Prom

Prom (PROM) is a cryptocurrency that powers a decentralized gaming NFT marketplace and rental platform. It is designed to serve players, metaverse enthusiasts, NFT owners, guilds, and game developers by providing a secure and confidential environment for trading, renting, and lending gaming assets without collateral. The platform also offers features like purchasing NFTs in monthly installments, mortgages or leasing for lands and spaces in metaverses, and a unified interface for trading and exchanging NFT assets from various games. PROM tokens are used within this ecosystem for governance, payments, and reducing fees for platform services.

• Total Supply:

• The total supply of PROM tokens is capped at 19.25 million.

• Circulating Supply: As of the latest data, the circulating supply is approximately 18.25 million PROM, which is about 94.8% of the total supply.

• Initial Allocation:

• For the initial coin offering (ICO), 4.85 million PROM tokens (25.19% of the total supply) were allocated for sale.

• Purpose:

• PROM tokens are utilized for governance, allowing holders to vote on the platform’s future development. They are also used as a payment method within the NFT marketplace and rental services and to reduce fees for various platform services.

As of today #{today’s date}, the price of Prom is ₹478.28 INR or 5.466 USD, with a 24-hour trading volume of 3890694.93 USD. The market capitalization for Prom is 99387905.94USD. The circulating supply is 18250000 Prom, with the total supply also being 19250000 Prom.

Pros:

• Decentralized NFT Marketplace:

• Offers a secure and confidential platform for trading and renting gaming assets.

• Utility:

• PROM tokens have multiple use cases within the platform, including governance, payments, and fee reductions.

• Accessibility:

• Enables players to start playing blockchain games without purchasing NFTs upfront through uncollateralized rentals.

• Innovative Features:

• Supports purchasing NFTs in installments and provides mortgages or leasing for virtual lands.

• Community Governance:

• Token holders can influence the platform’s development and future direction.

Cons:

• Market Volatility:

• Like all cryptocurrencies, PROM is subject to market fluctuations, which can affect its value.

• Regulatory Uncertainty:

• Changes in regulatory landscapes across different jurisdictions could impact the platform’s operations.

• Adoption Rates:

• The success of the platform heavily depends on the adoption rate among gamers, NFT owners, and developers.

• Competition:

• Faces competition from other NFT marketplaces and gaming platforms.

• Technical Risks:

• Being a blockchain-based platform, it may encounter technical issues or vulnerabilities.

• Growing NFT and Gaming Market:

• PROM is well-positioned in the expanding NFT and blockchain gaming sectors.

• Unique Ecosystem:

• Offers unique features like uncollateralized NFT rentals and purchasing NFTs in installments.

• Active Development:

• The platform is continuously evolving with new features and partnerships.

• Community Governance:

• Provides token holders with a say in the platform’s development, ensuring alignment with user interests.

• Potential for Appreciation:

• Given its utility within a niche yet growing market, PROM has the potential for value appreciation.

• Decentralized Rentals and Mortgages:

• Unique in providing decentralized, uncollateralized NFT rentals and mortgages.

• Unified NFT Interface:

• Offers a single interface for managing NFT assets across multiple games and platforms.

• Community-Driven:

• The platform’s governance model empowers the community to shape its future.

PROM addresses the need for a decentralized, secure, and user-friendly platform for trading, renting, and lending gaming NFTs. It solves the problem of high entry barriers for players wanting to explore blockchain games by offering uncollateralized NFT rentals and innovative financing options for NFT purchases.

The Prom (PROM) token was founded in 2019 by Iva Wisher and Vladislav Semjonov, originally under the name Prometeus Labs. In 2022, the project underwent a rebranding and was upgraded to PROM. The Prom team, consisting of over 40 members with extensive experience in Web3, aims to address the needs of the NFT gaming community by providing a decentralized marketplace for trading and exchanging NFT assets and offering decentralized NFT rental and collateralized loans through smart contract wallets.

• ICO Price:

• The ICO price was $1.00 per PROM token.

• Listing Date:

• The ICO ended in May 2019.

• Initial Allocated Units:

• 850,000 tokens were available for sale during the ICO.

• Market Volatility:

• The value of PROM can be highly volatile, leading to potential losses.

• Regulatory Risks:

• Changes in regulations could adversely affect the platform and token.

• Competition:

• The NFT and gaming market is competitive, with many platforms vying for users.

• Adoption Challenges:

• The platform’s success depends on widespread adoption by gamers and NFT enthusiasts.

• Technical and Security Risks:

• Blockchain platforms are susceptible to technical glitches and security vulnerabilities.

The Prom (PROM) whitepaper outlines the foundation of a decentralized gaming NFT marketplace and rental platform, addressing the challenges and opportunities within the blockchain gaming industry, also known as GameFi. The document begins by highlighting the significant growth of the gaming industry, which is projected to reach a valuation of $260 billion by 2025. It emphasizes the potential of blockchain gaming, which is expected to grow to $3.618.4 million by 2028, driven by the increasing popularity of play-to-earn (P2E) models and metaverses.

The whitepaper identifies the key participants in the GameFi ecosystem: players, asset owners, guilds, and game developers, and discusses the unique challenges each group faces. For players, the entry barrier is high due to the initial capital required to participate in P2E games. Asset owners seek additional yield on their investments, while guilds need scalable managerial solutions. Game developers, on the other hand, require ways to attract more players without significant resource expenditure.

Prom proposes a solution that includes non-custodial, decentralized, collateral-free, and simple-to-use features. The platform’s Safe Vaults are a core component, acting as smart contract-based wallets that securely hold rented assets and prevent unauthorized interactions such as transfers or burns. This allows players to use assets in games without the risk of losing them.

The rental process is straightforward: lenders list their NFTs on the Prom Marketplace, specifying terms such as the rental period and payment structure. Borrowers can then rent these assets by creating a Safe Vault and using the assets within the specified games. At the end of the rental period, the NFTs automatically return to the lender’s wallet.

Prom’s marketplace also serves as an aggregator, enabling players to acquire multiple assets from different games in a single transaction. This is facilitated by the platform’s unique asset discovery system, which simplifies the process of finding and purchasing NFTs.

The whitepaper discusses the technical aspects of the platform, including the use of WalletConnect and EIP1271 for secure transactions and the potential integration of EIP4337, which would enhance the user experience with smart contract-based wallets.

Prom DAO is introduced as a governance model that allows the community to have a real impact on the project’s development through smart contracts. This ensures a level of decentralization and community involvement that is often promised but not delivered in other P2E projects.

The document also covers the business model and monetization strategies, emphasizing the value proposition of Prom as a bridge between traditional Web2 players and the emerging Web3 gaming space. It outlines the go-to-market strategy, which includes analyzing the distribution of assets, project evaluations, player earnings, and strategies for earning within the GameFi space.

In conclusion, the Prom whitepaper presents a comprehensive GameFi infrastructure that aims to lower the barriers to entry for players, provide asset owners with additional yield opportunities, offer scalable solutions for guilds, and help game developers attract more players. The platform’s unique features, such as Safe Vaults and the aggregator marketplace, position Prom as a potential key player in the evolving blockchain gaming industry.