Having started development on our platform back in 2016, the Portion.io team is pleased to announce the arrival of our PRT token to the DeFi Ecosystem. The last few years have been quite the journey for the team; from opening one of the first crypto based art galleries in the heart of New York City, to hosting Ethereal in 2019. It goes without saying that our community, the hundreds of artists, creators and enthusiasts who have interacted with our platform, are the balsam of our soul.
Several years ago we predicted that non-fungible tokens (NFTs) and tracking the provenance, ownership and record of art and collectibles would be one of the best use cases for blockchain technology. With news that the NFT market has hit over $100,000,000 so far, we could not be happier to make this announcement. Going forward, everything the Portion team, partners, and community does will be in service of breaking down barriers to art and wealth while growing the $PRT economy.
With the growth of digital art and the need to ensure contractual execution and maintain a cutting edge marketplace that allows creators to thrive, we believe the Portion governance token will enable both current and future users of our platform to flourish. By giving our user base the ability to influence the trajectory of the platform, a fundamental bond between users is ensured.
$PRT at a glance
Portion Tokens ($PRT) are ERC-20 assets on the Ethereum Blockchain that are key to platform governance and curation. There are 1,500,000,000 tokens at max supply. Tokens will be released over time for liquidity mining, partnerships, artist grants, reputation points and future business development costs. Proudly part of the DeFi Ecosystem, our liquidity mining will distribute new PRT tokens when buyers purchase art on the platform, which is capped on a monthly basis (500 $PRT for every minted piece, distributed every other Sunday).
$PRT Ethereum Contract ID:
PancakeSwap Contract ID:
Update: We want to address the token lockup of the early supporters with the community. As mentioned in a previous blogpost, we have drastically reduced the inflation of the project by limiting the early supporter & employee token release to a 4 year timeline, up from 1 year. We feel that this strategic move shows our commitment to the project, and also breathes stability into what we (especially the early supporters) believe. This is merely the beginning of the journey as Portion formalizes its position as a preeminent platform for NFTs, digital collectibles, and proponents of digital scarcity, authenticity, and fair royalties.
In the next few weeks we will organize all uncirculating tokens into the following Ethereum address (PRT Treasury) to promote visibility and transparency:
0x5dCeAb824cd0e1C5ee1c88bAEfa07c0A8dae65b2. Tokens in the PRT Treasury will be utilized for artist royalties, liquidity mining, platform incentives, early supporters, marketing, and employees. The remaining 1,000,000,000 PRT in address
0x095bA6460A3D34c81AEf22aEF46923102a469029 (portion.io deployer) have been burned as of June 1st, 2021.
~200M PRT per year will be released to support the platform. This number is subject to be higher or lower, and we will be taking community feedback into account.
Consistent with governance tokens, in order to be compliant with all regulatory practices, Portion will never sell the PRT token on our marketplace. Rather, users of the platform will opt in and be able to receive distributions. By enjoying the platform, you get to enjoy an increase ownership on the finite and powerful PRT tokens that will keep our platform running properly, and openly.
20 Million tokens are reserved for airdropping and promotions. Those that have opted to create and trade NFTs on multiple decentralized art platforms will be eligible to receive airdropped tokens. Ethereum addresses from top existing art marketplaces that are holding digital art or collectibles will receive an airdrop based on the amount of digital art they own. Additionally, all accounts that have been made on the V2.0 Portion beta before October 10th, 2020 will receive 5,000 PRT. Update: This airdrop is closed as of October 7th. Our team manually reviewing all accounts to ensure that the distribution was as fair as possible. More updates will be made on how you can participate in future airdrops.
1 Billion tokens are reserved for liquidity mining which takes place when users buy and sell art & collectibles on the platform. Royalties distributed to artists will come from this pool. Initially, a monthly cap will be placed on distribution which will happen in the first week of every month.
850 Million tokens are reserved for strategic partnerships, artist grants, and business development. We expect that the max supply will not fully be released for several years, if not more.
The Portion Ecosystem — NFTs, DeFi, and DAOs.
- NFTs — One-of-a-kind digital items that push the boundaries of art and technology.
- DeFi — A shared economy with the PRT Token powering staking, bidding, and payments.
- DAOs — Aligning incentives with decentralized governance with DAO curation and voting.
The Portion Token ($PRT) Utility
→ PRT tokens can be used to bid on, purchase, and sell art and collectibles on the Portion platform.
→ Artists earn 500 $PRT every time they mint a NFT on Portion, distributed every Sunday.
Note: All creators receive 500 $PRT every time they mint an NFT on Portion via the Ethereum network, but only curated creators will receive these rewards for mints via the Palm network.
→ Collectors earn 500 $PRT every time they purchase a NFT on Portion, distributed every Sunday.
→ Artists earn 11% royalties on secondary sales, paid in $PRT
→ Portion token holders can stake or farm their $PRT to collect yield.
→ PRT tokens are utilized for DAO platform governance and voting.
→ Collectors automatically mine 1,000 $PRT every month when they are holding a select Portion curated drop in their wallet (ex: Wiz Khalifa x Antoni Tudisco NFT)
→ Staked PRT Tokens earn rewards from auction sales and platform fees (coming soon)!
PRT will be used to vote on issues and updates surrounding the platform. Most importantly, the token will allow us to get feedback from the community regarding how the platform continues to grow. As Portion was designed with DeFi in mind, the Token will allow one to have a direct vote in matters of governance . True to the nature of decentralization, everyone’s vote matters on the platform and majority rules.
Additionally, PRT tokens can be used to bid on, purchase, and sell art and collectibles on the Portion platform. PRT will be utilized for community curation, staking rewards, and royalty distributions.
Lastly, PRT will be used to help subsidize artists grants, provide royalties in perpetuity and pay for integration between our auction house in the metaverse and real-world established galleries.
How to Buy $PRT on Ethereum
To buy $PRT on Ethereum, you can head to Uniswap and paste in this contract address:
0x6d0f5149c502faf215c89ab306ec3e50b15e2892. You can then swap $PRT with any other ERC-20 token.
How to Buy $PRT On Pancake Swap Using $BNB
- Go to Pancake Swap
- On the menu, click “Trade” and “Exchange”
- Click “Select A Currency” and search by the Portion Token Contract:
- Select $PRT
- That’s it! You can now swap your $BNB for $PRT
- To Swap From ETH to BSC using Multichain.xyz, check out this guide.
Big things ahead. Thank you for joining us and please feel free to reach out to email@example.com with any questions or concerns.