Over the previous two decades, there have been several changes and developments in various parts of the show business and entertainment industry. People have shifted away from purchasing CDs, downloading mp3 copies of songs, and watching music videos on YouTube.
These changes have had some bad consequences, such as a significant drop in revenue for artists because many of these digital versions of music are stolen and replicated into as many various versions as possible. This has been going on for years, but solutions are emerging. Adopting blockchain technology and Non-Fungible Tokens is one of these alternatives (NFTs).
With the well-known CryptoKitties, Non-Fungible-Tokens were the first to win in 2017. NFTs are digital tokens that represent unique assets and provide real-world value to data. These assets are non-replicable and likely to be scarce. At their peak, the CryptoKitties NFTs were so popular that they congested the Ethereum blockchain.
In 2021, the industry’s popularity grew even more, and it now conducts billions of dollars in transactions each month. Percentages of these transactions are returned to the producers of the NFTs being sold, providing a source of income for these artists.
The Covid-19 pandemic has prompted artists to explore new ways to reach their audiences while generating cash. Lockdowns and quarantines have prevented musical acts from promoting themselves, and their current songs/albums live, resulting in significant financial problems.
Para is a multi-dimensional platform that aims to tackle this problem and disrupt the entertainment business.
Para
Para is a platform that intends to leverage blockchain technology to provide influencers and entertainers with a new and profitable source of revenue. In the German music industry, Para already has an advantage. The founding team members are involved in an industry with an estimated readership of 50,000,000 people. Because of his involvement in the industry, Para has already secured deals with some of the top German singers and athletes.
Para intends to launch its NFT platform for entertainers, influencers, and celebrities. The first NFT drop of Para will reach more than 15 million individuals, making it the largest NFT sale in the European market’s history.
Token
Para is the platform’s official native token. It will go live on the Polygon network, and everyone will be able to participate in the NFT sales due to the network’s low gas charge. This is preferable to the alternative, which would have been Ethereum, but the network’s hefty gas fees may dissuade Para’s target audience, newcomers to cryptocurrency.
Tokenomics and Allocation of Tokens
The total number of Tokens in circulation is 1,000,000,000.
- Exchange Liquidity (50%) – Fifty percent of all tokens in circulation will be used to provide liquidity for exchanges such as QuickSwap and SushiSwap. This percentage will be linked with $250,000 in WETH to ensure enough liquidity for new users to enter. In addition, 50% of the initial LP tokens will be burnt to provide a balance of flexibility and security.
- Marketing (30% of total tokens in circulation) — Marketing will account for 30% of total tokens in circulation. These tokens will be utilized in influencer marketing by being distributed to celebrities and influencers who will promote the Para Ecosystem and the Para Token.
- Development Team (10%) – The growth team will receive 10% of all tokens in circulation, which will be used to fund the future development of the Para ecosystem. These tokens will be vested in a linear fashion over the course of a year.
- Reserve (10%) – 10% of all tokens in circulation will be stored in a smart contract for future use. This fund will cover necessities such as liquidity mining rewards and other issues that may arise in the future.
The Strategy
In December 2021, Para intends to launch its NFT platform and the Para Token.
- First-quarter of 2022
The Para Token will be used to access unique giveaways tied to the NFT platform beginning in the first quarter of 2022, and users will only interact with the marketplace using the Para Token. This method will aid in the platform’s delayed incorporation of the Para Token.
- Late first to early second quarters of 2022
The Para platform will transition from an NFT sales platform to a true marketplace. Because there will be no fee paid to OpenSea due to this decision, the ecosystem’s profit margin will improve by 5%. During this time, Para Token will also be utilized to pay for NFTs. Users will stake their tokens, and the 5% increase in profit margin will be distributed to the stakers. This serves as a different use case, encouraging more people to purchase and keep Para tokens.
- Q2 of 2022
The team behind Para will work hard to integrate Para tokens as a payment option in various businesses relevant to the music and entertainment industries. This increases the token’s usability and reinforces its use case as a payment token.
- Late second to early third quarters of 2022
Artists can now release NFTs on the Para platform in late Q2 — early Q3 2022. NFT categories will be expanded as well. There will be a fundraising component for aspiring artists who cannot afford studio sessions. Musicians can use NFTs on Para to sell unpublished songs and videos, and influencers can use NFTs to offer access to unique material to their community.
- Late third to early fourth quarters of 2022
The voyage into the Metaverse starts here. With Facebook’s statement that it will become a corporation focused on the Metaverse, the world is ready for truly immersive Metaverse experiences. Para will be well-positioned to provide this need with its existing large network of Stars and Influencers. The Para Token will be used to buy digital tickets to Metaverse events, held more frequently than ever before.
