Polka City is a virtual city on the blockchain and an NFTs-based game. You can buy virtual companies or objects there and earn a passive income in this way. You can own a virtual taxi, gas station, boat, shopping mall or sports stadium and get paid every week. The team behind Polka City built this virtual city through Polkadot, NFTs and DeFi and it is an exciting event. As befits a good blockchain game, you are the owner of the objects, which have the shape of an NFT.
In this blog, we are going to take a look at Polka City, how to participate in the game and what their POLC token is. We also provide a detailed explanation of how to earn passive income with Polka City.
Please note: please note that the text below about the Polka City game (POLC) as well as the explanation thereof should in no way be taken as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
What is Polka City?
Polka City is a game where you can buy all kinds of different NFTs in a virtual city. These NFTs represent, for example, different taxis, or a restaurant, a shopping mall, a helicopter or a boat. There are several other types of NFTs that you can buy. The NFTs have different prices and every week you get paid some kind of interest in the local POLC token.
Each NFT is also part of a smart contract. As long as you have the contract in your name, you will be paid every week. As with other blockchain games, the NFT is owned by you and provides passive income. Very similar to My Neighbor Alice , The Sandbox or Decentraland .
This video gives you a bit of an idea of how it all works in this game.
All NFTs have different income and bonus structures. With cheaper NFTs, you get less income than with more expensive NFTs. For example, there are already five different types of taxis, all five of which are different in price, but also yield different returns. Just like in a real city, the more people who live or visit there, the more you earn. NFTs are available in standard 2D models, but also in more complicated 3D models.
NFTs as 2D and 3D models
The 2D models are for example the taxis, hotels, car wash, restaurants, a disco or a hot dog stand. The more complex 3D models include motorbikes, a drone, a sofa, a sports stadium, an e-bike or a skateboard! Some models are already sold out and new options are always being offered in the marketplace. Also very interesting is that the team regularly burns unsold NFTs. In this way scarcity is created and you are either more quickly forced to buy something and/or the prices go up because of the scarcity.
If you get there early in Polka City, it is possible that you will quickly recoup your investment, because you have your restaurant or shopping mall in good locations. Where it is busy, more people come and you get more income. When your investment has paid for itself, you can either let the property continue to earn or sell it on a marketplace. Of course, it is also possible that your property will be coveted and that you can sell it for a profit before you have recouped everything. That would be absolutely beautiful. However, it is also possible that your investment will not pay for itself. So always do your own research before investing in anything.
You can buy or sell these NFTs in the Polka City marketplace. It is also possible to buy or sell them on other NFT marketplaces such as OpenSea. The NFTs are ERC-721 tokens.
How does Polka City work?
Polka City actually works quite simply. There is a low entry threshold or onboarding that is used. The word blockchain or crypto is not often mentioned at all, so that people outside the crypto world also start playing along faster.
First of all, you will have to connect a wallet with the game. MetaMask is a good option, but there are certainly other wallets that you can use. Once you’ve done that, something that’s very simple, connect your wallet, you can start. You now need to make sure you have enough POLC tokens in your exchange to be able to buy your desired NFT. The moment you buy a Polka City NFT, you start earning back your investment. You get paid in POLC every week.
The marketplace of this game also states exactly what the NFT costs. In addition, it also states how much POLC you will be paid per week and how much APY that is. APY is annual percentage yield, or how much interest you get per year. Especially with the first NFTs, those APYs are sometimes quite high, and easily reach 50 to 60% APY. Furthermore, it is also stated which extras you get with certain properties. For example, at an art gallery you will receive 50% of all marketplace and in-game art gallery commissions. As a sports stadium owner, you get 50% of all live sports events in the game. So, as you can see, you also have the chance to generate additional income.
How can you participate in the game?
Joining this game is very easy. Go through the following steps and you’re right in the middle!
- Connect your wallet, such as MetaMask.
- Make sure you have enough POLC in your wallet.
- Find a nice property, within your budget, and then buy this NFT. For example a barber shop, a skateboard or a Lambo.
- Pay via your wallet.
- Receive your property.
- You will now be paid every week.
A kid can do the laundry, right?
You can clearly see in the image above what this motor will cost you, namely 1210 POLC. If you were to buy this bike you would get 70 POLC every week which is no less than 300% APY. However, the APYs can fluctuate and are not fixed values, which is useful information.
For example, a gas station has been sold for no less than 130,000 POLC. For this you will be paid 8250 POLC per week. So in 22 weeks you will have earned back your investment and that is quite fast. Should the price of the POLC token increase, these 22 weeks will even be shortened. On the other hand, if the price drops, it will take longer than 22 weeks to get your stake back. It is therefore not really surprising that all expensive NFTs, such as hotels, restaurants and shopping centers are already sold out.
Owning these assets also gives you passive income. We have already explained how to buy assets, but there is also a special website page where you can see all the assets you own in this game. Once you are on this page on their website, enter your Ethereum wallet address and you can see what assets you have in this game.
The POLC Token
POLC is the native token of Polka City. It is used to run the platform. You can also buy NFTs with POLC and you will be paid in POLC every week if you own any property in the game. All goods and services in this game are paid with POLC.
In total, 250 million POLC tokens are being issued and 8.7 million are already in circulation, according to CoinGecko. That’s only 3.5%, so where’s the rest?
That’s right, 200 million tokens are locked. At the start of the game, 50 million are released and put into the game. Thereafter, 25 million tokens will be released every three months until the total amount of 200 million tokens is reached.
Furthermore, 10 million tokens were sold during a private sale and pre-sale. 10 million tokens will go to the team, however they will be locked for 6 months and after that 5% will be released every month. This gives confidence, as it indicates that the team cannot take it all at once and run off with the loot. They have reserved 5 million tokens for marketing, with a million being released immediately. After that, the remaining four million will be released monthly at 5%. There are also 25 million tokens in Uniswap in liquidity pools.
The token started very well and very quickly reached its AHT (all Time High) on March 6, 2021 of $2.11. Unfortunately, that party didn’t last very long and now the price has been around $0.20 for some time now.
Where can you buy the POLC token?
You can buy the POLC token on various crypto exchanges. Gate.io is perhaps the best known CEX (centralized exchange ) and Uniswap V2 is the best known DEX (decentralized exchange). You can also contact Bittrex, Bilaxy, Bidesk and MXC.COM. Binance and Bitvavo do not offer this token yet. However, the project has only just started, so the possibility of this coin still being included in their respective package is always there.
What is the POLC Chart?
Where can you store POLC?
You can store your POLC tokens in various wallets. First, of course, there are the wallets of the exchanges. However, they have the disadvantage that you do not own the private keys of these wallets. If these exchanges are hacked, there is a chance that you will lose all your coins that you have on the hacked exchange.
So it is a better plan to have an online wallet for your coins or NFTs from Polka City, such as MetaMask. Now you do have your own private keys for this wallet. This is a list of 12 words at MetaMask. Different wallets have different numbers of words.
If for whatever reason you lose your wallet, you can still secure your coins using this series of words. However, it is still possible for hackers to hack this option as well. A very important rule is that you should never hand over your private keys to anyone. People who ask for your private keys usually don’t have much good in their mind, and only want to loot your crypto coins. The name ‘private’ says it all, it is private and not to be shared with anyone else.
The safest way is to store the coins on a hardware wallet such as Trezor or Ledger. You can also store your Polka City properties, your NFTs, in a hardware wallet. Now you can store the coins and NFTs offline and no one can get to them. Here you also get a set of words, or private keys, make sure you don’t lose these! Make several copies of them and keep them in a safe place.
Who is the team behind Polka City?
The team has one well-known name and that is also the big man behind the project. This is Carmelo Milian, a man with 12 years of experience at Microsoft. OneCloud, the firm that developed Polka City, was also co-founded by him. He has been in IT service management for 30 years.
Other team members include Murad Aliyev, technology advisor, Rachel Gibaut who is the business development manager and Fatih Atalih, who is marketing advisor.
Speaking of marketing, despite a nice budget of at least 1 million POLC tokens, Polka City is not really very active on social media. They have Twitter, Reddit, Telegram and Medium accounts. Facebook is missing, for example, and for people who are not in the blockchain and crypto world, this would still be a good platform to recruit new players.
What is very positive is that the team is a kind of ‘genesis’ team. This means that they want to make Polka City a completely independent platform. In time, Polka City will pass into the hands of the investors, who can make their own governance decisions. They will then determine in which direction the game will develop.
Are you excited about Polka City now, after reading this blog? I can imagine it well because this game offers you good opportunities to create a passive income. It is still a new project, but it certainly has the potential to grow and gain popularity.
We’ve seen what Polka City is, how to play it, and how easy the onboarding process is. Furthermore, we also told you another about the POLC token and the team behind Polka City.
On the surface, it seems that Polka City wants to provide investors with an easy way to invest in crypto. The simple entry procedure offers advantages and the intention is that investors try to attract new players. The more players, the more joy, but also the more income!
However, if you look a little further, you will also see that this game has simplified attempts to invest in crypto and create passive income for players. Very well done from the team! Definitely a project to keep an eye on. If you are interested in this, do your own research and see if this project really suits you! Anyway, have fun with it.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com