As the Polkally Foundation transitions the project into a decentralized autonomous organization, or DAO, in Q3 2021, the project’s token, KALLY, will anchor the decentralized platform. It is also the sole currency of the marketplace, used for buying and selling artworks and all fees, while KALLY will act as a governance token.
Also, 15% will go to providing liquidity on the Uniswap decentralized exchange (DEX), of the maximum 100 million KALLY tokens to be minted. Scheduled for May 19, seeking to raise $200,000 on each platform, is a dual initial DEX offering (IDO) on the ZeeDO and Poolz launchpads.
With all KALLY tokens will be held in their owners’ personal wallets. NFTs will be sent through completely decentralized smart contracts settled on the Polkadot blockchain, Polkally will be 100% non-custodial.
To take place by the end of June, The foundation’s roadmap calls for staking, yield farming, and the token generation event, as well as listing KALLY of the Uniswap DEX.
Polkally’s first iteration, a minimum viable product, is scheduled for release in late summer 2021. It will initially be compatible with Ethereum and then Binance Smart Chain, with other networks including Polkadot, EOS, Tron, Ethereum Classic, Polygon, and TomoChain added over time.
The platform will use a strict but decentralized KYC process to verify artists’ identities. But it and the project’s decentralized database will be based on the peer-to-peer IPFS protocol powering the decentralized Web 3.0.
The Polkally Foundation promises no hidden fees, and sees three revenue streams supporting the marketplace and its KALLY token. First, it plans to sell exclusive, limited-edition NFTs to fund its activities. Second, the site will sell advertising space to NFT artists who want to highlight their work.
Finally, Polkally will charge a standard fee of 5% on all secondary sales of NFTs sold on its site, with half going to burn Polkally tokens and the rest to its treasury. Beyond that, artists collect royalties on those resales of their work, choosing the percentage they will receive — on top of that 5%.