In a sea full of NFT projects, Babylons’ innovation stands out like no other. This unique initiative is inspired by DeFi protocols that 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.
From its unique NFT marketplace to the government token and “Trade-to-Earn” mechanism, this DAO platform is ready to take over the market. Let’s take a look!
What is the 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 along with its GameFi and NFT mechanics via Babylons governance token, $BABI. Of course, community members get to decide on the future development of the Babylons platform.
Initially, Babylons built its NFT marketplace and minting 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 uncommon, yet much-needed combination in the fast-rising GameFi and NFT space. The innovative platform facilitates users’ creative process, development, minting, launch, and earning on different blockchains.
The platform also has a “Trade-to-Earn” mechanism, where NFT traders on the Babylons platform can earn weekly $BABI rewards. The rewards are based on a total weekly NFT trading volume for Babylons.
At first, this feature was only available on BSC since the Babylons launch. Thankfully, it is now available on top chains such as Ethereum, Polygon, Avax, Fantom, Arbitrium, Optimism, Cronos, and Klaytn too! 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 BAYC on Ethereum, CronosChimp on Cronos, and more on the Babylons NFT marketplace.
Commission structure update
The overall commission structure of the Babylons platform will be updated as well. Initially, the platform had a 2% commission on buying and selling.
However, the new and updated structure now sees a 2.5% commission from sellers and 0% from buyers 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 their floor price.
All in all, this rewards-based structure empowers creators to use the Babylons platform.
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 impacting the GameFi and NFT space with innovative Web3 solutions. 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? The first step is becoming a Babylons community member!
For more exclusive information and NFT drops on the Babylons NFT and GameFi Marketplace, 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.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
