Date : 30 April 2021
Host : HunterX & GemFlair
Guest : Polkarare Team (Pramod M | PolkaRare— CEO)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Polkarare, on 30 April at 3 PM UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 — Introduction Questions Asked By Spykefast
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at @PolkaRare?
Pramod M | PolkaRare — Sure, my pleasure
This is Pramod and I am CEO & Founder at PolkaRare
So, I 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. I’ll first tell about how I got the idea behind the PolkaRare and brief you about polkaRare after that.
So, My wife is an artist and she loves to draw so she also got interested to try out NFT but having no prior experience of blockchain & metamask, it was first hard & frustrating for her to understand all the steps for just minting an NFT.
So i thought lets just create a platform which is easy to use and understand for anyone with or without any experience in crypto.
So my goal of creating this platform was to provide a seamless onboarding experience for an artist without the overhead of using metamsk himself and doing contract txns by himself. We will take care of all that hussle so users can focus only on creating the art and getting the real value out of it.
HunterX — Excellent…you really have got leadership skills and right mix od Crypto experience and a great vision to lead a project of this calibre
And I am happy to say, you have managed to put a real decent job so far. Great progress 💪
Gem Flair — Great .you have an artist at home itself.🙂
HunterX — Q2. Let’s talk in detail about #Polkarare project. What are the main features of the project?
Pramod M | PolkaRare — PolkaRARE is a web3 economy ecosystem that allows anyone with little or no prior experience of NFTs 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.
Features summary :
Multichain NFT marketplace
PolkaRARE is an interoperable cross-chain NFT marketplace with social features, gasless transactions, and a 3D art gallery.
NFT Wallet
A Multichain wallet to store every type of NFTs and digital assets
Collections
Rare NFT drops include licensed art, music, and sports cards.
NFT Collateralized Loans
Put your NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.
Royalties
Creators can configure flexible royalties on creations to receive secondary sale commissions. $PRARE token holders will be able to set royalties a bit higher.
Unlockable content
Store private files that will not be previewed openly but only unlocked for the current owner.
NFT price discoverability protocol
Price discovery models that determine the realistic value of your NFTs.
Social features
Social features like user profiles, ratings, comments, favorites, and sharing to increase creator and fan engagement
Multi content support
Support for 2D and 3D media.
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
HunterX — Q3. What are the major utilities of holding the $PRARE token? How does team plan to enhance it value so as to attract users onboard?
You can drop some explanation.
Pramod M | PolkaRare — $PRARE holders have lots 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.
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.
We will be launching our MVP around IDO and IDO platforms news in coming days
we plan to bring NFT farming and collection drops in Q3
NFT farming — Rare NFTs will be airdropped randomly to the $PRARE token stakers & Liquidity providers
Early access NFT drops — Early access will be given of limited edition NFTs to token holders. Like how amazon prime deals are.
Collections — We will be onboarding a lot of celebrities when we go live and their licensed art like drawings, Music and videos in digital format will be put up for sale on the platform
HunterX — Q4. Since when the project development has started? What is the present progress of Polkarare Platform development?
Pramod M | PolkaRare — Long term we plan to onboard every artist, small or big, in the world to use our platform.
Currently we are working to roll out our test net version on Polygon (Matic) before IDO. We have our API’s going live next week and there is a bit of frontend work pending to beautify the process. Initially for the MVP version, we shall be having NFT minting functionality, Gas less transactions and wallet creation by social login providing seamless user on-boarding experience.
MVP will be launched around IDO date.
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.
HunterX — Q5. Does #Polkarare have any competitor? How is #Polkarare different from other similar platform?
Pramod M | PolkaRare — Yes correct, Market is very competitive and there are lot of NFT marketplaces around but I bet you would never see a 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
HunterX — We have poster for this as well
HunterX — Q6. What major events can we expect in the 2021 #Polkarare Development Roadmap?
Pramod M | PolkaRare —
Social Features
Multi Trade Currencies
NFT farming
Collection drops
NFT minting APIs
Governance Portal
Mobile Support
NFT Price Discovery Protocol v1
NFT Loans v1
3D content support
We have very busy roadmap for this year
HunterX — Q7. With the recently closed private sale, Can the team share details about public sale? Any partnerships to mention?
Congrats @pramod_pSquare for a highly successful private sale round.
Pramod M | PolkaRare — We will be releasing IDO details in next 2–3 days.
HunterX — Some Top Tier VCs and Investors on board.
Round 2 — Questions Asked on Twitter & Telegram For Polkarare
L —Q1. A Iot of artists new into the crypto space may feel intimidated by NFTs because it is generally thought that a decent amount of coding knowledge is required in order to create NFTs. Will PolkaRARE put an emphasis on anyone being able to create NFTs with ease, even newcomers with little coding experience?
Pramod M | PolkaRare — That’s why we are making our platform easy to use for users with no barrier of experiece of blockchain but being 100% blockchain project.
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.
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.
Goga — Q2.🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️So my question is : is the the ethereum, polygon, polkadot and binance smartchain the only blochchains or will more by added ? like cardano’s or mina’s for instance ?
Pramod M | PolkaRare — 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 really want to give best to the user and any chain that satisfies our goal, that will be the major chain of application for us.
Every chain has its own benefits and we want to utilize every chain features to benefit the users
EsrarengizBTC — Q3.One of the main factors that make projects successful is a sustainable income structure. What are the ways your team can make a profit or generate income to keep your project going for a long time, and what is the revenue model? How does your income model benefit your stakeholders in your ecosystem?
Pramod M | PolkaRare — 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.
CLOSING REMARKS:
HunterX — Thanks for the responses.
Alex Lenderp — Thank you for your detailed answers!
HunterX — Thanks for the interaction @pramod_pSquare. It was pleasure having you here.
L — Great AMA very informative 🚀
Important Links
1) Polkarare Website : https://www.polkarare.com/
2) Telegram : https://t.me/PolkaRARE
3) Twitter : https://twitter.com/PolkaRare
4) Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
