The growing popularity of cryptocurrencies and NFT tokens in particular has been seen all around the world. Many investors successfully invested and gained millions of dollars from various coins during the last year. The NFT industry continues to show exponential growth, but it does not come without some challenges.
While it is true that the variety of digital assets on offer can satisfy any investor’s wants and expectations, it is rather expensive and inaccessible to a large proportion of crypto enthusiasts.
Parody Coin (PARO) expects to address some of these issues that the current NFT market is experiencing.
What is Parody Coin (PARO)?
Parody Coin enables the minting, selling, purchasing and access to the utility of parodies of popular NFTs such as CryptoPunks and Bored Apes. Parody Coin is a deflationary utility coin built on the Binance Smart Chain (BEP-20). Its main goal is to provide users with a range of passive income alternatives. Parody Coin will also provide a user-friendly interface for the innovators.
The Parody Coin ecosystem is built to combine the most beneficial characteristics of the NFT marketplaces. The platform’s NFT Marketplace will enable users to sell and buy parody NFTs. The major purpose of Parody Coin is to address the lack of access to the NFT market caused by high pricing and fees, as well as to provide capabilities not accessible on existing NFT platforms.
Parody Coin key elements
The ecosystem of Parody Coin features its own dApp store. The team’s long-term objective is to allow third-party developers to design and deploy apps within the ecosystem. These dApps will offer a number of services, including some that aid in the minting, trade, and utilisation of parody NFTs in order to encourage the platform’s growth.
The Paraverse component in the Parody Coin ecosystem is meant to aid in the creation of NFTs that connect with the real world to meet the requirements of metaverse development. Through NFT parodies and other decentralised applications, the Paroverse enables the potential to develop and engage with virtual worlds that are interfaceable with the real world.
What if you don’t know how to make NFT parodies?
There is nothing to worry about if you do not know how to make parody NFTs – you can still join the network! Parody Coin provides three key revenue streams for those who wish to engage in the Parody ecosystem without minting and selling parody NFTs:
- Earning from the paroflection (token reflection) mechanism;
- Staking on the BNB chain;
- Profiting through the ParoRewards system.
The holders of Parody coins receive earnings in BEP20 tokens through the ParoRewards. The service is intended to lend funds for a return on money markets via the BNB Chain platform. This allows holders to profit from compounding interest.
All you need to know about PARO coin
The native coin of the Parody Coin ecosystem is PARO. It’s used to pay fees to mint and move NFT parodies between wallets on the marketplace as well as for settling transactions involving the selling of parody NFTs. Furthermore, it serves as a means of trade in the Paroverse and the various dApps established in the ecosystem.
Multi-chain ParodySwap will allow users to exchange any cryptocurrency on any blockchain for an equivalent quantity of Parody coins. Parody Bridge built into the Parody Coin protocol will be used to facilitate these transactions.
Because PARO is a deflationary utility coin, the total amount of coins in circulation does not rise but rather declines with time. This is due to the fact that a portion of the fees paid by users is instantaneously sent to a burn wallet, where it is destroyed and never returns to circulation.
A total of 300 million PARO tokens will be pre-mined ahead of its Initial DEX Offering (IDO) on PancakeSwap. Currently, in phase 1 of its presale, the PARO token has already attracted wide attention in the crypto market. You can join other early PARO investors through the links below!
For more information about Parody Coin:
Keywords: Parody Coin, PARO, NFT, ParoRewards, ParodySwap, Parody Bridge, Binance Smart Chain, dApps.