If you haven’t been living under a rock in the last year, you’ve probably heard of non-fungible ones tokens or NFTs. Since the winter of 2021, when CryptoPunks became a Twitter sensation, the crypto world has seen the emergence of numerous NFT collectibles.
Typically, the average person has a passing understanding of NFTs while alternative cryptocurrencies or altcoins remain a mystery, understandably given that they formed in the afterglow of Bitcoin’s popularity. altcoins trying to present themselves as a better alternative to mainstream bitcoin by fixing its particular design flaws and developing competitive advantages in newer versions.
The project I would like to discuss follows the spirit of altcoins by taking the best that NFTs have to offer while revolutionizing the concept at its core.
The game changer
One of the main obstacles NFT enthusiasts face when flipping their favorite JPEGs is the ridiculously high fees charged for minting NFTs. For example, it costs between $100 and $500 to mint a new NFT on most Ethereum blockchain marketplaces. The same applies to transaction fees when transferring your NFTs from one wallet to another.
But a new project parody coin (PARO), will change everything. That Parody Coin Ecosystem was designed to take the most exciting and user-friendly aspects of the NFT markets to make them more accessible for everyone.
The project’s unique solution allows users to create spoofs of the most popular NFTs while providing the mechanism to trade these NFT spoofs to generate revenue.
Cross-chain integrated DApp
parody coin uses a decentralized application (DApp) powered by BNB Chain with an intuitive UX interface to create parodies of popular NFTs on BNB Chain, Ethereum and other blockchains.
Because parody NFTs are not completely detached from their original version, there is a robust bridge that owners of the original can get through NFTs may gain ownership of the parody NFT by banning or burning the real NFT.
There is also a paroverse created to account for the emergence of NFTs that interact directly with the real world. In fact, it manages the ability to create and interact with virtual worlds through NFT parodies and other decentralized applications.
The PARO token
The focus of this extravagant party is the parody coin (PARO), a native coin of Parody Coin ecosystem. Adopters can use this coin to pay fees, mint and transfer NFT parodies between wallets in the marketplace.
Aside from being the primary medium of exchange in the upcoming Paroverse and other DApps launched in the ecosystem, all transactions associated with the sale of the NFTs parodies will also be processed through the (PARO) sign.
The Parody Coins can be exchanged with other blockchain assets via liquidity pools of decentralized exchanges (DEXs).
Since most liquidity pools depend heavily on users’ ability to fund the wallet that facilitates exchanges between different coins, the robustness of the system depends on liquidity providers finding the incentive in the form of a reward from fees paid to be sufficiently enticing.
parody coin Steamrollers this problem by relieving users of the responsibility of maintaining the liquidity pool by funding the liquidity pool through sign Reflection on the fees users pay for transactions ecosystem.
sources of income
The Parody ecosystem has four main revenue streams for its participants:
- Mint parodies of popular NFTs and sell them in an open marketplace.
- Earning with the pareflection system (token reflection).
- Staking on the BNB chain.
- Earn with the ParoReward system.
It’s rare for them NFT Space to find a project that dares to push the boundaries of innovation while completely revolutionizing the use of NFTs across the board. Since the NFT boom, most projects have been drab copycats at best, or boring works of art at worst. However, with Project Parody Coin, we can finally witness the rise of a phoenix in an industry that has currently been in a stagnant phase for some time.
Keywords: Altcoin, parody coin, PARO, NFT, token, ecosystem
Pre sales: https://presale.parodycoin.io/register
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