A few weeks ago Mark Zuckerberg’s announcement about the rebranding of Facebook to Meta, generated expectations and doubts. Google searches on “metaverse” multiplied.
But for those of us in the crypto environment, there was no need to look up a word with which we are completely familiar. We have metaverses mounted on decentralized platforms up and running and many more to come.
An example of the second group is Polkacity, a multi-chain metaverse with an extremely interesting roadmap and the possibility of generating passive income.
I invite you to answer the question “What is Polkacity?” and show Mark that we own our assets here.
Polkacity is a multi-chain metaverse that allows to generate passive income, by simply holding NFT (non fungible tokens). Summarized in one sentence, fine, but now it is time to analyze this sentence and understand each of its components.
As I mentioned in previous articles, a metaverse is a parallel, virtual universe in which human beings are represented by an avatar or virtual character. Clearly, as we are in blockchain, these avatars are “materialized” by means of NFTs, non-fungible tokens.
Why is Polkacity multichain? Initially, certain components of this metaverse were deployed on the Ethereum network. Subsequently, the team made a smart move and created a bridge to Binance Smart Chain, addressing the need of users to pay economic fees. The final destination of Polkacity, as the name suggests, is the Polkadot network.
Finally, I mentioned the generation of passive income and, undoubtedly, it is a point that attracts a lot of attention. With the simple possession of an NFT, Polkacity users can start generating passive income that in some cases exceeds 100% per year.
All this without the metaverse, itself, working, just having a demo of the game, which is very interesting.
But now, let’s focus on the interesting Roadmap through which this project managed to attract a lot of attention and an interesting amount of capital.
Just as we wait for the whitepaper of a new blockchain or a new DeFi protocol, in NFT projects, this role is played by roadmaps. It is on these pieces that we can begin to feel the valuation that we will give to these platforms. And Polkacity’s roadmap is promising.
For this year 2021, a year of great activity for the team, they foresaw and, so far, have complied with the following diagram:
Undoubtedly, the team moved forward without pause and in a hurry. Definitely, the greatest expectation is on the last quarter of this year, which we are going through.
The release of the metaverse to production is the most awaited milestone. Through an article published last week, we were able to see a video with a demo of the game, which undoubtedly triggered the anxiety of the fans.
Knowing what has been developed to date, let’s analyze what options Polkacity offers its users today.
After analyzing the Polkacity Roadmap and knowing that the metaverse has not yet been launched, you may think that there is not much left to do but wait for its launch before starting this adventure.
Well, no! There are already several possibilities to prepare for the release of the platform and I will discuss them in this section.
Whether on the Ethereum network or the BSC network, we can get ready to receive this metaverse with an NFT in our possession.
From the Polkacity store, we can mint different assets, under the NFT format, and start participating in this metaverse.
The possibilities are extensive enough to complicate this decision. We find everything from cameras, pets, decorative objects and means of transportation.
All these assets are priced in POLC, the platform’s token.
When you enter the store and click on an NFT, you will see a list of certain particular characteristics of that asset.
In the first line we will find, apart from the purchase price or “mint”, the APY (Annual Percentage Yield)
that the simple holding of such NFTs provides. In terms of yields, the NFTs that serve as means of transportation stand out.
Another important line is the one that alludes to the future of the NFT. For example, we find a “Polka Gym”, which immediately returns an annual APY. But also, we can read that, once the fighting tournaments are active, we will be able to get 15% of their earnings by simply holding this gym item.
The platform is not the only possibility that the NFTs, once minted and waiting for the release of the metaverse, can be used today. Respecting their roadmap, they presented their own Marketplace in due time and form.
Within the same platform, holders of these NFTs can offer them for sale to realize instant profits. It goes without saying that POLC is the exchange currency of this market.
One of the latest news on the platform. Within the Polkacity store, last month, its users came across a new section, “MetaPlot”. In this section, the first “lands” within the metaverse were offered.
Subsequently, these “lands” were traded in the Marketplace.
This is an extremely important upgrade. In any metaverse, land ownership is related to the user’s status within the metaverse and gives rise to great investment opportunities.
Whoever owns land, within Polkacity, will have the possibility of creating his own structure with the objective of obtaining a passive return. Examples such as the construction of art galleries, which can be rented to artists who wish to display their works, are plentiful in other metaverses.
As I mentioned at the beginning, this project is about a metaverse. For this reason, to understand the true potential of Polkacity, it is necessary to think about the usability of the NFTs that we find today available on its platform.
A metaverse is a parallel world, a virtual world. In this version, which is intended to be mounted on the Polkadot network, each user will be able to develop various activities.
Sports activities, casinos, art galleries, discotheques, sundry stores and many other activities that have not yet been contemplated are foreseen.
Certain novelties, imposed by this team are the creation of power plants and means of transportation that, by the simple fact of owning them, yield a passive return. Undoubtedly, once the metaverse is up and running and the “avatars” use these NFTs, their owners will receive higher profits.
The boundaries of these metaverses are made to be broken and the possibilities are expanded as far as the code allows.
Every universe, whether virtual or real, needs a currency for its development. The team behind Polkacity created their own, which they identified with the ticker POLC.
Beyond being the currency of the metaverse and the valuation of the NFTs traded there, it is interesting to review its tokenomics and distribution.
Of the 250 million POLC, which make up its total supply, the following distribution was determined:
As of today, POLC’s total outstanding amount barely reaches 8.75 million and its price is around the value of a dollar. Its Market Cap of only 13 million dollars is an indication of the project’s growth potential.
Within the blockchain sphere, the word metaverse is now mainstream. Both connoisseurs of these universes, as well as enthusiasts and mere speculators, turned their attention to the tokens of these platforms.
However, the market is still far from full with the supply of this type of applications that awaken the imagination of developers in the crypto ecosystem.
Some say that in the future, we will use a blockchain without necessarily knowing which one it is. Will there come a future in which metaverses will connect with each other as easily as blockchains? Polkacity, riding on Polkadot, has the ideal foundation to fulfill this role, the coming years will tell if this platform is the right one for this purpose.