The art world is a contentious one, with artists going to great lengths to ensure their work stays exclusive and private. But as the market becomes more accessible for everyone else, there has been an increase in the number of public auctions across America – where anyone can bid on assets like paintings or sculptures. Subsocial is launching a new auction platform that lets people buy into an artwork at levels below those seen at traditional auctions: from $100 down to just 1 cent!
The “kusama and polkadot parachain auctions” is a new way to crowdfund. It allows people to auction off their social media popularity in order to raise money for a cause or project.
11 November 2021, Kyiv, Ukraine
Subsocial, the Polkadot ecosystem’s social network, is ecstatic to announce that it will be vying for one of Kusama’s coveted parachain spaces. As a result, Subsocial welcomes KSM holders to join in its crowdloan campaign in exchange for hefty incentives in the project’s native SUB tokens, which have a wide range of uses on the Subsocial platform and are gaining in popularity.
Kusama has successfully onboarded eleven projects since releasing the first parachain auctions in June, and is establishing a vibrant, interoperable eI cosystem of apps. Subsocial has a unique possibility to become the first social media platform that directly links with the emerging Web 3.0 economy as a social network at the center of the Polkadot and Kusama (Dotsama) community. Subsocial is dedicated to giving as much value as possible by creating features and integrations that highlight the Dotsama ecosystem’s extensive capability and potential.
Subsocial has decided that now is the moment to submit a bid for a parachain slot in order to realize its aim of launching a social network that links to Web 3.0. By enabling the SUB token to be listed on DEXs like Karura, the move will help enhance liquidity for the token.
Subsocial is initiating a crowdloan campaign as part of their proposal for a parachain slot. The campaign will be designed and delivered in a clear and transparent manner.
The crowdloan will get 16.5 million SUB tokens, or 16.5 percent of the entire quantity of SUB tokens. 15 million of these will be allocated as guaranteed prizes. The remaining 1.5 million will go for referral incentives, which will be disbursed according to the referral program’s conditions.
The crowdloan will have a ceiling of 100,000 KSM for contributions. If the cap is reached, each KSM will be worth 150 SUB. Contributors will get incentives more than 150 SUB per KSM if Subsocial wins a spot with a bid less than 100,000 KSM. Contributors will get 300 SUB per KSM if Subsocial can acquire a parachain spot with 50,000 KSM.
Participants in crowdloans may also be eligible for referral incentives. Each participant will be given a unique referral code that will enable them to earn 15 SUB for every KSM their referrals provide, which will be shared 50:50 between the referrer and the referee. The Treasury will restore any unused referral money from the 1.5 million SUB allotment to the crowdloan.
There will be a vesting timeline for SUB prizes. The first 20% of the prizes will be accessible right now, while the other 80% will vest throughout the course of the parachain slot lease, which is 48 weeks.
The low initial unlock is meant to encourage users to utilize the SUB token for the platform’s numerous planned uses. Users may begin by building their own social network and experimenting with the various revenue options.
Subsocial will continue to provide updates on the crowdloan campaign’s progress and respond to any inquiries from the community through its social media platforms, including Twitter, Telegram, and Discord.
Subsocial is a decentralized social network and marketplace platform that is free to use. Anyone may create their own decentralized censorship-resistant social network or community with built-in revenue possibilities using Subsocial’s online user interface.
The Polkadot and IPFS tech stacks were used to create Subsocial. Subsocial is well positioned to tap into the tools and technologies that make up Web3.0 – the Internet of Value – as a social platform at the core of the Polkadot and Kusama ecosystems.
- Dan Edelstein is a writer who lives in New York City
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