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Paras
Following the king of NFT – @thecryptopunks and the rise of the NFT marketplace @opensea, the NFT market is only looking at the sky. Remember that decentralization is essential in crypto, most of the NFTs are dominated by either $ETH or $SOL.
So, here comes @ParasHQ! The NFT marketplace for $NEAR blockchain with the DoomSlug technology and human-readable addresses. Paras exclusively sells limited-edition NFT trading card collections – an ever-expanding world created by each artist.
Taking a deeper curated approach, Paras offers low-cost and fast transaction atop $NEAR and increases the collection value by including background story or lore since visuals as it adds unique value/perspective.
Paras, leaning more towards digitalization, is in the intersection of four big industries: NFT sales reached $2B+ in Q1 2021, global gaming market reached $169B+ in 2020, global comic books market at $4B+ growing with a CAGR of 3.3%, and global toys market is estimated to reach $120B+ by 2023 at a CAGR of 4%.
The project was founded by Indonesians @hdriqi and @ShofyAfiq in 2020. Riqi graduated bachelors in Computer Science and has been in the cryptospace since 2017. Afiq is a literature enthusiast graduating bachelors in English literature.
Paras successfully raised $5M of total funding in a seed round back in November 9, 2021, with investors including @DigitalRenaiss7, Moonwhale Ventures, @BlackDragonCap, @GFS_Ventures, and @DCPCapital.
Paras Initial Partners:
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@galaxyonline – epic MMO blockchain-based space game races
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@outplayent – arcade games with 3 games supporting NFT
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@metamonapp – part of @themtvrs, a trading card game
Diving deeper into its whitepaper/project mechanics, Paras has a notion to integrate NFT utility and smart contract capabilities. All activities in Paras include:
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functional marketplace for artists to sell digital collectibles
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protocol for dApps in $NEAR to trade NFT directly in their platform
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providing multiple revenue streams
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allowing community to participate in DAO
As one of the core pillars, the Paras team takes 5% of every transaction on the platform including secondary market sales.
The value proposition that Paras is providing are the future of collectibles, the growth of pop-culture, and building the crypto-native IP.
To realize this vision, Paras went on an IDO on @skywardfinance back in mid-Sep, 2021. 5% of the total supply is allocated for public sale (5 million).
$PARAS Tokenomics
The total token supply is 100 million, without information on hard cap or soft cap. Tokens allocated to the team are vested linearly over 36 months, whereas for investors vested over different periods of time. The airdrop and reserved token are managed by the core-team.
The main use case for $PARAS are exclusive deals and events – limited edition goods, raffles, creator events, etc and DAO governance.
Recently, $PARAS is available for staking. Though, it is unclear the purpose of staking itself in the network since security-wise Paras adopts the $NEAR protocol. Other than that, staking $PARAS will earn rewards in the form of the native token with 234% APR as of writing.
State of the platform
Currently, the Paras limited edition drops are @BooMonstersNEAR with an astonishingly high offer – 500 NEAR ~ $5240.
The top 5 collections in the platform are @MetaNEARton – 43k+ NEAR, @ASAC_NFT – 8k+ NEAR, @SecretSkellies – 7k+ NEAR, Pillars of Paras – 5k+ NEAR, and @NftDegenLizards – 5k+ NEAR.
With the update of Paras 2.0, all NFTs in the platform adhere to the standardized base on NEP-171. The ratio (64x89) NFT constraints are also abolished. Another unique upgrade is NFT series, in which the creator sells an edition to a ‘comic book’.
Roadmap:
Q1 2022
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Interoperability with other NFT projects
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Develop more crypto-native IPs
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NFT trading system
Q2 2022
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NFT launchpad
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PARAS DAO
Q3 2022
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Booster pack creator
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Explore NFT verticals
Q4 2022
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DAO expansion
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NFT lending
Socials:
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Instagram: https://www.instagram.com/paras.hq/
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Twitter: https://twitter.com/ParasHQ
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Telegram: https://t.me/parashq