The rise of decentralized economies across the cryptocurrency ecosystem is setting ground for these communities to start to govern themselves – gaming being one of the key areas. Pteria, a Decentralized Autonomous Organization (DAO) built on top of the Ethereum blockchain, aims to totally decentralize the NFTs market having launched only a few days ago.
On its website Pteria is described as:
“A governance token within a DAO managed through the Aragon protocol and built on top of Ethereum, where all transactions take place on-chain.”
The platform aims to create a decentralized governance system where users of the Pteria tokens can raise proposals and vote on economic decisions affecting them.
Pteria DAO: Creating new decentralized communities
As alluded to above, Pteria, managed by the Aragon protocol, is a relatively young Ethereum-based platform running a token within a DAO. The DAO launched two weeks ago allowing users to take part in the decision-making process and raise proposals on the development of the DAO.
Users with at least 1000 PTERIA (~$200, as of writing) in their wallets can vote for proposals with 1 token representing 1 vote.
The DAO is built as an independent platform to any third party integrating PTERIA token. The DAO contributes to the decentralized gaming industry through its native token, Pteria (PTERIA), creating a new way for users to monetize non-fungible tokens, in short NFTs.
Pteria in the gaming industry
Pteria DAO is built with a focus on the gaming industry – specifically the mobile gaming industry. Despite launching only a fortnight ago, the Pteria team has already created a web of worldwide influencers to push for decentralized governance in the gaming industry through the PTERIA token.
PTERIA token is designed to be integrated by third party gaming application “as a functional utility token”. The DAO, which controls the third party project using PTERIA token, will have the right to vote and make decisions on the allocation of budgets to new projects.
According to the official website, the DAO will select projects based on three key characteristics namely:
“Projects that (1) have a high token burn capacity, (2) belong to the world of entertainment (with precedence given for projects that pertain to mobile gaming), and (3) have a pre-established active user base.”
The gaming market aims to benefit from the liquidity of PTERIA token once the market grows. Pteria is preparing for this with a new way for users to monetize in-game decentralized tokens, NFTs.
Pteria token launch and distribution
To support the Pteria DAO and third party projects, the PTERIA launched with a total supply of 21 million ERC 20 tokens. The token acts as a functional utility token for third party projects and as a governance token that allows users to make future economic decisions on the Pteria DAO.
As mentioned before, the DAO votes on the allocation of the token budget to airdrops and third party projects, with precedence given to entertainment (mobile gaming) and finance projects. Of the 21 million PTERIA tokens, 13.8 million tokens are held in lock up and vesting period, 3 million tokens reserved for third party projects, 2.2 million reserved for the Wallem Agreement (explained below), 1 million tokens for technical support and a another million for pool liquidity and marketing.
The burning process
Pteria is burning part of the 21 million PTERIA tokens in a bit to reduce supply and increase value of the remaining tokens. As explained below, Wallem gaming project is a key burning platform for Pteria used to join the platform’s events and also any unused NFT on third party projects will be burned.
A total of 70,626 PTERIA has been burnt, as of writing, through Wallem events fees and Pewdiepie NFT sales (also explained below).
The Wallem Agreement
Wallem is the first third party to integrate PTERIA tokens to its ecosystem. This is a mobile application, available on both iOS and Android smartphones that allows users to enter events that give them a chance to win real-world products such as gift cards, phones, in-game purchases, etc. The project was recently promoted by YouTube superstar, Pewdiepie, who boasts of over 107 million followers, launching a Pewdiepie NFT in the process.
The DAO has donated 2.2 million PTERIA tokens to Wallem, offering utility as a collectible token on the gaming platform. The augmented reality game allows users to search and collect tokens across their GPS map. The tokens used to join the game are then collected in-game and burned reducing the supply on the third party project.
“Once the donated supply of Pteria runs out, Wallem will need to purchase more Pteria on the market in order to replenish its supply.” – Pteria official website
The staking process
The Pteria DAO also allows users to stake their tokens granting an annual interest return of 24%, if staked for at least 12 months and they participate in voting processes. Once staked, users will receive their tokens and interest in the following year “with interest payable on the 3rd, 6th, 9th, and 12th month.”
The staking mechanism incentivizes users to hold their coins in interest bearing accounts, hence reducing the circulating supply – and in turn increasing the value of the token.
The Pteria DAO and token kicks off a new way for the gaming sector to make governance decisions and incentivize users to use the platform. With Wallem and Pewdiepie leading the integration of the token, more gaming platforms are set to follow, reducing the circulating supply through a “constant token-burn during normal flow” of transactions.