Cryptorare.io Announces the Developing of a Solana Based NFT Ecosystem with Real World Utilities – GlobeNewswire

cryptorare.io-announces-the-developing-of-a-solana-based-nft-ecosystem-with-real-world-utilities-–-globenewswire

| Source: Cryptorare.io Inc


BENGALURU, India, March 09, 2022 (GLOBE NEWSWIRE) — Cryptorare.io is developing the first-ever complete metaverse ecosystem, solely built on the Solana blockchain with real-world use-cases. By implementing digital frameworks associated with metaverse and virtual reality, Cryptorare.io focuses on streamlining the creation, discovery, and distribution of NFTs at scale. It also aims to bridge the gap between CeFi and DeFi, improving capital efficiency and preserving NFT ownership. 

As the metaverse landscape expands and newer applications are introduced. Market participants will be looking for an all-around ecosystem that unlocks the full potential of a metaverse. In addition, the ecosystem has to provide utility that translates to the real world without any entry barriers.

Cryptorare’s vision aligns in that regard and extends further, giving users a taste of the winning combination of NFTs and VR in the real world. Considering Solana’s underlying technology, there will be zero entry barriers, and Cryptorare.io can create a scalable metaverse.

Pillars of Cryptorare.io Ecosystem 

  • Trading Rewards

Outside of creating a feature-rich ecosystem, Cryptorare.io also plans to incentivise users for every trade made on the marketplace. This makes Cryptorare.io the first-ever ecosystem on Solana to incorporate a trading rewards mechanism. 

The Solana NFT ecosystem is growing at an unbelievable pace, thanks to its interoperability, low-fee environment, and high transaction speeds. Cryptorare.io believes the adoption of Solana would increase significantly among the Blue-Chip NFT Projects and plans on reducing the number of pump-and-dump scams & rug-pulls, with additional trading rewards to collection creators & active traders respectively.

  • NFT Finance 

To enhance NFT utility, Cryptorare.io will integrate DeFi features like staking and farming with its secondary marketplace. The marketplace will eventually also offer collateralised loans on NFTs. One can put NFTs as collateral and use the borrowed capital to explore other opportunities in the real world, making it immensely valuable for long-term holders. 

Along with improving capital efficiency, Cryptorare.io also emphasizes distributed ownership of NFTs with NFT fractionalization. By sharing fractional ownership, one can tap into deep liquidity and get better at price discovery. 

  • Rare-Merchant 

Cryptorare.io will introduce a customizable merchant NFT feature to promote an Engage-to-Earn Economy. Businesses can promote their services and products with the help of NFTs for a broader audience in crypto. It can be used to create loyalty programs, memberships, and redeemable coupons. 

The NFT will act as a QR code for a merchant to scan and verify the legitimacy of NFT holdings. As NFTs can represent anything on the blockchain, there is no limit to what kind of business wishes to join the Cryptorare.io ecosystem. Further, the Rare Merchant feature also streamlines the tokenization and monetization of intellectual properties through the NFT medium. This would solve the long-standing issues of inefficiency in conventional IP marketplaces.

  • The Rareworld

Cryptorare’s metaverse offers users a variety of virtual experiences with NFT galleries, play-to-earn action, and exclusive token rewards. There will also be a utility based NFT called Astrosol. It enables users to enter the Astroverse for exploration and earning CRYPTOR token rewards. 

In addition to Astrosol, there would be a NFT access pass called the Metarare Key for The Rareworld. Cryptorare.io is also building the necessary infrastructure to create 3D environments and allow users to populate their own piece of metaverse land. They can leverage land in Cryptorare’s Rareworld for marketing and business purposes or rent it to other explorers for passive income.

The CEO of Cryptorare.io, Sourav Samantara, comments, “The metaverse will sooner or later become the main escape path from the real world. The future lies in the metaverse for everyone. And the metaverse economy is real. So we believe an all-in-one, scalable metaverse ecosystem is paramount to onboard masses and showcase the true potential of web 3”. 

Shrijeet Pahi, the President of Cryptorare.io are, also adds, “The digital landscape is evolving at an unbelievable rate. We are increasingly spending more time in the digital world in this era and will soon transition to the metaverse. Cryptorare’s ecosystem helps in building the meta world that unblocks human desires without any judgements.”

About Cryptorare.io

Cryptorare.io is a complete Solana-based metaverse ecosystem including DeFi functionalities, 3D virtual reality experiences, and secondary NFT marketplace. The platform facilitates content creation and distribution in the vast NFT landscape. It will also accelerate VR technology within the virtual world by enabling NFT galleries and event streaming. 

The Cryptorare.io ecosystem is also planning to bridge the gap between centralized and decentralized financial systems with its strategic partnership with Solana Pay and a global CeFi payment gateway giant to launch a metaverse bank called Metavault. cryptorare.io is aiming to let the platform users, use their metaverse earnings in the real world through the EMV Chip-Card which will be provided eventually, and would be accepted by millions of merchants worldwide, where users will also receive extra crypto rewards as cashback for every transaction made. So, Ready Player One?

Media contacts

Company: Cryptorare.io Inc

E-mail: connect@cryptorare.io

Website: https://cryptorare.io

SOURCE: Cryptorare.io Inc


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