Solana

Cryptorare.io announces the development of a platform based on Solana

Cryptorare.io announces the development of a platform based on Solana

BENGALURU, India, March 09, 2022 (GLOBE NEWSWIRE) — Cryptorare.io is developing the first-ever comprehensive metaverse ecosystem, uniquely built on the Solana blockchain with real-world use cases. By implementing digital frameworks associated with the metaverse and virtual reality, Cryptorare.io focuses on streamlining the creation, discovery, and distribution of NFTs at scale. It also aims to bridge the gap between CeFi and DeFi, improving capital efficiency and preserving NFT ownership.

As the metaverse landscape expands and new applications are introduced. Market players will be looking for a complete ecosystem that unlocks the full potential of a metaverse. Additionally, the ecosystem must provide utility that translates to the real world without any barriers to entry.

Cryptorare’s vision aligns in this regard and extends further, giving users a taste of the winning combination of NFTs and VR in the real world. Given Solana’s underlying technology, there will be no barriers to entry and Cryptorare.io can create a scalable metaverse.

Pillars of the Cryptorare.io ecosystem

Along with creating a feature-rich ecosystem, Cryptorare.io also plans to incentivize users for every transaction made in the marketplace. This makes Cryptorare.io the very first ecosystem on Solana to integrate a trading rewards mechanism.

The Solana NFT ecosystem is growing at an incredible rate, thanks to its interoperability, low cost environment and high transaction speeds. Cryptorare.io believes Solana adoption would increase significantly among Blue-Chip NFT projects and plans to reduce the number of pump-and-dump scams and rug draws, with additional business rewards for collection creators and active traders respectively.

To enhance NFT utility, Cryptorare.io will integrate DeFi features such as staking and farming with its secondary market. The marketplace will also eventually offer secured loans on NFTs. One can pledge NFTs as collateral and use the borrowed capital to explore other real-world opportunities, making it extremely valuable for long-term holders.

In addition to improving capital efficiency, Cryptorare.io also emphasizes distributed ownership of NFTs with NFT splitting. By sharing co-ownership, one can tap into deep liquidity and improve in price discovery.

Cryptorare.io will introduce a customizable merchant NFT feature to promote a Economy of engagement to win. Businesses can promote their services and products using NFTs to a wider crypto audience. It can be used to create loyalty programs, memberships and redeemable coupons.

The NFT will act as a QR code allowing a merchant to scan and verify the legitimacy of NFT holdings. As NFTs can represent anything on the blockchain, there is no limit to the type of business that wants to join the Cryptorare.io ecosystem. Additionally, the Rare Merchant feature also streamlines the tokenization and monetization of intellectual properties through NFT support. This would solve long-standing problems with the inefficiency of conventional IP markets.

Cryptorare’s metaverse offers users a variety of virtual experiences with NFT galleries, in-game action to win, and exclusive token rewards. There will also be a utility-based NFT called Astrosol. It allows users to enter the Astroverse for exploration and earn rewards in CRYPTOR tokens.

In addition to Astrosol, there would be an NFT access pass called Metarare Key for The Rareworld. Cryptorare.io also builds the infrastructure needed to create 3D environments and allow users to populate their own piece of metaverse. They can mine land in Cryptorare’s Rareworld for marketing and commercial purposes or rent it out to other explorers for passive income.

Cryptorare.io CEO Sourav Samantara comments, “The metaverse will sooner or later become the main escape route from the real world. The future lies in the metaverse for everyone. And the metaverse economy is real. The all-in-one, scalable metaverse ecosystem is paramount to the embedded masses and showcases the true potential of Web 3″.

Shrijeet Pahi, the President of Cryptorare.io, also adds, “The digital landscape is changing at an incredible pace. We are spending more and more time in the digital world at this time and we will soon move to the metaverse. The Cryptorare ecosystem helps build the meta-world that unlocks human desires without judgment.”

About Cryptorare.io

Cryptorare.io is a complete metaverse ecosystem based on Solana, including DeFi functionalities, 3D virtual reality experiences and a secondary NFT market. The platform facilitates the creation and distribution of content across the vast NFT landscape. It will also accelerate VR technology in the virtual world by enabling NFT galleries and event streaming.

The Cryptorare.io ecosystem also plans to bridge the gap between centralized and decentralized financial systems through its strategic partnership with Solana Pay and a global payment gateway giant CeFi to launch a metaverse bank called Metavault. cryptorare.io aims to allow users of the platform to use their metaverse earnings in the real world through the EMV smart card that will eventually be provided and accepted by millions of merchants worldwide, where users will receive also additional crypto rewards as cashback for each transaction made. So, Ready Player 1?

Media contacts

Company: Cryptorare.io Inc.

Email: [email protected]

Website: https://cryptorare.io

THE SOURCE: Cryptorare.io Inc