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In the past year, crypto's GameFi and NFT sectors have taken off. Thousands of projects have launched with amazing intentions, only to be let down by their lack of audience. In a sea full of projects, how do you make yourself stand out? DeFi protocols, for example, often latch on to a specific ecosystem they're building in or a well-known launchpad to help get their project and goal out there. So why can’t that be done for GameFi and NFT projects? Well, Babylons don't just think it can be done; they’re doing it. Let’s take a look.
What is Babylons?
Babylons is a community-governed, fully Decentralized, and Autonomous Organization (DAO) platform trusted by over 200 partners. Not only serving as just any launchpad for GameFi and NFTs but one where the users partially own the platform via Babylons governance token, $BABI. This move gives the community a say in future decisions regarding the mechanics and further development of the Babylons platform.
Initially, Babylons built their NFT marketplace and minting platform on the Binance Smart Chain (BSC) to take advantage of its reduced gas fees for users, vibrant community, and mass adoption. Babylons has now evolved into a blockchain agnostic platform with live multi-chain support.
An All-In-One, Multi-Chain Platform
Babylons will be of use to NFT users and creators. A one-stop-shop, multi-chain platform for users to conveniently access tools and services for GamFi and NFT projects. This is an uncommon combination in the fast-rising GameFi and NFT space, where creators and users can easily create, develop, mint, launch, and earn on different blockchains.
For users, the platform also has a "Trade-to-Earn" mechanism, where NFT traders on the Babylons platform can earn weekly $BABI rewards according to Babylons total weekly NFT trading volume. This feature was only available on BSC since the Babylons launch, but now, it is available on top chains such as Ethereum, Polygon, Avax, Fantom, Arbitrium, Optimism, Cronos, and Klaytn, to name a few. Users can claim those rewards on the Babylons website.
Additionally, going multi-chain makes listing and trading of top NFT collections available. Users can now list, buy and/or sell top collections like the Bored Ape Yacht Club (BAYC) on Ethereum, CronosChimp on Cronos, THE SNKRZ NFT on Klaytn, and more on the Babylons NFT marketplace.
Commission structure update
Along with going multi-chain, the overall commission structure of the Babylons platform will be updated as well. Initially, the platform had a 2% commission on buying and selling.
• 30% of the revenue generated through these fees goes to the stake rewards pool.
• 25% to business operations.
• 45% to buyback and burn for the $BABI deflationary program.
The new and updated structure now sees a 2.5% commission from sellers and 0% from buyers. The new commission allocation will be as follows:
• 20% of the revenue generated goes to the referrer of the trader.
• 40% to the buyback/burn program of the $BABI token.
• 40% to buy the floor of NFTs from the collections that the trade has occurred, thus increasing that collection's floor price.
This is a move towards a system to incentivise creators to use the Babylons platform and a more rewards-based structure for users.
Even More Unique Updates
Another uncommon feature that’ll be available on the Babylons platform is the List-to-earn mechanic. This move increases the NFT supply in the marketplace by rewarding holders of certain NFT collections with $BABI.
Rewards will be based on each NFT they go on to list from those collections on the Babylons NFT marketplace. These features will be updated regularly to prevent the mechanism's abuse, just as measures were taken to avoid ‘wash trading’ with the Trade-to-earn feature. In this case, NFTs won't be rewarded if the floor prices are 1.5x more than the average of other credible NFT marketplaces and/or in a situation where users list the same NFTs twice.
Wrapping Up
Babylons is already on its way to significantly and positively impacting the GameFi and NFT space by providing innovative Web3 solutions and products. These updates are just some innovations and additions that will happen over the coming months. So how can users and creators take advantage of an innovative platform that makes it easy to traverse the vast world of GameFi and NFTs while being rewarded? One only has to look toward a promising platform like Babylons.
If you’re wanting even more information on the latest NFT collections and projects on the Babylons platform, follow them on Twitter and stay up to date on the latest to come from the next big thing in crypto, Babylons: The NFT and GameFi Marketplace.