Polkally, a decentralized auction platform for creating and selling non-fungible tokens (NFTs) on the Polkadot Network, is expected to launch its first protocol version at the end of summer 2021.
Despite being art professionals-oriented, Polkally is open for anyone due to its decentralized nature. It features a native token, known as KALLY, which can only be bought on Uniswap and other platforms that it will list after its Initial Desk Offering (IDO) on ZeeDO and Poolz this May 2021.
The auction platform also has external teams that will evaluate its smart contracts to ensure that there are no flaws or backdoors. It features a standard, minimal 5% fee on all sales within its platform.
Polkally aims to establish the most interoperable and user-friendly marketplace ever, enabling artists and ordinary people to unleash the potentials of virtual artworks.
On May 19th, it will feature a dual IDO after closing its private sale of $700 worth of KALLY tokens. The goal is to raise an additional $400,000 to have a total closing fundraising of $1.1 million, enabling the project to gain more visibility and significance.
Among key features for Polkally are decentralized “Know-Your-Customer” (KYC) based on IPFS, a dynamic auction system for selling artworks at the best price, and compatibility with all EVM-compatible networks as well as Polkadot.
As it is still in development, several blockchains will be added to its pool of networks, such as Tron, EOS, Binance Smart Chain, and many more.
Minimal fees and security assured
With Polkally, there are no hidden charges, and the 5% minimal fee is maintained, with half of the proceeds going to the project’s treasury.
It goes with IPFS-based infrastructure in order to encrypt personal data and assure security. Polkally addresses the common concerns and issues with existing NFT marketplaces like not having enough room for interoperability, expensive fees, and, most of all, over-centralization.
Image courtesy of Polkally/YouTube