and trading of these digital assets, all of which are unique, running on different blockchains and offering distinct benefits. Polkarare is one of these new NFT marketplaces, and it is one of the most exciting.
Unlike most other marketplaces, Polkarare fully supports cross-chain and multi-token transactions, along with featuring a price discovery protocol that determines the true value of your NFTs.
Powered by Ethereum, Polygon, PolkaDot, and the Binance Smart Chain, Polkarare offers gasless transactions to try to increase market adoption and unlock the full potential of NFTs and a Web 3.0 economy.
How Does The Polkarare NFT Marketplace Work?
The NFT marketplace at Polkarare is all about rare and unique assets such as licensed art, music, and collectibles. It is a cross-chain marketplace and features a multi-chain wallet for storage, meaning buyers can purchase and store NFTs from a variety of blockchains with ease.
Polkarare also features an easy-to-use NFT creation tool for artists and musicians to monetize their work by turning it into a digital asset. Once their work has been made into an NFT, it can be showcased and sold in the marketplace.
What Are POLLARARE NFT Loans?
A unique and highly useful feature of Polkarare is that you can use your NFTs as collateral on loans. Using the price discoverability tool, Polkarare can assess the realistic value of your NFTs and offer you a loan worth the same amount using your asset as collateral.
The platform can also help investors, as any user can offer loans to those wishing to put their NFTs up as collateral.
How Do Royalties Work?
When minting an NFT on Polkarare, creators have the chance to set a secondary sale commission or a royalty amount. This means that every time your work is sold, you will receive a cut of the payment.
Unlike art and music in the real world, where it can be resold many times without the creator receiving a share, using blockchain technology allows algorithms to track the movement of your creation, giving you continual income for your work.
How Does The Polkarare Platform Work?
The norm is for NFTs (and all platforms that operate using NFTs) to operate on the Ethereum blockchain. However, with so much activity happening on the Ethereum network, it has created a bottleneck effect where transactions are slow and gas fees are high.
To get around this issue, Polkarare is creating a multi-chain NFT platform, meaning creators and traders can unlock the full potential of their assets by moving them across different networks and blockchains. It also features a built-in decentralized multi-chain wallet for the storage of your NFTs.
To achieve this, Polkarare uses smart contracts to ensure smooth functionality across multiple chains.
The platform also features many server modules to store unnecessary data and speed up the marketplace, along with account modules to separately and securely store all sensitive data. And, of course, Polkarare is the only NFT marketplace to feature a price discovery engine, making it easy to track the real price of all your assets.
What Are Polkarare NFTs?
Polkarare NFTs are digital assets directly connected with Polkarare, such as licensed art and music or any work minted through the site’s NFT creation tool. All Polkarare NFTs are ERC-1155 tokens, meaning they can be used easily on any external platform that supports this standard.
All NFTs minted by Polkarare contain extra data such as the creator’s address, royalty fees, and any unlockable content that the creator may choose to attach, so no matter how far your work travels, the current owner will always know who created it.
How Do Royalty Fees Work?
Royalty fee ratios can be set when minting your NFT at Polkarare. This means that every time your work is sold, a percentage will be sent directly to you. If you minted your NFT using Polkarare’s creation tool, Polkarare itself will also take a cut every time it is traded on its marketplace or elsewhere.
Holders of PRARE, the native token of Polkarare, will have access to lower transaction and royalty fees when trading NFTs in the marketplace.
What Are PRARE Crypto Tokens?
PRARE is the token that will be used for everything at Polkarare. All transactions and trades will take place in PRARE, and there are plans for it to be a multi-chain token. At the moment, however, PRARE is an ERC-20 token operating on the Ethereum chain with a maximum fixed supply of 100 million tokens.
Holders of PRARE have access to exclusive drops of collectible NFTs, and the tokens can also be staked on the platform to provide liquidity. As an incentive to stake your PRARE, Polkarare offers a percentage of the profits made by the marketplace in transaction fees and also the chance to farm rare NFTs.
PRARE isn’t just a utility token; however, it is also used for governance on the platform, creating a space where the platform is controlled by the users.
How Does Governance Work?
Anyone who has invested or staked in Polkarare has the chance to have their voice heard by the owners. All decisions on the platform’s direction are put up for a vote, and all stakeholders can vote for or against the proposal.
Not only that, but stakeholders can also suggest their own proposals and have the rest of the community vote on them. Every proposal needs to include a plan of action and a profit expectation and to be implemented, it must be agreed by a sufficient proportion of the community.
Polkarare is trying to become the NFT marketplace of the future. By offering useful features such as cross-chain interoperability and a price discovery engine, Polkarare is already head and shoulders above the rest of the competition by creating an all-in-one marketplace.
Its creation tool is one of the best tools available today, especially with its royalty feature, which allows creators to continually earn money from their creations for years to come and makes it easy for artists to monetize their work.
For anyone riding the wave of NFTs right now, Polkarare is the marketplace you need to be a part of.
- Unlike most other marketplaces, Polkarare fully supports cross-chain and multi-token transactions, along with featuring a price discovery protocol that determines the true value of your NFTs.
- It also features a built-in decentralized multi-chain wallet for the storage of your NFTs.
- As an incentive to stake your PRARE, Polkarare offers a percentage of the profits made by the marketplace in transaction fees and also the chance to farm rare NFTs.
Further Polkarare Information
- Price $0.0075
- Market Cap