Name: Prom
Brand: Prom
SKU: PROM
Price: 172.32472074999998 INR
Availability: InStock
Rating: 4.5 (29 reviews)

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Possesses a reasonable technological framework but is still under development or has early-stage products in use, albeit with limited application scenarios. Multiple automated metrics suggest moderate market attention, while long-term sustainable development carries uncertainties, resulting in a moderately elevated level of risk.

Prom

Mudrex

Market Statistics

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.

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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.

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.