Polkarare AMA Recap

Polkarare AMA Recap
Polkarare AMA Recap
Myko (CryptoDiffer)
Hello, everyone!😁 We are glad to meet here: Pramod, CEO & Founder at PolkaRare
hey everyone, nice to be here thanks for the invite
Pramod
Pramod
Polkarare AMA Recap
Myko (CryptoDiffer)
Welcome Pramod, thank you for taking your time today! Our team has prepared 3 questions for you to start with Are you ready to start?
sure lets go 🔥🔥🔥
Pramod
Pramod
Polkarare AMA Recap
Myko (CryptoDiffer)
yeah! Let's start with the introduction Q1: Can you introduce yourself to our community?
sure I have Worked as a software developer with multiple startups for the past 8 years, where I worked with and have led multiple teams on application development. Have been involved in crypto space as an investor for the last 4 years as well with advising and investing with top projects. Been interested in NFT space since Last year and wanted to develop something of my own in this space. (done)
Pramod
Pramod
Polkarare AMA Recap
Myko (CryptoDiffer)
Okie, nice beginning let's continue and look closer at your project Q2: Can you introduce Polkarare to us?
PolkaRARE is a web3 economy that allows any user or a brand to create, trade, and discover NFTs. By leveraging NFT’s provable scarcity, transferability, and polkarare’s offerings, we aim to unlock the maximum potential of NFTs. PolkaRare is powered by PolkaDot, Polygon, Ethereum, & Binance Smart Chain Most NFT platforms are based on Ethereum. However, current Ethererum network congestion issues have become a bottleneck for NFT creation and trading. Polkarare platform targets to be a multi-chain NFT platform, where creators and users can optimize the blockchains they want to use, and seamlessly transfer them across different networks. The initial phase of the platform allows NFT creation on Ethereum and Polygon chains. In phase 2, we will add NFT creation on the BSC and gradually extend it to other blockchain networks We plan to bring top artists from INDIA and pakistan as well as NFT auction of christies on our platform with help of our advisor Priyanka Gill who runs her own 100M USD company called MyGlamm which is backed by Amazon. She is very well connected with top auction houses around the world as being as art collector herself. Real world problems with NFT platforms is the ease of use and understanding, we are trying to simplify the use case for every user having no prior experience of blockchain. (done)
Pramod
Pramod
Polkarare AMA Recap
Myko (CryptoDiffer)
woah, seems that you'll have ambitious plans! this leads us to our last question before the community part Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
we recently concluded our highly oversubscribed fund raise last week and we did IDO on 3 platforms 2 days ago and currently listed on Gate and Uniswap 2 days ago. we announced about upcoming MVP of NFT marketplace which is coming next week and many other things are pipeline which are coming in just next 2-3 weeks like new exchanges, MVP, $PRARE on BSC etc we release V1 marketplace in next 4-6 weeks we are planning to onboard top artists & celebrities for their limited edition NFT sale once we go live (done)
Pramod
Pramod
Polkarare AMA Recap
Cryptodiffer Community
1. I see that the initial phase of the platform will allow NFT creation on Ethereum and Polygon chains. But current Ethererum network congestion issues have become a bottleneck for NFT creation and trading. Can you explain if Polkarare will have another phase where NFT creation will be on any other blockchain apart from Ethereum? 2. For a project to survive long term, such project needs to have a revenue plan. Can you briefly share the revenue plan of Polkarare with us?
Most NFT platforms are based on Ethereum. However, current Ethererum network congestion issues have become a bottleneck for NFT creation and trading. Polkarare platform targets to be a multi-chain NFT platform, where creators and users can optimize the blockchains they want to use, and seamlessly transfer them across different networks. The initial phase of the platform allows NFT creation on Ethereum and Polygon chains. In phase 2, we will add NFT creation on the BSC and gradually extend it to other blockchain networks For Gasless txns, As we are using Matic chain for our V1 marketplace, the gas fees will be borne by the platform and the user doesn’t have to spend any gas himself. For other chains, where Gas fees are high like Ethereum, gas fees charges for user will be discounted and will be dependent on the amount of $PRARE token held by the user.
Pramod
Pramod
Polkarare AMA Recap
Cryptodiffer Community
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Yes we have a revenue plan and its important for a project to have a revenue plan to survive long term Our revenue plan in brief : 1 : % of fees from NFT Trading 2 : Collections products — We launch exclusive NFTs for artists, sports celebrities and brands. We will charge % on sales 3: Loans products — we also charge a small fee here % of profits will go to the dao treasury which will be controlled by token Holder’s.
Pramod
Pramod
Polkarare AMA Recap
Cryptodiffer Community
Which country are you mainly in technical team? Does the country you are working in facilitate your development? And in the end I see whether the project develops or not thanks to good technology, are you confident with your team?
My whole team is from India and we are currently working from our homes due to covid crisis in INDIA Along with me, there are 2 full time software developers and 1 full time UI/UX developer & 1 person in business development for indian markets. We also have 2 graphics designers and 1 Angular developer on contract basis. We are currently in process to increase our team to have more backend developers for our development in other chains. We will be hiring at least 3–4 more developers by next 1–2 weeks
Pramod
Pramod
Polkarare AMA Recap
Cryptodiffer Community
Can you briefly tell us about $PRARE token which is the platform’s utility and governance token? I understand that it will be distributed after your IDO, so on which chain will it operate at first?
$PRARE token is the platform’s utility and governance token. It is the primary mode of exchange on the platform for NFT trading. $PRARE holders have lot of benefits including 1) Governance — $PRARE token holders will be able to propose and vote on key proposals, a portion of platform transaction fees will be used for the governance rewards. 2) Staking Rewards — Stakers will be rewarded with platform fees. Stake $PRARE to earn $PRARE. 3) NFT Farming — Stake $PRARE to farm rare NFTs. 4) Exclusive NFT drops — $PRARE holders will get exclusive drops from the collectibles product.
Pramod
Pramod
Polkarare AMA Recap
Cryptodiffer Community
Currently, the NFT Market is very competitive and a new NFT market emerges every day. Which features will PolkaRare use to surpass its competitors in this increasingly aggressive competitive environment? What might be your fascinating features that make you more innovative and unique than your competitors?
Yes correct, Market is very competitive and there are lot of NFT marketplaces around but I bet you would never seen an easy to use platform like PolkaRare. How do we stand out - We are abstracting blockchain from our product by social logins, gasless transactions. We are also trying to bring full potential to NFTs by introducing social, commerce and other unique features We are also providing shopify like storefronts for creators, adding unlockable content to NFTs. eg: only NFT owner able to access hidden data in NFT metadata We are also providing Social features, adding features like user profiles, following, likes, favorites, comments etc., We will go mainstream by collaborating with celebrities and do rare NFT drops, our advisor Priyanka Gill is helping us with onboarding mainstream artists and connecting with auction houses I think i have answered the questions which cover all the topics
Pramod
Pramod
Polkarare AMA Recap
Myko (CryptoDiffer)
Thanks for your time, Pramod! We were please to host an ama with you!