What is Paras (PARAS)? All you need to know about Paras token

In this article, we would like to introduce Paras (PARAS) - an NFT marketplace running on top of Near Protocol. We'll be covering the following topics:

• What is Paras and the PARAS token? How does it work?
• Specific details about PARAS token and it’s tokenomic including its up-to-date price, key metrics, distribution and use cases.
• How to get a PARAS? Where to store it?
• Paras roadmap and updates & details about team, investors and partners.

Let’s get started!

What is Paras (PARAS)?

Paras is an NFT marketplace that focuses on digital collectibles. Paras started with digital art cards that were inspired by real-world trading cards and has expanded its digital collectible marketplace to other kinds of assets. 

How does Paras work?

A functioning marketplace for artists to sell their digital collectibles. The marketplace will be linked to all projects created on Paras.

dApps built on NEAR Protocol can buy and sell NFTs directly on the Paras platform, with a focus on game integrations.

Communities can participate in the DAO and can vote to pass project proposals.

Transaction fees: 5% of every transaction, including the secondary market sale, will be taken to serve the project’s approach to the business that focuses on the creators’ economy.

Why is Paras unique?

With the help of NEAR, Paras manages to reduce the cost for artists to sell their collectibles. Paras validates and opens ownership with fast and inexpensive transactions.

Paras encourages artists to create a collection; a set of collectibles under a theme. By using this method, NFTs in Paras are rich with stories to read and background to discover by collectors. From novels, comics, films, and games, the possibilities are endless.

The platform focuses on building original and crypto-native IP: By utilizing this approach, the development of collections in Paras is immense and massive. Some of the biggest projects in Paras are utilizing this key difference such as Krypterra by Monztre, FiboFace by Ivtanart, or Nearmon by Starpause, etc.

What is PARAS token?

PARAS is a utility and governance token. Details on its specific use cases could be found below.

Detailed information about Paras token

Key Metrics PARAS

• Token name: Paras (PARAS).
• Ticker: Paras.
• Blockchain: NEAR Protocol.
• Token Standard: updating...
• Contract: updating...
• Token use cases: Utility, DAO Governance.
• Circulating Supply: Updating...
• Total Supply: 100,000,000 PARAS.

PARAS Token Allocation and Token release schedule

PARAS Token Sale

Paras sold 5% of PARAS tokens on Skyward Finance on September 20th. The sale lasted for 4 days, 5,000,000 PARAS tokens were issued and the average price of each PARAS is 0.086983 NEAR.

PARAS Token use cases

Utility: Some Exclusive Deals and Events can only be accessed by PARAS token holders. Established influencers, artists, creators, and other merchants can issue limited edition NFTs that are both certifiably scarce.

DAO Governance: PARAS token holders can take part to govern the ecosystem, from artist whitelisting, feature updates, parameter changes to community grants. 

How to store Paras Tokens

PARAS has not been supported by any wallets yet. Stay with Coin98 Insights for further news about the project.

How to buy Paras Tokens

PARAS has not been listed on any DEXs or CEXs yet. Stay with Coin98 Insights for further news about the project.

Roadmap & Updates

2021 Q4

• Token-Gated Content Integration
• NFT Bidding
• PARAS Comic Launch

2022 Q1

• Interoperability with other NFT projects from games, comics, etc.
• Developer and support more crypto-native IPs
• NFT Trading System

2022 Q2

• NFT Launchpad
• PARAS DAO

2022 Q3

• Booster Pact Creator
• Explore more NFT verticals (e.g Fashion, E-sport)

2022 Q4

• DAO Expansion
• NFT Lending

Is Paras (PARAS) a good investment?

Paras takes 5% of every transaction on its platform including the secondary market sales. The team said the fee aims to build the creators’ economy - create more experiences and add verticals to the current NFTs. The fee is quite high compared to other NFT Marketplace projects such as OpenSea (2.5% fee + ETH gas fee), Artion (Fantom’s NFT Marketplace, 0% commission), etc. Hopefully, the team can improve the fee structure or add substantial advantage edges to increase its competitiveness.

The project is in public beta. Paras' smart contract is not yet audited by any well-known security organization or firm. The project has not issued any official announcement, however, users can still create and sell NFTs, etc., and earn chances to receive future airdrops.

Traders can watch its Marketcap, Transaction volumes and its revenue to evaluate the project. Some tracking resources for further research include near.org, and the project’s Twitter, etc. Even though the project is in the beta version, it has earned roughly 15,100 followers already, showing huge interest from communities.

Paras plans to build the technology to enable all projects (comics, games, and toys) so they can connect seamlessly with each other.

Paras fans also can compare the project with similar projects such as Binance NFT, OpenSea, etc., to have some price forecasts.

Team, Investors, and Partners

Team

Riqi - CEO/Founder (twitter.com/hdriqi): Riqi has a background in computer science and has been in the crypto-space since 2017, he won many hackathons from various web 3.0 projects, from layer 1 protocol, identity network to decentralized storage.

Afiq - Co-Founder/Content Director (twitter.com/ShofyAfiq): Afiq is passionate about English literature. He has passionately participated in the local theater and film community. He collects card collectibles and he still collects old comic books up until now.

Investors

Updating...

Strategic partners

• Galaxy Online.
• OP Games.
• Metamon.