*obligatory not financial advice*
What is Paras?
Paras is a NFT marketplace like OpenSea and Rarible but it runs on the Near Protocol blockchain which is a highly scalable smart contract chain.
With Paras you can buy and sell digital collectables, most of which are inspired by trading cards. The focus of Paras is to trade with collections that have their own shared backstories or lore instead of single art pieces. Some NFTs even have utility within games or are part of a metaverse.
Paras believes that NFTs are still in their early stage and could find many more use cases and adaptation and it wants to be in an essential part of that by becoming a platform where various projects can launch and extent their metaverse and utility further. Most NFTs still are of course just jpegs that can be screenshotted but if they get further developed and have utility in various places there could be a lot of demand for a platform like Paras.
The advantage that Paras has over other marketplaces is that Near has very low transaction fees and it also uses the IPFS from Filecoin to store the digital art pieces in a decentralized way. Paras also has its own native token that gives its holders governance rights, which gives the community more control than they would have with OpenSea.
The PARAS Token
The Paras marketplace has a native governance token with the same name. Holding PARAS tokens allows you to vote on certain changes and makes you part of the loyalty program where you get access to premium features and other benefits. 70% of all platform fees for selling or buying are also distributed to stakers of the PARAS token.
There is a max supply of 100,000,000 PARAS. The developers receive 15%, their investors also receive 15%, there was an airdrop for early users who got 1.5%, there was an Initial Dex Offering on the Skyward Finance Launchpad with 5% of the supply, a reserve fund for future grants or partnerships received 12.5% and the biggest share of the supply is going to the community who will get 51% thru liquidity mining and rewards for using the marketplace.
The value of the token depends on how much is being sold on the Paras marketplace and how much demand there is for NFTs. This is because there will be more fees to earn and more demand for shaping the future of the platform with more sales. Since the platform is much cheaper to use than most on the Ethereum blockchain it could attract more users. Paras is already one of the most used dApps on Near Protocol and will likely keep a place as one of its main dApps. However, most NFTs still are useless jpegs with little to no utility and their popularity is currently falling.
You can buy the PARAS token on the MEXC Global exchange but also on the decentralized Ref Finance DEX. You can use a Near Wallet to store your tokens and to interact with the marketplace.
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