Piqsol - The Launch of the First Solana-based Fractional NFT Marketplace

By Crypto Adventure | Crypto Adventure | 18 Apr 2022


An essential characteristic of NFTs, as everyone who has been paying attention to the hype has seen, is the promise of exclusive ownership. There is no shortage of coverage about NFTs, not to mention their insane valuations, as the mainstream begins to accept the idea. 

NFT inventors are constantly pushing the boundaries of what is possible with NFTs as new waves of NFTs arise virtually daily. With the pleasure and simplicity that NFT innovations are known for, the frontier of NFT fractional ownership has emerged.

To kick things off, we're reviewing the Piqsol project, a new initiative to enter the market for fractional NFTs. In order to help readers better understand how Piqsol works, we will give a series of objective facts about this new blockchain initiative.

What is Piqsol?

Piqsol, which is set to be live on April 29th, 2022, promises to be the largest exchange for non-fungible tokens when it does. Users may participate in the growing trend of fractional NFTs by purchasing the $PQL token. 

Our understanding of the project can be aided by looking at the following sections. We'll concentrate on the project's core: the NFT marketplace.

Why Did the Market Introduce Fractional NFTs?

The owner of a digital asset has the option of creating and distributing tokens that reflect the first NFT components. Fractional NFTs allow several people to benefit from rare and valuable items. 

Due to the high cost of the NFT, it may not be easy to find a buyer for digital art creation. Because they allow for smaller purchases and make various transactions far more accessible, fractions of NFTs are significantly more cost-effective.

Costly NFTs have liquidity problems, while fractional NFTs don't have such issues. If you possess a pricey product and intend to sell it, you may have to wait long since not every potential buyer has the necessary funds. 

In dividing the Solana minted NFT tokenized asset into smaller parts, you will be able to sell it at a lower price. Highly-priced NFTs will no longer have liquidity problems if this system is implemented.

How Does Piqsol Implement the Fractional NFT Technology?

NFTs can now be broken down into fractions or pieces with an easy-to-use web platform, allowing them to be sold individually. Each buyer of these pieces would then possess only a tiny portion of the NFT’s overall value. 

This system enables investors to buy an NFT that might otherwise be unaffordable partially. For instance, users will be able to purchase a tenth of a work of art and have a genuine connection to it.

Ownership of NFTs on a fractional basis will open up the cryptocurrency and crypto art worlds to those who previously couldn't afford such an investment. This method makes the NFT investment process easier to understand and implement.

The $PQL Token

The $PQL token, running on Solana, will have a broad utility in the Piqsol system. Press Releases and Initial Coin Offerings/Exchange Listings bring in around 15 percent and 37 percent, respectively, while the development team will keep 28% of the $PQL supply. 

Advisors/bounty and marketing/influencers receive another 11% of the tokens, with the company's reserves receiving the remaining 9%. Piqsol's distribution will begin with these settings, even though they are open to modification.

The developers will also work on implementing a specific set of rules connected to the token. We can summarize this “tokenomics” with three numbers:

  • 50%: token holders have the right to receive half of the proceeds of taxes on transactions.
  • 25% is the level of the transactions fee on all the sales in the system. The tax will operate throughout the first six months from the token launch.
  • 25%: one-fourth of the taxes will go to the liquidity pool.

The First Collection Introduced by the Team

5,000 NFTs will be included in the first Piqsol NFT Collection, giving you access to the whole Piqsol Ecosystem. We are talking about the first initiative of this kind in the Solana system.

The goal of the Piqsol Fractionalized NFT Marketplace is to make it easier for sellers to obtain liquidity by reducing the entry fees. The company also wants to increase market access and encourage the establishment of new and exciting communities.

Of these 5,000 NFTs, 3,000 will be purchasable with perks, such as voting rights and discounted fees on Piqsol. The second tranche of NFTs will consist of 1,500 assets that, together with the previous benefits, will trigger a 1.5% profit share from the project.

The last 500 NFTs of the collection will come with additional perks, such as a higher profit share right and access to live events in Dubai or London.

Conclusions

Headquartered in London, the Piqsol project wishes to bring fresh air into the DeFi world. DeFi is a growing market, still trying to overcome its current limits and relying on the team’s inventiveness to do so. 

It will be fascinating to observe Piqsol’s launch and growth on the market, and investors will have the chance to evaluate this new project soon.

 

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurrencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. 

 

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