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, or a well-known launchpad to help get their project and goal out there.
From its unique NFT marketplace to the governance 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 platform?
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. Therefore, 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 GameFi and NFT projects. The fast-rising GameFi and NFT space needs this combination, however it is still an uncommon feature. 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 also Klaytn . Users can claim those rewards on the Babylons website.
Furthermore, being a multi-chain platform 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 Babylons platform has also updated its overall commission structure. 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.
List-to-Earn with Babylon
Another innovative feature that will be available on the Babylons platform is the List-to-earn mechanism. 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 listed from those collections on the Babylons NFT marketplace. The feature will be updated regularly to system abuse. So, if the floor price is 1.5x higher than the average of other credible NFT marketplaces (and/or in a situation where users list the same NFTs twice), NFT rewards will not be given.
Babylons is already on its way to impacting the GameFi and NFT space with innovative Web3 solutions. These updates are just some of the innovations and additions that will happen over the coming months. So, if you want to be rewarded for traversing the vast world of GameFi and NFTs, become 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.