There have been many changes over the past twenty years in various aspects of showbiz and entertainment. From buying CDs, downloading mp3 music files and watching YouTube videos of songs, people now have the option to download them.
This has led to some problems for artists, such as a significant drop in their revenue. Many digital versions of the music are copied and pirated. This is a problem that has been going on for years. However, there are now solutions. Blockchain technology is one solution.
The famous CryptoKitties first awarded 2017 to Non-Fungible tokens. Digital tokens called NFTs represent digital assets that are unique and can give data value. They are rare and non-copyable. These CryptoKitties NFTs became so well-known that the Ethereum blockchain was completely clustered at its peak.
This popularity has increased even further in 2021, when the industry handles billions in transactions each month. This provides an additional stream of income to these artists as it allows them to retain a portion of the NFTs they have sold.
Creatively, the Covid-19 epidemic has led to creative ways for artists to reach their audience and create revenue. Musicians have had to be restricted from performing live, and some quarantines have prevented them.
Para is an entertainment platform that seeks to fix this problem, disrupt the entertainment industry and do so in many different ways.
Para
Para, a platform, aims to leverage blockchain technology as a way for entertainers and influencers to make a lucrative new source of income. Para has an edge in Germany’s music industry. The founding members have been involved in this industry, which is estimated to reach around 50,000,000 people. Para was able to secure contracts with the most important German athletes and musicians through their engagements in the sector.
Para will launch its NFT platform to entertainers, influencers and celebrities. Para’s NFT Drop will Reach More Than 15 Million People. It will also be one of the largest NFT Sales the European Market has seen.
Token
Para is Para, the Para native token. Because of the low cost gas fee, all can purchase NFTs on the Polygon Network. This is preferable to the alternative which would have been Ethereum but the issue of high gas fees plaguing the network might discourage Para’s target audience; newbies to cryptocurrency.
Tokenomics & Token Allocation
Total Token in circulation — 1,000,000,000
- Liquidity of Exchanges (50%) — 50% of the entire tokens in circulation will be used to provide liquidity for exchanges like QuickSwap and SushiSwap. This percentage of the tokens will be combined with $250,000 worth WETH to ensure that new users have access to enough liquidity. To ensure security and flexibility, half of initial LP tokens (or 50%) will be burnt.
- Marketing (30%) — 30% of the total tokens in circulation will be used for marketing. The tokens can be used for influencer marketing, as they will be distributed to celebrities and influential people who talk about Para Ecosystem or the Para Token.
- Developer Team (10) — 10% of the entire token in circulation will go to the development team and this will fund the future development of the Para ecosystem. For one year, these tokens will be available for linear vested.
- Reserve (10%) — 10% of all the tokens in circulation will be locked in a smart contract for later use. The fund will cover liquidity mining rewards and other details that might arise in the future.
Roadmap
Para will launch the Para Token (and its NFT platform) in December 2021.
Para Token users can access giveaways linked to NFT platforms starting in the first quarter of 2022. They will also be able to interact only with the marketplace via the Para Token. This will facilitate the integration of Para Tokens into the platform.
- Late Q1 — Early Q2 2022
Para’s platform will become more than a NFT-sales platform. It will be a true marketplace. As a result of this move, the profit margin of the ecosystem will increase by 5% because there won’t be any fee being paid to OpenSea anymore. Para Token, which will be available during the period, can now also be used for NFTs. The token holders will have the ability to stake their tokens. A 5% profit margin increase will also be available. Para tokens will be more popular because of this added benefit.
Para’s team will be working hard to get Para tokens into businesses that deal with the entertainment and music industry. It adds value to the token by allowing it to be used in a variety of businesses related the music and entertainment industry as a method of payment.
- Late Q2 — Early Q3 2022
Para now allows artists to release non-fictional works of art. NFT category will be further expanded. For aspiring artists who want to be able to afford studio time, there will be an option for fundraising. Para allows music stars to sell unreleased videos and songs. Influencers and musicians can sell exclusive content via NFTs to their communities.
- Late Q3 — Early Q4 2022
It is now time to enter the Metaverse. With Facebook’s announcement about changing to a company focused on the Metaverse, the world is ready for real immersive Metaverse experiences and Para will be well placed to satisfy this need with its already big network of Stars and Influencers. Para Token can be used for digital ticket purchases to Metaverse events, which will occur more often than ever before.