The launch of the $PARAS token and Paras IDO during which 5% of the $PARAS token will be sold on Skyward Finance from September 21 to September 25.
DISCLAIMER: The information below is provided by the Paras team and is not verified by the Skyward Finance.
What is Paras?
Paras is an NFT marketplace that focuses on digital collectibles. We thrive upon bringing conventional collectibles to crypto space. We believe that every single physical art form needs to be stored and digitized to keep it future-proof. Paras, an all-in-one digital collectible marketplace, is eager to diversify the assets to digital collectibles.
Unlike other marketplaces, we are putting collections forward instead of a single art release. We believe that collecting collectibles (digital art cards) do not only attract crypto collectors but also conventional trading card collectors. With the current artists we have, we are confident that we can capture the essence and excitement of collecting a set of cards. We also pursue to increase the card's value by including background stories or lore as we think that visuals can be enhanced through this approach.
We want to produce and develop crypto-native IP as we believe that by creating new exclusive IPs, we could tailor and design new experiences of these mediums: comics, games, and toys. Giving utility and use cases over digital assets could create more value to collectors and creators. In the end, we would like to build our own metaverse where Paras becomes the gateway to access multiple sources of entertainment.
As our marketplace grows and the technology in Web 3.0 space advances, we are able to create more unique experiences and add verticals to the current NFTs. We are pursuing the idea of metaverse on our platform in the future. On top of that, our approach to the business focuses on the creators’ economy. To support that idea, we take 5% of every transaction on our platform including the secondary market sales.
About $PARAS token
$PARAS is a native fungible token on NEAR Protocol.
Token Account ID: token.paras.near
Total supply: 100,000,000 $PARAS
What are $PARAS, the token allocation, and future utilities?
Paras token is a utility token that will be distributed and used for these purposes:
- 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 follows:
Paras Private Sales
From the 1st private sales, we secured $1,500,000 backed by known Venture Capitals and Angels Investors, such as Black Dragon Capital, Dragonfly Capital, Moonwhale Ventures, GFS Ventures, Digital Renaissance Foundation, and 18 other venture capitals and angel investors.
Token future utility and use cases
These are the use cases for the $PARAS token:
Exclusive Deal and Event
Some deals and events can only be accessed by $PARAS token holders. Established influencers, artists, creators, and other merchants can issue limited edition NFTs that are both certifiably scarce.
Limited edition physical goods that can be received through raffles from collecting the card collectibles. The raffle spot can be purchased via NFTs, from the buyers/collectors' perspective this is very interesting because even though they didn’t win the prize, they at least own the NFT as proof of participation in the raffle.
We saw how crowdfunding platforms like Kickstarter were able to generate demand for creative projects. 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 token holders can take part to govern the ecosystem, from artist whitelisting, feature updates, parameter changes to community grants. In addition, the $PARAS token holders can also decide to allocate the fees from the platform via the DAO. DAO governance will happen approximately 12 weeks after the token launch to make sure the token is well distributed and decentralized.
Why did Paras choose NEAR?
By building the platform under NEAR and IPFS/Filecoin, we want to track the ownership of every single collectible in our platform. Through these solutions, Paras validates ownership and gives access to every purchase and mint to the public. Running on top of NEAR, a scalable blockchain, Paras offers a very cost-effective, fast transactions, and user-friendly platform for users.
About the team
The Paras team is based in Indonesia. The project was bootstrapped through winning hackathons and bounties from several web 3.0 projects.
Follow Paras social media for more updated information:
- Twitter: https://twitter.com/ParasHQ
- Instagram: https://instagram.com/paras.hq
- Discord: https://discord.gg/vWR2XBNupg
- Telegram: https://t.me/parashq
- GitHub: https://github.com/parashq