Babylons: NFT and GameFi Marketplace Successfully Go Multi-Chain
In a sea full of NFT projects, Babylon’s innovation is like no other. This unique initiative is inspired by the DeFi protocol that often creates a specific ecosystem or well-known launchpad that helps achieve their projects and goals.
From its unique NFT marketplace to government tokens and “trade-to-earn” mechanism, this DAO platform is poised to take over the market. Let’s see!
What is Babylons NFT Project?
Babylons is a community-governed, fully decentralized, and autonomous organization (DAO) platform trusted by over 200 partners. In fact, users partially own the platform with GameFi and NFT mechanics via the Babylon Governance Token, $BABI. Of course, community members can make decisions about the future development of the Babylon platform.
Initially, Babylons built its NFT marketplace and mining platform Binance Smart Chain (BSC). This move has reduced gas fees for users, a vibrant community and mass adoption. Meanwhile, Babylon Live has evolved into a blockchain agnostic platform with multi-chain support.
Babylon: 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. It’s an unusual, but much-needed combination in the fast-growing gamify and NFT space The innovative platform facilitates users in the creative process, development, minting, launch and monetization on various blockchains.
The platform also features a “trade-to-earn” system, where NFT traders on the Babylon platform can earn weekly $BABI rewards. Rewards are based on total weekly NFT trading volume for Babylon.
Initially, this feature was only available on BSC since the launch of Babylon. Thankfully, it is now available on top chains like Ethereum, Polygon, Avax, Fantom, Arbitrium, Optimism, Cronos and Klaytn! Users can claim those rewards on the Babylon website.
Additionally, going multi-chain makes the top NFT collections listing and trading available. Users can now list, buy and/or sell the best collections like BAYC on Ethereum, CronosChimp on Cronos and more on Babylons NFT Marketplace.
Commission structure update
The overall commission structure of the Babylon platform will also be updated. Initially, the platform had a 2% commission 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 revenue generated goes to the merchant referrer;
- 40% on buyback/burn program of $BABI tokens;
- 40% of NFTs traded to purchase floors, thereby increasing their floor prices.
All in all, this reward-based structure empowers developers to use the Babylon platform.
Even more unique updates
Another unusual feature that can be found on the Babylon platform is the list-to-earn mechanic. This move increases the supply of NFTs to the market by rewarding holders of certain NFT collections with $BABI.
Prizes will be awarded based on each NFT listed from those collections on the Babylon NFT Marketplace. These features will be regularly updated to prevent abuse of the system, just as measures were taken to avoid ‘wash trading’ with the trade-to-earn feature. In this case, NFTs will not be rewarded if the floor price is 1.5x higher than the average of other credible NFT marketplaces and/or in situations where users list the same NFTs twice.
Unveiling
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 in 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 gamification and NFT while being rewarded? Becoming a member of the Babylon community is the first step!
For more exclusive information and NFT drops on Babylon NFT and GameFi Marketplace, follow them Twitter And stay up to date with the latest from Crypto, Babylons: The NFT and GameFi Marketplace’s Next Big Thing.
All investment/financial opinions published by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
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