What is Polychain Monsters (Polkamon)? A guide

Polychain Monsters, previously known as Polkamon, aims to leverage the current surge in interest around NFTs and digital collectibles. By combining unique, collectible monsters with various DeFi functionalities, the project seeks to attract broader mainstream attention. Here are the key aspects of the project to consider before participating.

Understanding Polychain Monsters (PMON)

Polychain Monsters aims to create a digital collectibles and gaming ecosystem appealing to a broad audience. Central to its offering are animated NFTs that can be obtained from digital booster packs using the platform's native token (PMON) on Ethereum and Binance Smart Chain.

Each booster pack contains three Polychain Monsters with randomly assigned traits like type, color, horns, and glitter effects, each varying in rarity. These NFTs are set to play integral roles in both on-chain and off-chain games currently under development.

Polychain Monsters are already actively traded on secondary marketplaces such as OpenSea, fetching prices as high as $50,000. The collection expands weekly with special-edition drops and partnerships with prominent projects like ChainLink, Elrond, and Polygon.

Beyond being an NFT and gaming platform, Polychain Monsters incorporates established features from decentralized finance (DeFi) projects. This includes ERC-20 and BEP-20 PMON token staking, as well as staking of the Polychain Monsters NFT collections.

The project was launched by Leif Leiser (CEO), Lennart Brandt (CMO), and Finn Hansen (lead developer) following its initial DEX offering (IDO) on Polkastarter in March 2021.

Understanding the mechanics of Polychain Monsters

Each time a booster pack is opened on the Polychain Monsters platform, three Polychain Monsters NFTs are generated with randomly selected traits using the Chainlink VRF System via Polygon. This ensures the creation process is secure and cannot be manipulated.

To open a booster pack, users spend 1 PMON, similar to executing a token swap on decentralized exchanges like Uniswap. During this transaction, a smart contract burns 75% of the PMON tokens, reducing the overall supply and transferring the remaining 25% to the PMON staking pool. Since its inception, over 200,000 PMON tokens have been burned, equivalent to approximately 2% of the total supply of 10,000,000 tokens.

Participants can earn staking rewards by staking PMON tokens on the Polychain Monsters staking platform. Rewards are based on the number of booster packs opened and each participant's stake in the total staking pool. Stakers also have the opportunity to participate in a weekly draw for special-edition Polychain Monsters NFTs.

Launched in March 2021, Polychain Monsters is currently in its early developmental stages. As of June 2021, features such as the booster pack opening, staking, and management of the Polkamon collection are operational.

What sets Polychain Monsters apart?

Polychain Monsters distinguishes itself in several key ways within the NFT space. Initially developed on Ethereum, the project responded to rising gas fees by expanding to Binance Smart Chain (BSC), dramatically increasing accessibility. This move was swiftly rewarded with over 50,000 booster packs opened within the first week on BSC. Looking ahead, the project plans to integrate with additional blockchains including Polkadot and Polygon, further enhancing its multi-chain capabilities.

Beyond its cross-chain functionality, Polychain Monsters stands out for its use of high-quality 3D art in creating digital collectibles. Unlike many other crypto collectibles that rely on 2D pixel art, Polychain Monsters collaborates with a creative team renowned for their contributions to major international movie productions, ensuring visually striking and unique artworks.

Moreover, Polychain Monsters is innovating with features like 'Booster Incubation', where special editions of its NFTs come with IDO allocations for promising new projects. This initiative aims to provide additional utility and value to these limited-edition digital assets.

In another innovative move, Polychain Monsters introduced 'Community Booster Partnerships'. During these events, special-edition Polychain Monsters are included in booster packs for a limited time. Community members who acquire these special NFTs can subsequently claim tokens from a partnership pool, fostering engagement and community involvement.

Overall, Polychain Monsters sets itself apart through its cross-chain approach, high-quality 3D art, innovative utility features like Booster Incubation, and community-focused initiatives such as Community Booster Partnerships, making it a unique player in the evolving NFT landscape.

Understanding NFT's

Non-fungible tokens (NFTs) have garnered significant attention in the cryptocurrency space recently for their ability to represent unique and often valuable items such as artworks, in-game assets, domain names, digital collectibles, and even tokenized real estate.

Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and interchangeable, each NFT is distinct and cannot be replicated. This uniqueness is authenticated and recorded on a blockchain, typically through smart contracts, ensuring the authenticity and provenance of each token. This makes NFTs ideal for applications where ownership, scarcity, and uniqueness are crucial factors.

NFTs are currently used across various domains, including digital art, gaming, digital identity, and innovative decentralized finance (DeFi) applications. In the realm of gaming, for instance, projects like Polychain Monsters utilize NFTs to create and trade unique digital monsters, each with specific traits and rarity levels. These NFTs can be acquired through processes like opening booster packs using platform-specific tokens (e.g., PMON for Polychain Monsters).

Beyond collectibles, NFTs are also integrated into DeFi applications, allowing holders to stake their tokens in exchange for unique NFTs representing their staked assets. For example, staking PMON tokens on Polychain Monsters can earn users a golden dragon NFT, whose attributes and capabilities may vary based on factors such as the amount and duration of tokens staked. Holding these NFTs in wallets may also unlock additional functionalities, such as withdrawing staked tokens.

Overall, NFTs represent a novel and versatile form of digital asset with applications across various sectors, blending digital ownership with blockchain technology to redefine how unique digital items are created, traded, and utilized.