PARA SPACE ANNOUNCES INCENTIVE PLAN FOR NFT LENDING AGREEMENT

04/03/2023 02:28 • Blockchain Buzz • 127 views

On April 3, according to official Twitter, ParaSpace, the NFT lending agreement, announced the launch of an incentive plan in which users will receive rewards for their actions and activities. Points will be exchanged for ParaSpace tokens through air drops when ParaSpace releases tokens. By the end of the second quarter (June 30, 2023), ParaSpace will increase the bonus points earned by users to 300%.

ParaSpace launched an incentive plan, and points can be converted into tokens for the project in the future

ParaSpace, the NFT lending agreement, has recently announced the launch of a new incentive plan that rewards users for their participation and activities. The plan involves the exchange of points for ParaSpace tokens, through air drops from the company once they are released. By June 30, 2023, ParaSpace will be increasing the bonus points earned by users up to 300%.

What is ParaSpace and NFT Lending Agreement?

ParaSpace is a platform that deals with Non-Fungible Tokens (NFT), which are classified as unique digital assets that hold specific data, such as images, videos, or music. NFTs are usually bought and sold on blockchain platforms, and ParaSpace offers a unique opportunity for clients to lend their NFTs for investment purposes.

The Incentive Plan

The new incentive plan, announced by ParaSpace on April 3, 2021, aims to increase user involvement while using their platform. Points will be awarded to users for their use and participation in the platform, which can be later exchanged for ParaSpace tokens through air drops from the company.
By incentivizing user participation, ParaSpace is hoping to establish a more loyal user base while increasing their activity on the platform. The company is also hoping to develop a more significant presence on the NFT market by encouraging users to stay and participate in their program.

How the Incentive Plan Will Work

Points will be allotted to users for the number of days their NFT is being lent out on the platform, as well as the value of their NFT. Points will also be earned by participating in ParaSpace’s community by referring friends, sharing blogs on social media, or participating in other events or contests.
The ParaSpace tokens are set to become available in the second quarter of 2023, and they will be awarded to users based on the number of points they have accumulated through their use of the platform. Each point earned will equal one ParaSpace token, and by June 30, 2023, ParaSpace will increase their bonus point rewards by 300%.

The Benefits of the Incentive Plan

The launch of the incentive plan by ParaSpace is a smart move, as it provides significant benefits for both users and the company. The incentive plan encourages users to remain active on the platform, which means they are more likely to lend more of their NFTs, which translates to increased lending activity and profits for the company. This program may also reduce the number of people withdrawing their NFTs, as they are given extra rewards for remaining active on the platform.
Furthermore, ParaSpace can leverage this program for marketing purposes which may attract more users to the platform, resulting in more profit. By keeping track of user accounts, ParaSpace has direct access to each user’s activity and behaviors, which can be analyzed to discover areas for optimization or to display how active the community is.

Conclusion

ParaSpace’s new incentive plan is a step in the right direction, as it provides users with valuable rewards, incentivizes them to remain active on the platform, and encourages them to refer others to join the community. In the absence of significant competition in this market, ParaSpace stands a chance at becoming a go-to platform for NFT lending. By bolting incentives on top of essential services, it can attract a sizable user base, aid in branding, and increase revenue.

FAQs:

Q: What is ParaSpace?
A: ParaSpace is a platform that deals with Non-Fungible Tokens (NFT), which are classified as unique digital assets that hold specific data, such as images, videos, or music.
Q: When does ParaSpace plan to release their tokens?
A: ParaSpace plans to release their tokens in the second quarter of 2023.
Q: What is the purpose of the incentive plan?
A: The incentive plan aims to encourage users to remain active on the platform, which results in increased lending activity and profits for the company.

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