NFT Platform Para Announces Launch, Tokenomics & More

Over the last twenty years, there have been regular changes and developments in different aspects of the showbiz and entertainment industry. People have moved from buying CDs to downloading mp3 files of songs to watching music videos on YouTube. These changes have brought with them some negatives like the massive decrease in revenue for the artists as many of these digital versions of music are pirated and mostly copied into as many different versions as possible. This has gone on for years now but solutions are popping up for this. One of those solutions is adopting blockchain technology and Non-Fungible Tokens (NFTs). Non-Fungible-Tokens were first to win 2017 with the famous CryptoKitties. NFTs are digital tokens that represent unique assets and give data real value. These assets are non-copyable and they tend to be rare. The CryptoKitties NFTs grew so popular that they completely clustered the Ethereum blockchain at their peak. That popularity has grown even more in 2021 and now the industry processes billions of dollars in transactions every month. Percentages of these transactions flow back to the creators of the NFTs being sold and this serves as a stream of income for these artists. The Covid-19 pandemic has led creatively to look for better ways to get their arts across to their audiences and generate revenue for themselves. Lockdown and quarantines have restricted musical acts from showcasing themselves and their lat...