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NFT and GameFi marketplace becomes successful multi-chain
In a sea full of NFT projects, Babylon’s innovation stands out like no other. This unique initiative is inspired by DeFi protocols that often stick to a specific ecosystem they build in, or a well-known launchpad to get their project and goal out there.
This DAO platform is ready to take over the market, from its unique NFT marketplace to the government token and the “Trade-to-Earn” mechanism. Let’s take a look!
What is Babylon’s NFT project?
Babylons is a community-driven, fully decentralized and autonomous organization (DAO) platform trusted by over 200 partners. In fact, users partially own the platform along with the GameFi and NFT mechanics via Babylon’s governance token, $BABI. Members of the community of course get to decide on the future development of the Babylons platform.
Originally, Babylons built its NFT marketplace and coining platform on the Binance Smart Chain (BSC). The move reduced gas fees for users, a vibrant community and mass adoption. Meanwhile, Babylons has evolved into a blockchain-agnostic platform with live multi-chain support.
Babylons: an NFT powered multi-chain platform
Babylons is a one-stop-shop, multi-chain platform for users to access tools and services for GamFi and NFT projects. This is an unusual, yet much needed combination in the rapidly growing GameFi and NFT space. The innovative platform facilitates users’ creative process, development, imprinting, launching and earning on different blockchains.
The platform also has a “Trade-to-Earn” mechanism, where NFT traders on Babylon’s platform can earn weekly $BABI rewards. Rewards are based on a total weekly NFT trading volume for Babylons.
Initially, this feature was only available on BSC since Babylon’s launch. Fortunately, it is now available on top chains like Ethereum, Polygon, Avax, Fantom, Arbitrium, Optimism, Cronos and Klaytn too! Users can claim these rewards on Babylon’s website.
In addition, joining multiple chains makes listing and trading of top NFT collections available. Users can now list, buy and/or sell top pools like BAYC on Ethereum, CronosChimp on Cronos and more on Babylon’s NFT marketplace.
Update of the commission structure
The overall commission structure of the Babylons platform will also be updated. Initially, the platform had a commission of 2% on purchases and sales.
However, the new and updated structure now sees 2.5% commission from sellers and 0% from buyers as follows:
- 20% of the income generated goes to the seller’s referral;
- 40% to the buyback/burn program for the $BABI token;
- 40% to buy the floor of NFTs from the pools in which the trade has occurred, thereby increasing their floor price.
Overall, this rewards-based structure allows creators to use Babylon’s platform.
Even more unique updates
Another unusual feature that will be available on Babylon’s platform is the List-to-earn mechanic. This move increases the NFT supply in the market by rewarding holders of certain NFT pools with $BABI.
Rewards will be based on each NFT they continue to list from these collections on Babylon’s NFT Marketplace. These features will be updated regularly to prevent abuse of the mechanism, just as measures were taken to avoid “wash trading” with the Trade-to-earn feature. In this case, NFTs will not be rewarded if floor prices are 1.5 times higher than the average of other credible NFT marketplaces and/or in a situation where users list the same NFTs twice.
Packaging
Babylons is already on its way to impact the GameFi and NFT space with innovative Web3 solutions. These updates are just some of the innovations and additions that will happen over the coming months. So how can users and creators benefit from an innovative platform that makes it easy to traverse the vast world of GameFi and NFTs while being rewarded? The first step is to become a member of the Babylons community!
For more exclusive information and NFT drops on Babylon’s NFT and GameFi Marketplace, follow them on Twitter and stay updated on the latest coming from the next big thing in crypto, Babylons: The NFT and GameFi Marketplace.
