What is PolkaCity?
PolkaCity is an entirely autonomous contract-based metaverse that allows users to invest in a wide range of assets in the form of 3D and VR Non-Fungible Tokens (NFTs). The assets may include representations of things like businesses, buildings, sports cars, and more. These assets will give users access to earn passive income and in-game items and features.
PolkaCity is made up of a full-scale virtual city where users can freely move around, explore, and interact with their environment and other users. The gameplay is very similar to Grand Theft Auto and MMO-style games. However, what makes PolkaCity different from mainstream MMOs is that the currency users earn in-game has value in the real world.
Over time, the city will improve with its users, allowing them to access new features like minigames, live concerts, and missions. Additionally, users will be able to show off their virtual assets and own businesses, such as discos, hotels, and gas stations, to earn profit. They will also be able to operate services like in-game taxis to earn more income. This essentially means that the more people are in a virtual city within PolkaCity, the more profits users can make.
History of PolkaCity
PolkaCity is developed by a competent team that is highly knowledgeable in the blockchain and crypto space. The platform was founded by Carmelo Millan, who now leads the team and is in charge of Development. Carmelo has over three decades of experience in IT service management and has developed numerous successful projects. He's also the co-founder of OneCloud.
Other team members include Fatih Atali as the Marketing Advisor, Murad Aliyev as the Technology Advisor, Manuel Lear as a developer, and Noah as the Marketing Manager. With the experience that the team has, investors can be sure to have an enjoyable virtual investment experience.
The team's mission is to combine the worlds of NFT, Decentralized Finance (DeFi), and Polkadot (a blockchain network being built to enable Web 3.0) via a virtual city.
Over the past year, PolkaCity has garnered huge enthusiasm from investors, influencers, and the NFT community. It has secured partnerships with numerous big names and brands, such as Amazing, EQIFI, NBA All-Star Baron Davis. On 24 November 2021, the platform set a new record as its PolkaCity hotel NFT was sold for 370,000 USD.
Types of Property in PolkaCity
Land NFTs or Metaplots are the portals for users to own their place in PolkaCity. Landowners will be able to use free construction tools to build new NFTs on their land or update their existing NFTs. The land NFTs come in different types and sizes. These include:
- Low Tier Land or Small Metaplots are perfect for small investors who want to own their personal space in PolkaCity. Owners will be able to develop their own buildings and structures with free construction tools.
- Medium Tier Land or medium metaplots are the best choices for average capacity investors who want to open their small businesses in PolkaCity. In medium-size metaplots, owners will be able to create larger buildings and structures that can host larger crowds, making it perfect for shops and other businesses that need a presence in the metaverse and want to sell their products. In medium-sized metaplots, owners will get free construction tools and tools that allow them to sell their products.
- High Tier Land or Large metaplots are perfect for whale investors who want to build bigger structures. Owners of these plots will be able to enjoy the capabilities of small and medium metaplots, plus the capabilities to connect to other universes.
- Elite Tier Land or extra-large metaplots are great for humpback whale investors. This type of metaplots brings the benefits and capabilities of the other metaplots and more. It's perfect for stadiums, arenas, and other structures that can hold hundreds of people.
The NFT asset in PolkaCity is divided into two categories: 2D and 3D assets. 3D assets are much more complex than 2D assets. However, all 2D assets will be converted to 3D assets in the PolkaCity game. 2D and 3D assets include many things, including Polka Moto, SPY Drone, Polka Chopper, and many more.
Legacy assets are similar to 2D and 3D assets. However, owning legacy assets may give users more benefits and may even make them a Stakeholder in the PolkaCity economy. Owning one of these legacy assets also allows owners to earn a consistent passive income. Some examples of legacy assets are as follows:
- Sports Stadium - Owners of Sports Stadium will receive half of the profits of all live sporting events in PolkaCity in addition to their weekly POLC rewards.
- Polka City Bank - Since PolkaCity Bank NFT will get a cut from all loan fees, bank owners will benefit from the DeFi activities in the metaverse. Additionally, they will earn some of the multi-chain bridge fees.
- Taxi - There are many types of taxis in PolkaCity, such as Sedan Taxi and Compact Taxis. All types of taxis are AI-capable, meaning owners can have the PolkaCity AI to run the taxi on their behalf. Thus, other users can find a taxi any time they want, regardless of their time zones, giving owners more opportunities to earn POLC even when they're not playing.
All assets in PolkaCity are ERC-721 based.
Native Tokens Used in PolkaCity
POLC is the native token used in PolkaCity. The token is ERC-20 and BEP-20 based and can be used to purchase goods and services on the PolkaCity ecosystem, as well as to pay for transaction fees.
The total of POLC is 250 million, and the distribution was determined as follows:
- 2.5 million POLC was sold in a private sale, with a price of 1 ETH = 20,000 POLC.
- 7.5 million POLC was sold for the public sale, with a price of 1 ETH = 15,000 POLC.
- 25 million POLC is set aside for liquidity in both centralized and decentralized exchanges.
- 10 million POLC was allocated to the team behind PolkaCity. They were blocked for six months and will be unblocked at 5% per month after the six month period.
- 5 million POLC was allocated for the marketing team.
- The remaining 2 million POLC were set aside to replenish the platform's coffers and enable the platform's transactions.
Top 3 Reasons to Invest in PolkaCity
- Simplifying cryptocurrency investments - Every digital asset in PolkaCity offers its own earnings and in-game bonus structure, resembling those of a real city. Just like in the real world, the more people are in PolkaCity, the more profits the assets, such as hotels and gas stations, can make. This gives owners a lot of opportunities to receive passive income, especially early adopters who will have built strong positions in the city once the game goes mainstream.
- BSC-ETH Bridge - With BSC-ETH Bridge, users of PolkaCity can easily transfer POLC tokens and NFTs cross-chain between BSC and ETH. At the time of writing, users can only transfer from ETH to BSC. However, the team will enable the reverse in the near future.
- CertiK Audit - PolkaCity is a secure assessment since the PolkaCity smart contracts have been audited by CertiK to ensure its safety.