Piqsol is the name of a new project wishing to contribute to the mass adoption of fractional NFTs. The team sees a vast potential to be exploited, and it has put together several professionals to work on the launch of a new product.
We aim to give our readers a neutral point of view on notable blockchain new initiatives. In this context, the following sections will review the critical aspects connected to the Piqsol project.
Understanding Piqsol’s Mission
Piqsol is the first and only fractional NFT marketplace on Solana. The project is set to launch in the second half of April, and anyone owning $PQL (Piqsol’s native token) will be able to join the portal.
The team’s mission is ambitious: bringing together all the globally listed NFTs on a single platform. The mechanism of fractional NFTs is at the core of the founders’ plans, but we will have time to investigate the matter later in this review.
Let us focus on the token ICO and its characteristics in the following section.
The $PQL Token and Its Utility
The Solana-based $PQL token will have a broad utility and a total supply of 18 billion samples. In terms of token allocation, here is a snapshot of what will happen:
- Press releases: 15% of the tokens.
- ICO/Exchange listings: 37% of the supply.
- Team: 28% of the coins.
- Advisory/bounty & marketing/influencers: 11% of the total $PQL volume.
For the first six months, we will see the application of a 25% tax on each token sale operation. The team will use this strategy to protect the token from the typical heavy speculation of the market on newly born tokens.
The founders have also explained that half of the proceeds from the fees will be distributed to token holders, while another 25% will enter the liquidity pool.
The team also decided to include a deflationary force into its ecosystem by agreeing to burn the unsold tokens after the ICO.
There are some specific situations in which it is advantageous to hold $PQL. For example, it is impossible to whitelist for NFT drops on Piqsol for anyone who does not have $PQL. Furthermore, the portal offers a messaging system to provide bids that will necessitate the use of this token.
The UAE Metaverse METAR Social will also have a particular utility for the $PQL token. For instance, token holders will be able to pay bills in the metaverse, buy apartments in the digital world, or rent virtual offices.
The Main Features of the Project
Using the Solana blockchain, Piqsol Holdings offers a simple-to-use fractional NFT marketplace. The project is managed by a global team of specialists with more than 17 years of expertise in the development of software and mobile apps, as well as blockchain solutions.
Priven Reddy, CEO of Piqsol, is confident about the success of this project. The team believes this initiative will bring a revolution in the NFT sector, representing a massive step toward the mass adoption of this technology.
Why Betting on Fractional NFTs?
NFT fractionalization distributes ownership of a tokenized asset across several people. Tokens based on the original NFT components can be created and distributed by the object’s owner. Fractional NFTs make it possible for many individuals to share in the benefits of rare and expensive goods.
It may be challenging to find an affordable market for digital art because of the high cost of the NFT. Fractions of NFTs are substantially more cost-effective since they allow for smaller purchases and make diverse transactions far more accessible.
There’s also a clear liquidity advantage connected to fractional NFTs. Holding an expensive NFT may result in having trouble selling it, while one can expect it would be much easier to find a buyer for a smaller fraction.
The Piqsol’s System
If we wanted to sum up the features of the Piqsol NFT marketplace and token, we could mention the following ones:
- Ability to create NFT and fractionalized NFTs
- Video, image-based, and audio NFT fractionalization
- Record of NFT ownership and origin
- Monthly revenue-sharing system for anyone holding NFTs from Piqsol’s collection and for those who stake $PQL
- The seller will be entitled to assign the ownership rights of the NFT
- Access to a system to sell, mint, auction, and buy NFTs
- Usage of the “lazy minting” technique, which triggers the gas fee payment only after the NFT sale
The team explained that NFTs might be minted in as little as 60 seconds thanks to a simple process that requires only a title, description, the number of pieces, and a connection to social media.
Early access to events and the opportunity to earn monthly revenue sharing on the Piqsol platform are two critical features of Piqsol’s inaugural NFT collection.
What Shall We Expect from the Future?
As a fractional Solana NFT marketplace, Piqsol hopes to increase NFT use throughout the world. It aims to transform the field of NFTs by slashing expenses and enhancing the market’s learning process on this technology.
The market will be watching closely as the team develops this extremely ambitious new NFT project.