For many, Crypto And Web 3 offer the possibility of creating a more equitable and autonomous platform to appropriate one’s own resources, since NFT is an important player in the ecosystem. Although growth problems are normal for any growing industry, the gas fees associated with ETHs for trading and NFT minting sometimes become so high that there is inefficiency in the market. This creates a barrier to entry for your low- and mid-cost products.
While this isn’t a problem for your high-end NFTs like BAYC’s we’ve seen sold for millions, it’s a meritocratic issue as the average trader wouldn’t be able to justify a $ 50 gas fee for a purchase. with a retail value of $ 300. As such, the same system that was created to alleviate high barriers to entry and institutional monopolies has inherited a similar problem from the vast demand we see.
Therefore, while we shouldn’t criticize the Ethereum blockchain too harshly because it really laid the foundation for future success on the Web 3 and Metaverse, we should welcome competition and alternatives that increase meritocracy and help NFTs achieve theirs. real potential.
The utility in the parody.
A start-up project that has received a lot of attention lately Parody Coin (PARO). Parody Coin seeks to solve the meritocracy problem in the ecosystem by developing a platform that allows users to mint and trade parody versions of popular NFTs. While in most cases the NFT would not be unique, the usefulness of NFTs that are functional, users are able to derive value in the same way as the original NFT.
Also, if the owner of an original NFT bought a parody, they could burn the original to turn the parody into the original. On the surface, it might seem outdated, but what it would do is allow users to enjoy low gas rates in the corner parody market and a more competitive market would arise.
The potential of this feature is very, very exciting and is potentially the most exciting component of PARO. It embodies all the philosophies surrounding why so many people are in the ecosystem and alleviates the problem we see in many markets with high gas royalty.
ParoRewards and Tokenomics
To complement the usefulness of the protocol, Parody also has a strong tokenomics and offers users the ability to earn rewards by wagering their native coin, Parody Coin. There is a ParoReward system for simply holding the token. Staking is one of the best ways to support the network and be rewarded for doing so, however, a minimum 2 week lockout period will be required to qualify for the rewards. This is actually very reasonable for first stage coins where a much longer lock-in period is usually required and can make some users nervous, but with a minimum of 2 weeks this won’t be a problem.
Furthermore, Parody Coin is a deflationary asset, which means that over time the coin will increase in value as there are measures to fight inflation through a combination of burning and redistribution to those who hold the token.
Their IoT launch was set for summer 2022 exchange of pancakes according to their white paper, with 70% of the total supply expected to be made public and 15% reserved for community awards and incentives program to help those who decide to invest in the protocol early.
A convincing project
Given that their presale has been one of the most successful presales of recent NFT-related new projects in recent times, many are already arguing that Parody will be a serious contender in the market and it’s easy to see why. Basically, it is a protocol that seeks to solve a serious problem in an ever-expanding market and involves a philosophy that a community can easily support given its emphasis on meritocracy and equity. With strong tokenomics to boot, Parody could be an NFT-based project that you should consider adding to your portfolio and at least diving deeper into exploration.
For us, Parody is truly a compelling project.
All information about the project below:
Website : https://parodycoin.io/