In a space that is filled with NFT projects, Babylons’ innovation appears to stand out like no other. The distinct initiative is mainly inspired by decentralized finance (DeFi) protocols that mostly latch on to a particular ecosystem they are building or a popular launchpad to help in getting their project and goal out there.
From its unique NFT marketplace to the government token and “Trade-to-Earn” mechanism, the DAO platform seems ready to take over the market.
Babylons is a distinct DAO platform striving to revolutionize Web3 gaming and digital asset trading.
Babylons NFT Project Overview
By description, Babylons is a community-governed, entirely Decentralized and Autonomous Organization (DAO) platform that is trusted by more than 200 partners. Notably, users partially own the platform together with its GameFi and NFT mechanics through Babylons governance token, $BABI. Interestingly, community members get the chance to decide on the future development of the Babylons platform.
At first, Babylons built its NFT marketplace and minting platform on the Binance Smart Chain (BSC). The move minimized gas fees for users, a vibrant community, and mass adoption. In the meantime, Babylons has evolved considerably into a blockchain agnostic platform with live multi-chain support.
The multi-chain platform is available with new upgrades and mechanics.
Babylon Is An NFT-Powered Multi-Chain Platform
Babylons is simply a one-stop-shop, multi-chain platform enabling users to access tools and services for NFT and GameFi projects. This is a strangely unique, yet much-needed combination in the fast-rising GameFi and NFT space. The innovative platform mainly facilitates users’ creative process, minting, development, launch, and earning on different blockchains.
Notably, the platform also has a “Trade-to-Earn” mechanism, where the NFT traders on the Babylons platform can earn weekly $BABI rewards. These rewards are based on a total weekly NFT trading volume for Babylons.
At first, the feature was just available on BSC since the Babylons launch. Luckily, it is now available on top chains like Polygon, Ethereum, Fantom, Optimism, Avax, Klaytn, Arbitrium, and Cronos. Users can claim the rewards on the Babylons website.
Moreover, going multi-chain makes listings and trading of top NFT collections available. Now, users can list, sell, and buy top collections like CronosChimp on Cronos, BAYC on Ethereum, and a lot more on the Babylons NFT marketplace.
Commission Structure Update
The general commission structure of the Babylons platform will also be updated. At first, the platform had a 2% commission on buying and selling. Nonetheless, the new and updated structure now sees a 2.5% commission from sellers and 0% from the buyers as highlighted below:
- 40% to purchase the floor of NFTs from the collections that the trade has happened, therefore increasing their floor price;
- 40% to buyback or burn program of the $BABI token;
- 20% of the revenue generated goes to the referrer of the trader.
Generally, the rewards-based structure empowers developers to use the Babylons platform.
The platform consists of a user-friendly interface for seamless gaming and NFT trading experiences.
More Unique Updates
Another unique feature that will be available on the Babylons platform is the List-to-earn mechanic. The move boosts the NFT supply in the marketplace by rewarding holders of various NFT collections with $BABI.
Rewards are based on every NFT they go on to list from those collections on the Babylons NFT marketplace. These features will be updated often to prevent the mechanism’s abuse, just as measures were taken to avoid wash trading with the Trade-to-earn feature.
In that case, nonfungible tokens will not be rewarded in case the floor prices are 1.5X more than the average of other credible NFT marketplaces, and is a situation where users list the same nonfungible tokens twice.
Babylons is currently on its way to impacting the NFT and GameFi space with innovative Web3 solutions. The updates are just some innovations and additions that will need to happen in the coming months. Hence, how can users and developers benefit from an innovative platform that makes it quite easy to traverse the massive world of NFTs and GameFi while being rewarded? The first step is becoming an active Babylons community member.