What is Polkarare?

NFT continues to gain momentum worldwide. As evidenced by dozens of projects competing fiercely to attract users across various blockchain ecosystems. Unfortunately, this results in a fragmented industry rather than one capable of adding new projects. In order for NFT to become mainstream in the future, an optimized overview of what the industry has to offer is required.

Since there are so many blockchains with viable and competing NFT projects, it wouldn’t be a bad idea to put them all together in one ecosystem. Additionally, it makes it easy for both new and experienced users to explore the NFT opportunity without worrying about switching between blockchains.

What is Polkarare (PRARE)?

Polkarare is an innovative NFT platform based on Ethereum that was launched in the first quarter of 2021 with the aim of drawing more attention to the NFT industry. The cross-chain approach with large blockchains for NFT is an important step in the right direction. In addition, Polkarare has many innovative features including NFT mortgage loans, a multi-chain NFT marketplace, and an NFT pricing protocol.

Polkarare’s vision is the result of the collaboration of many like-minded people. All project consultants have experience in marketing, blockchain development, NFT, DApp and angel investing. With this expertise, the team wants to make Polkarare the “boss” in the NFT world.

In addition, what makes the project stand out is that it adds many new features to the NFT. Not only for creating digital works of art or collectibles, Polkarare also allows users to use NFT as collateral to borrow or lend to others. Incorporating NFTs into DeFi is a tactic that will help open new opportunities for discovery and user engagement.

In addition, Polkarare has other features such as staking rewards, NFT farming and exclusive NFT minting. The platform’s native token will provide a benefit through governance and act as a medium of exchange. The overall goal is to make NFT available on different platforms and provide them with more use cases to drive adoption and encourage wider adoption of the technology.

How does Polkarare work?

According to Polakrare’s roadmap, developers have put a lot of work into the architectural design of this cross-chain NFT platform. The team also developed the prototype in the first quarter of 2021 to complete the seed round. In the 2nd quarter of 2021, the team carried out IDO, introduced staking support and integrated wallet, and successfully deployed the Polkarare test network. A few weeks later, the Polkarare mainnet went live and the first version of the rewards program was also activated.

In the coming months, the team will focus on implementing NFT farming, NFT minting application programming interfaces (APIs) – an enhanced reward program and social features. In addition, the roadmap includes support for other trading currencies, NFT loans, and a pricing log feature, which is slated to roll out in the fourth quarter of 2021. Both mobile support and the project’s admin portal are also under development.

What Makes Polkarare Unique?

In order to create a competitive, viable and attractive NFT ecosystem, Polkarare aims to connect popular NFT-oriented blockchains and open up many new use cases for users. These use cases include:

Multi-chain NFT market

In the current NFT landscape, markets operate on individual blockchains that cannot communicate with one another. However, the Polkarare marketplace has native cross-chain support with social features, gas-free trading, and support for 3D art galleries.

Multi-chain NFT wallet

Building a market for cross-chain NFTs is only the first step. Polakrare aims to enable users to safely store assets in an unprotected multi-chain wallet. It’s more than just a wallet for NFT, it also integrates support for digital assets on Polkadot, Ethereum, Polygon and Binance Smart Chain.

NFT mortgage loan

As DeFi – especially crypto loans and credits – grows in importance, it should evolve to accept different types of collateral as collateral. Polkarare allows NFTs to be used as collateral for loans or loans to other users. This method gives the NFT more flexibility.

NFT. Price Discovery Protocol

No one can currently determine the exact value of the NFT. Polkarare solves this problem by introducing a protocol that is pricing capable and uses proprietary models to determine the actual value of the NFT.

Support of 3D content

As the digital artwork space continues to grow, more sophisticated services will emerge. 3D technology appears to be the next station for NFT, even if very few platforms support it. Polkarare sees the potential of NFT 3D and ensures that this type of content will be supported by the project by Q4 2021.

Polkarare’s leadership is inherently owned by members of the community who hold the indigenous PRARE token. The admin portal for the project is currently under development and is expected to be released in the fourth quarter of 2021. PRARE is also used for rewards staking, NFT farming, and proprietary NFT minting.

Compare Polkarare and liquidity

When multiple developers are interested in building a cross-chain NFT marketplace, duplication can occur. Liquidity aims to provide tools to NFT collectors, including using them as collateral for loans and with built-in cross-chain support. However, it focuses on Binance Smart Chain, Flow, Polkadot, and Ethereum, while Polakrare is a bridge to Ethereum, Polygon, Binance Smart Chain, and Polkadot.

In addition, Liquidity is working on Binance Smart Chain and is mainly aimed at artists who want to create unique works of art, as well as users who need NFT oracles. Polkarare’s vision is slightly different, but it also targets NFTs as collateral for loans and cross-chain support on other blockchains.

Both platforms have ready-to-use marketplaces, but Polkarare has social features that Liquidity doesn’t seem to have. Unfortunately, the social aspect of digital assets is often overlooked, although it is an important one. Having a strong focus on this aspect helps differentiate between the two projects as they are not exactly the same.

It’s good that so many different approaches are working together to make the NFT room more flexible and useful. Freeing up liquidity and value across multiple blockchains could have a positive impact on this emerging industry.

Minh Anh

According to Coinmarketcap

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page