This digital bazaar wants to make it easier for artists to showcase their NFTs
A new peer-to-peer marketplace for NFT artwork is creating a digital art bazaar intended to make it easier for independent and amateur artists to showcase and sell their art while offering galleries and collectors an inexpensive venue.
The market for nonfungible tokens exploded in the first few months of 2021, with NFTs going from a niche in the crypto industry to a mainstream medium for works that have been sold at the world’s premier auction houses, garnered prices in the millions and even tens of millions of dollars, and attracted creators ranging from celebrities like recording artist Grimes and NFL star Rob Gronkowski to the famed contemporary artist Damien Hirst — as well as top-selling digital artists like Beeple and Pak.
The decentralized Polkally platform supports both direct sales and dynamic auctions of artwork created as nonfungible tokens. The highly interoperable platform is built on the Polkadot blockchain but compatible with all networks using Ethereum Virtual Machine (EVM).
Calling NFTs “the natural evolution of art,” CEO Chloé Bigot said: “Polkally is at the forefront of this great revolution, providing the interoperability and seamless experience that the ecosystem lacks.”
A unique feature of the platform is a planned network of artists and galleries that will trade NFTs for tangible works.
The KALLY token
The project’s token, KALLY, will anchor the decentralized platform as the Polkally Foundation transitions the project into a decentralized autonomous organization, or DAO, in Q3 2021. While KALLY will act as a governance token, it is also the sole currency of the marketplace, used for buying and selling artworks and all fees.
Of the maximum 100 million KALLY tokens to be minted, 15% will go to providing liquidity on the Uniswap decentralized exchange (DEX). A dual initial DEX offering (IDO) on the ZeeDO and Poolz launchpads is scheduled for May 19, seeking to raise $200,000 on each platform.
More Insights from Polkally here
Polkally will be 100% non-custodial, with all KALLY tokens will be held in their owners’ personal wallets. NFTs will be sent through completely decentralized smart contracts settled on the Polkadot blockchain.
The foundation’s roadmap calls for staking, yield farming, and the token generation event, as well as listing KALLY of the Uniswap DEX, to take place by the end of June.
Polkally’s first iteration, a minimum viable product, is scheduled for release in late summer 2021. It will initially be compatible with Ethereum and then Binance Smart Chain, with other networks including Polkadot, EOS, Tron, Ethereum Classic, Polygon, and TomoChain added over time.
Making money
The platform will use a strict but decentralized KYC process to verify artists’ identities. But it and the project’s decentralized database will be based on the peer-to-peer IPFS protocol powering the decentralized Web 3.0.
The Polkally Foundation promises no hidden fees, and sees three revenue streams supporting the marketplace and its KALLY token. First, it plans to sell exclusive, limited-edition NFTs to fund its activities. Second, the site will sell advertising space to NFT artists who want to highlight their work.
Finally, Polkally will charge a standard fee of 5% on all secondary sales of NFTs sold on its site, with half going to burn Polkally tokens and the rest to its treasury. Beyond that, artists collect royalties on those resales of their work, choosing the percentage they will receive — on top of that 5%.
After its IDO, Polkally will be incubated by the leading French incubator EuraTechnologies, and has raised $700,000 via backing from ExNetwork Capital, Titans Ventures, Bigcoin Capital, and Blocksync Ventures, as well as participation from Logino Dujardin, x21 Digital, Kyros Ventures, Moondot Capital, SMO Capital, LVT Capital and ICO Pantera.
Learn more about Polkally
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