What if we told you that all monsters are not scary? Well, some brave-hearts might there might still agree. But what if you were told that you could collect monsters (virtual ones, of course) as NFTs? Monsters in crypto! Strange but cool, right? This blog will provide you with a comprehensive guide on Polychain Monsters. So, sit back and enjoy your read!
The concept of the application is based on a popular game of the 90’s known as Pokemon Cards. It was launched in the first quarter of 2021. It was developed by Finn Hansen, Leif Eric Leiser and Lennart Brandt.
Polychain Monsters is a Decentralized Application in the Collectibles category. It is developed on the Ethereum blockchain. As per user count, it is ranked 348 out of the total number of DApps currently available in the crypto market and 39 in the Collectibles segment. This gives us an idea about the vast popularity that Polychain Monsters has gained in a short period. The platform was formerly known as Polkamon and is a cross-chain NFT project. Though built on Ethereum, the application works on the Binance Smart Chain and Ethereum blockchain.
The NFTs available on the platform are animated and can be unpacked using PMONs, the platform’s native token. These NFTs can be unpacked from digital booster packs. Each booster pack consists of three unique Polychain Monsters. These monsters exhibit different traits such as glitter effect, a horn, type, color, etc. Some traits are very rare, making some trait combinations unique and desirable. Currently, multiple off-chain and on-chain games are being developed where these monsters can be put into good use.
The application essentially functions on Chainlink VRF System via Polygon. Traits of the three Polychain Monsters are randomly selected on every booster opening. The monsters created are tamper-proof and ungameable.
So, how to unpack the booster packs? On the Polychain Monsters Booster platform, gamers spend 1 PMON to unpack 1 booster pack. The process is comparable to token swaps executed on several decentralized exchange platforms. In the process, 75% of the tokens are burned by smart contracts and the remaining 25% is transferred to PMON staking pools.
Participants earn rewards on the Polychain Monsters Staking Platform by staking PMON tokens. The reward depend on two factors:
As of the time of writing this blog, around 2% of the total supply of PMONs have been burned; the total supply being 10,000,000.
Participants who regularly stake their PMONs get a chance to gain access to weekly special-edition Polychain Monsters. To utilize these staken PMON tokens, Polychain users need to have an Ethereum-compatible wallet.
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