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. With news that the NFT market has hit over $100,000,000 so far, we could not be happier to make this announcement.
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.
At a glance:
The token itself is an ERC-20 that serves to enable one to participate in decentralized governance and curation on our platform. There are 2,500,000,000 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.
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.io formalizes into 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 to promote visibility and transparency:
PRT TREASURY: 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) will be burned on 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.io 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.
Those that have opted to create and trade NFT’s on multiple decentralized art platforms will be eligible to receive airdropped tokens.
20 Million tokens are reserved for airdropping and promotions. 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.
- Edit: Please retweet to ensure integrity of this airdrop
- This airdrop is closed as of October 7th due to tens of thousands of spamming attempts that have made this unfair. The team is manually reviewing all accounts to ensure that the distribution is as fair as possible.
We anticipate that nearly 4,000 addresses will receive the airdrop over the next month. 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.
Powers of the PRT:
PRT will be used to vote on issues and updates surrounding the platform. As Portion was designed with DeFi in mind, the Token will allow one to have a direct vote in matters of governance and curation, as well as receive royalties and purchase art. True to the nature of decentralization, everyone’s vote matters on the platform and majority rules. Aside from future community airdrops, 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. Most importantly, the token will allow us to get feedback from the community regarding how the platform continues to grow.
Big things ahead. Thank you for joining us and please feel free to reach out to email@example.com with any questions or concerns.
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