Polka City is a virtual world blockchain game that gives users ownership over virtual locations and with it a steady source of income. Each location or business is an NFT with an actual value, which generates income paid in the native POLC token. Basically, as long as your assets are under contract, you will get paid. Furthermore, getting involved with Polka City has been stripped right back and represents one of the most simplified onboarding processes.
Firstly, logging in with METAMASK means that a high number of potential users will be able to get in without having to first open another blockchain wallet. Throughout their marketing messages and instructional content, they hardly mention blockchain or crypto. They have simplified the process for users to start earning. They just need to go through a few simple steps and of course hold enough POLC to pay for the NFT asset they desire.
1. Choose your asset (Taxi, Energy Station, Services, Etc)
2. Send payment to contract address
3. Receive NFT
4. Get paid every week
5. Yes, it really is that simple
Unique benefits
Each digital asset has its own earnings and in-game bonus structure, making Polka City assets resemble those of a real city. Obviously, the more people are in a city, the more profits a hotel, taxi, or restaurant, for example, can make. The variety of assets up for grabs are thus far divided between simple 2D and more complex 3D assets.
Currently, the most expensive items in the 2D section are shopping centers which cost 151,200 POLC, and hotels at 129,600 POLC which the site also indicates are both now sold out. These items reward the holders with 13,125 and 10,800 POLC tokens respectively, per week. Another high-priced item is a gas station, which sells for 108,900. The cheapest item is a compact taxi priced at 2,178 POLC returning the owner 60 POLC on a weekly basis.
For context, the price in US Dollars at the time of writing for the Shopping Centre would be $223,776 while the dollar value of a hotel would be $191,808.
Within the 3D assets, the Polka Lambo is the most expensive item at 10,000 POLC and it is said that the purchase will come with in-game privileges. Other 3D items are the Taxi Drone and an E-Bike which represent much cheaper assets priced at 750 and 200 POLC respectively.
In the future, it can be imagined that early adopters will have built strong positions in the game such as owning the most visited restaurant due to its proximity to another service. Once they earn enough rewards to fulfill the original cost of the purchase they could then sell the asset on a secondary market like OPENSEA for a profit or alternatively allow it to continue earning.
NB: 1 POLC = $1.48 at the time of writing
Roadmap: the future of Polka City
Polka City has an ambitious roadmap and is still very early into development. The original creators of the project claim that they will hand over the game world later on to those who are invested in it. This would make Polka City a future DAO, or decentralized autonomous organization.
According to the team, the project will launch a DeFi and NFT platform before the end of the first quarter of 2021. They also declared that during the second quarter of 2021, Polka City will have a mobile app and a second, improved version of its official website. There would also be a Polka City wallet release, NFT special edition release, and referral platform release during the second quarter of 2021.
For the referral platform, as a user of the Polka City platform, you would be able to make extra income just by referring your friends or family members to also sign up. The details of the program are still being ironed out at the time of writing, but it is simple to understand how current residents would see the benefit of having more users on the platform. More users would obviously mean more rewards and more demand for locations in the game.
The third and fourth quarters of 2021 appear to be quite similar with Polkadot integration, a major exchange listing, and Polka City trading marketplace all coming towards the end of 2021.
Polka City Summary
On the surface, Polka City is aiming to provide a frictionless and gamified route for investors to become more involved with digital currencies and items. The simple premise and onboarding process mean potential users should see clear benefits and also be motivated to invite more users into the virtual world in order to maximize their own investment and rewards.
At a deeper level, we are observing the first steps within the industry at truly simplifying cryptocurrency investments and passive income. It can even be argued that the game has the ability to teach youngsters the basic principles of economics through supply and demand within markets.
A sold-out pre-sale and growing interest indicate good things for the platform moving forward. Moreover, it could be the case that those willing to take a chance now, could build valuable positions within the virtual space and reap rewards once it becomes more established.
Interestingly, the fact that high-priced items such as hotels and shopping centers are now sold out shows that larger investors are seeing the potential in Polka City. Conversely, it could be the case soon that the very people the platform looked to attract could be priced out due to inflated NFT values amidst the current hype. Time will tell.
Useful Links
- Check out Polka City
- What are NFTs?
- Polka City Gas Station Sells for Over $130k
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