Throughout our journey since starting Portion in 2016, we have worked to demystify the use of cryptocurrencies for collecting art, and foster direct relationships between incredible artists, creatives, and a new wave of collectors and patrons. Now, Portion is entering the next evolutionary phase of our community, where both creators and collectors are not only members, but stakeholders of the community itself. This system will contain incentives to reward everyone for the value they put in and help the community evolve the Portion product alongside the team and its creators.
Starting today, we will begin rewarding collectors with an automatic 500 $PRT distribution for every NFT they purchase on Portion (on both Ethereum and Palm networks), distributed every other Sunday. In time, we will experiment with turning this into a percentage distribution based on the value of the sale (stay tuned for updates). This is a key step in adding increased utility to $PRT to align incentives between creators and their collectors on the Portion platform, and it adds upon adds key existing $PRT utility, laid out below:
$PRT Utility
→ PRT tokens can be used to bid on, purchase, and sell art and collectibles on the Portion platform.
→ Artists earn 500 $PRT every time they mint a NFT on Portion, distributed every Sunday.
→ Collectors earn 500 $PRT every time they purchase a NFT on Portion, distributed every Sunday.
→ Artists earn 11% royalties on secondary sales, paid in $PRT
→ Portion token holders can stake or farm their $PRT to collect yield.
→ PRT tokens are utilized for DAO platform governance and voting.
Ultimately, Portion Token is designed to reward members who add the most value, and the community can benefit through token ownership and redeemable rewards. Instead of a convoluted network of intermediaries that thrive on the backs of artists and creators, we are now unlocking mechanics of token utility, rewards, and value accrual that are more transparent, inclusive, and open.
Through Portion, creators can earn proper pay, and collectors can support their favorite artists, all while getting rewarded to do so.