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Academy > Metaverse > Polkacity Coin: Crypto Meets All-Time Gaming Favorite >

Polkacity Coin: Crypto Meets All-Time Gaming Favorite

2022-08-18 01:53:23

Summary:

  • Polkacity is a multi-blockchain game inspired by the popular video game Grand Theft Auto, infused with 3D and augmented reality technology.
  • Players have to make an initial investment by buying in-game NFT assets such as petrol stations, limousines, restaurants and hotels before they start earning from weekly and monthly payouts in POLC tokens.
  • One of Polkacity’s most prominent partnerships is with two-time NBA All-Star player Baron Davis.

Polkacity coin

What is Polkacity?

What happens when crypto meets one of the most favorite video games ever? Released last year, Polkacity is a Grand Theft Auto-inspired blockchain game or GameFi marketed as “the world’s first 3D & AR NFT Multichain Platform and Video Game.”

The game utilizes the latest developments in immersive technology like Augmented Reality (AR), 3D, and the Metaverse to develop their avatars, own real estate and businesses such as gas stations and hotdog stands, to collecting art. Assets can then be traded on the game’s NFT marketplace.

The Lead Developer of Polkacity is Carmelo Milian, who has 12 years of experience at Microsoft and is also the co-founder of cloud computing firm OneCloud.

Is Polkacity Related to Polka Dot?

If the preface “Polka” sounds familiar, it is because Polkacity was inspired by the Polkadot blockchain. Polkadot is a popular DeFi blockchain, offering improved interoperability between other blockchains. Polkacity currently runs on Ethereum and BSC but aims to expand to other blockchains including Polkadot.

How to play Polkacity (POLC)

Players can access the Polkacity game through a mobile app or a desktop version (available for PC and Mac) but the game is still in beta phase, with on-going new additions such as better controls, improved graphics, and city-wide features. While in the Metaverse, players can explore the place, move around on foot or by car, enter various locations, and interact with other players.

Polkacity by car

 

Polkacity by foot
Users can explore Polkacity by car or by foot (Source: Polka City)

 

The idea behind Polkacity is to build a virtual city and to earn in Polkacity, players have to buy NFTs in the form of taxis and limousines, petrol kiosks, hotels, restaurants and discos.

For example, an owner of a restaurant NFT costing 55,000 POLC (about $2,750) can recoup his investment through a weekly payment of 5,225 POLC plus 38% of the restaurant’s earnings per month, enabling players to benefit from the game’s virtual economy.

Polkacity business model
(Source: Polkacity whitepaper)

 

The latest development is the addition of two new NFT businesses—a cosmetic shop and a fish shop available for purchase. These reward owners with 150% APY (Annual Percentage Yield) and 140% APY, among other perks.

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Polkacity (POLC) Price, Supply and Market Cap

POLC is Polkacity’s native token which at the moment of writing trades for about $0.06, with a circulating supply of 8.7 million and a market cap of $500,000. This price is considerably lower than the all-time high of $2.89 achieved at the beginning of November 2021, reflecting the general price trajectory of almost all other altcoins since the start of 2022.

 

Polkacity price chart
Polkacity’s price movements since its first public offering (Source: CoinMarketCap)

 

The total supply of POLC is 250 million with the following distribution:

  • Development team: 10 million POLC, six months locked, 5% monthly release
  • Marketing: 5 million POLC (1 million released from beginning, 4 million locked and 5% released monthly
  • Platform rewards: 200 million POLC (50 million released from the beginning with 150 million locked and 25 million released every three months)
  • Liquidity and exchange listings: 25 million POLC
  • Private sale: 2.5 million POLC, 125 ETH raised at a price of 20,000 POLC per ETH
  • Presale: 7.5 million POLC, 500 ETH raised at a price of 15,000 POLC per ETH

POLC is an Ethereum-based ERC-20 token that players can use for transaction fees within the Polkacity universe to buy and develop their NFT assets. The POLC tokens can also be used to buy governance NFTs should they wish to vote on the game’s development and decision-making.

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Is Polkacity a Good Investment?

Polkacity was released at the beginning of last year. By the middle of February 2021, the project witnessed a successful private sale, and by April, the POLC coin shot up 25x in value.

The second quarter of 2021 saw Polkacity getting listed on several exchanges, and releasing its own NFT marketplace later in the year. One of Polkacity’s major announcements this February was the launch of its Metaverse Art Gallery NFT. The NFT gallery attracts digital artists and allows players to interact with art before purchasing it. Polkacity has also secured a partnership with two-time NBA All-Star player Baron Davis.

Going forward, Polkacity has a “new continent” planned for the second quarter of 2022. The idea of this addition is to sell plots of land that players can develop and/or trade, according to its official roadmap, along with more tradeable NFT assets.

All these developments are positive signs, but the tokenomics of play-to-earn games, as we have seen, can be a tricky thing. Whether Polkacity turns out to be a good investment eventually will depend on how well it is able to attract and sustain user interest to build a robust virtual economy.

How to Buy Polkacity (POLC) Token on Phemex?

Phemex offers both spot and contract trading for investors to choose from. However, for beginning crypto buyers, spot trading is recommended. To buy POLC on Phemex, follow the instructions below.

  1. The first step to buying cryptocurrency on Phemex is to go to the Phemex homepage, register for an account, and select Markets.Phemex homepage
  2. On the Markets tab enter POLC into the search bar on the top right, immediately after, the POLC/USDT trading pair will appear below – select Trade to move on to the next step. Polkacity markets
  3. You will then be redirected to the Phemex trading platform for the POLC/USDT pair. To do a simple spot trade we recommend doing a market order where you can buy POLC at the market price. To do so, select Market, enter the amount of USDT you want to buy of POLC, and click Buy POLC. Polkacity trading chart

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