It has been an epoch-making week for the Portion.io team, and the love and feedback from the community continues to electrify us!
From our recent announcement that we had partnered with Marvel Artists, a unique Spiderman drawing by Marvel comics artist Adam Kubert selling for 12.75 Ether (ETH) ($25,000), Marvel works sold out the moment they were listed for sale, totaling over $100,000 for the first 10 pieces. Instead of celebrating, the team worked through the nights on this momentum and has managed to finalize multiple partnerships that we believe will prove to be impactful for our blossoming community of Artists and Creators.
Aside from these ‘blue chip’ sales, we have had hundreds of new artists join our community this week, and their belief in our platform is what we have been dreaming about since our v1 went live in 2018. We enjoy writing and interacting with you all on a near weekly basis, and that is something that we will continuously strive for.
Many of you have reached out to us about the current gas fees on Ethereum. We understand that they are untenable at the moment, but do believe that network congestion on Ethereum will be less of an issue down the road. To combat the problem we are continuing to issue 500 PRT to help mitigate the cost of the minting process.
As participants in the Crypto community at large, over the past few years we have often found ourselves sitting where you all are; wondering why it seemed like other projects refused to listen to their audience. Certainly, there are times when uninformed individuals demand unrealistic things, and perhaps it’s our own optimistic naïveté, but we believe that our community members are both erudite and powerful.
We’d like you to know that we continuously listen, optimizing what we believe is the best route to continue our expansion into multiple facets of the industry, while discarding aspects that are not working. We want to be known as the company that listens to the audience, and never tries to undermine our patrons. This is what the PRT governance token will be used for, meaningful votes on the platform where we can gauge the sentiment of the Creators in a purely democratic and fair way.
With that said. We would like to address some concerns that have been echoed within our community. As for inflation, our planned circulating supply from the current Market Cap of ~104M → ~650M over the next year has been changed.
To show our seriousness of this project, our early supporters, advisors, employees, & partners will now no longer be vesting over 1 year. Instead, their vesting schedule will be over 4 years. This will massively reduce the inflation of the token and allow for a more egalitarian distribution as our project grows over the next few years. What this means, is that instead of 1/12 of the early supporters tokens unlocking/month, it will now shift to 1/48. Our hope is that this inspires the community, letting them know our governance token distribution will be as egalitarian as possible.
Included in our distribution will be tokens reserved for liquidity mining initiatives with other projects, yield farming, royalty payments, partnerships, and artist grants/giveaways for the community.
Our strategic outreach and partnerships we have been lining up are likely to continuously excite all of you, and will bolster meaningful interrelatedness across a growing user base.
We have more updates to come shortly, and thank you all for your enthusiasm!
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