A virtual city where users earn from their NFTs
Polka City, a virtual world blockchain game aiming to revolutionize ownership of virtual assets, has registered a top 5 NFT sale in the past 24 hours. A Gas Station in Polka City has changed hands for 78 ETH or over $130,000 at the time of writing.
What’s most interesting about the Polka City assets, specifically the Gas Station, is that it pays 8250 POLC tokens every week to the owner. At the time of writing that would equate to $12,705 a week in POLC tokens. If the token price remains stable the purchase of the gas station would be repaid in roughly 10 weeks.
Moreover, if the token continues to climb as it has done in the first weeks of 2021 the repayment time could be considerably quicker. Obviously, with all things blockchain, there is the underlying fear that the platform could vanish as quickly as it arrived and Polka City is still in its infant stage as it launched in February 2021. Nonetheless, items have been selling.
Buyers & Sellers
Looking at the new owners’ wallet address using the Dappradar Portfolio tracker we can see that the buyer is a collector of NFT art, especially through the SuperRare marketplace. Interestingly the holdings of the wallet are small but substantial in value.
Looking at the seller wallet using the Dappradar Portfolio tracker we can see that they are also currently holding three Axies and a Polka City Taxi Cab which pays 60 POLC tokens every week to the NFT holder. An educated guess would say that the seller has been collecting NFT items for some time and has possibly bred those Axies for sale. Furthermore, the rising price of the POLC token (up 1200% in the last 29 days) means that the item has become more desirable for both the seller and buyer.
The premise of the platform should be appealing to those that want to get involved in cryptocurrencies, but see the barriers to enter the new financial world too high. Polka City essentially offers some of the benefits of DeFi without ever having to understand complex ideas like impairment loss, yield farming, or use a decentralized exchange. For many, this will be a breath of fresh air.
Want to know more about Polka City? Click here to read the full explainer article.