Gaming NFT Marketplace - Prom ($PROM)

What is Prom?

Prom is a marketplace in the Web3 gaming ecosystem that focuses on the trading and exchange of NFT assets. It provides decentralized NFT rental and collateralized loans through the use of smart contract wallets. In addition, it offers a range of other services including an NFT trading market and aggregator, educational portal and analytics tools, a decentralized exchange for GameFi assets, and asset management tools. This platform aims to help any NFT gaming enthusiast benefit from entering the blockchain world.

Project Background

PROM was founded in 2019 by Iva Wisher and Vladislav Semjonov, originally named Prometeus Labs. In 2022, it underwent a rebranding and was upgraded to PROM. The Prom team consists of over 40 members, all with extensive experience in Web3. The core members include:

• Iva Wisher: Serial entrepreneur and cryptocurrency enthusiast. She entered the crypto field in early 2015 and has previously worked at companies such as 3commas and VTB Capital as an analyst and investment banking professional. In 2021, she founded a market prediction company called Prosper, which was later acquired by Animoca Brands.

• Vladislav Semjonov: Serial entrepreneur and cryptocurrency enthusiast. He has worked at Block Rock Capital and Grindeks. In 2021, he co-founded Prosper with Iva Wisher.

• Nick Shershnev: Product Director with 5 years of IT experience and 12 years of banking experience. He is the Chief Digital Officer (CDO) at the European Institute of Business Administration (INSEAD).

Prom Feature Design

Non-custodial

Prom does not store or access users’ funds like a marketplace or rental solution provider. Prom chooses a non-custodial approach, and leased assets are stored in a dedicated personal safe vault exclusively belonging to borrowers. Prom acts as a technology provider, ensuring direct transactions between borrowers/lenders or sellers/buyers.

Collateral-Free

Prom does not require collateral for rentals and mortgage loans, and the security of transactions can be guaranteed at the program level.

Simple

Prom GameFi marketplace has been created by gamers for gamers. The unique asset discovery system allows users to find the desired NFT in a few clicks.

Aggregator

Prom aggregates order books from internal marketplaces and serves as a delivery agent. Thus, it enables players to acquire multiple assets from different games in one payment.

Solutions

As a GameFi infrastructure, Prom is committed to enabling ordinary gamers to transition from Web2 games to Web3 games as smoothly as possible. We must acknowledge that there are still many obstacles for Web2 players to enter the Web3 world, such as what is a non-custodial wallet and what is the role of an on-chain wallet. Prom’s mission is to eliminate these barriers and provide users with the best possible solutions, addressing these issues and offering corresponding solutions for different user groups.

• Solutions for Players: Players can enter GameFi without investing initial capital and receive guidance in the game selection process. Prom will provide a unified game rental solution and trading market, as well as management and analysis tools for multiple games.

• Solutions for Investors (Asset Owners): Prom helps investors (asset owners) generate additional investment income. It can also serve as an investment management and analysis tool.

• For Game Projects: Prom attracts more players than built-in rental solutions and can save game developers’ financial and time resources.

Safe Vault

The Safe Vault is the core of Prom’s decentralized rental system. It is a type of smart contract wallet used by borrowers to store their rented assets. It prevents any malicious interactions with the assets on the smart contract.

Prom’s Safe Vault is based on the GnosisSafe fork and is fully owned by its creator (the borrower). Neither the technical provider (PROM) nor the asset owner have access to it. Thus, it meets the highest standards of decentralization. This approach allows for specific restrictions to be set on assets leased through Prom, without affecting the accessibility of second-hand NFTs that users may already own. For example, some borrowers may only have a portion of the NFT assets required to play a game that requires multiple NFTs. However, they can acquire more assets by renting a portion of the NFTs. In this case, the second-hand NFTs can be transferred to the borrower’s Safe Vault and used without any restrictions, while the NFTs rented through PROM are non-transferable.

Rental Mechanism

For a Lender

1. Connect your wallet to Prom Marketplace.
2. Select an NFT you would like to lend and create a rental offer or accept an existing one: specify the time period, payment type (flat fee or revenue sharing/pre or post payment), and payment currency.
3. Pre-approve your NFT via MetaMask wallet by the set-approval-for method.
4. Wait until your lending offer is accepted. If you have selected a prepayment type, you will receive it right after a borrower agrees to the offer.
5. When the rental period ends, the NFT will automatically be transferred back to your wallet.

For a Borrower

1. Connect your MetaMask to Prom Marketplace.
2. Navigate to the Safe Vault tab. Create a Safe Vault.
3. Select an asset you would like to rent and confirm it by selecting your Safe Vault and signing the message.
4. The asset will be transferred directly to your Safe Vault.
5. Visit the dApp website and connect your Safe Vault via WalletConnect. Use it as a normal wallet.
6. When the rental period ends, Prom Smart Contracts will automatically return the asset to the owner’s wallet.

Prom Rental Mechanism

Prom Marketplace

The Prom Marketplace consists of four main components with different business models: Aggregator, Original Marketplace, Partner Marketplace, and API Marketplace.

Aggregator: Since most existing games use on-chain types of markets, Prom has created a proxy contract that acts as a delivery agent on behalf of Prom users. The Prom proxy contract inserts itself into the existing Game Marketplace and depletes the order book, making it accessible via Prom Marketplace. When users want to purchase assets and confirm through their wallet, the proxy contract simulates their activity, directs them to the original marketplace, and sends the NFTs to their wallet.

Prom Aggregator

Original Marketplace: This one is relatively simple and has the same approach as ongoing marketplaces. Basically, it includes buy/sell orders originally posted at Prom Marketplace. We are going to list in this category games that have no personal marketplaces and are traded via such collectible marketplaces as OpenSea.

Partner Marketplace: This is a subcategory of the Prom aggregator specifically created for games with off-chain marketplace. Using the endpoints, we can plug in their order books to Prom. Thus, games will get new users.

API Marketplace: Being an infrastructure provider for GameFi, Prom enables its clients to use the code of its marketplace as a white-label solution. At the same time, all the transactions are processed by Prom’s smart contracts. Meanwhile, Prom Marketplace will also duplicate the order book of the game.

$PROM Tokenomics

$PROM is the native token of Prom, with a total supply of 19,250,000 coins and a circulating supply of 18,250,000 coins, accounting for 94.8% of the total supply. Its current market value exceeds 100 million US dollars.

$PROM Data

PROM Holder Benefits:

• Users who hold PROM have governance rights and can vote on the future development of Prom.
• PROM tokens can be used for payment in the NFT marketplace and rental.
• PROM tokens can be used as commissions to reduce platform service fees.
• PROM token holders have the opportunity to access the LaunchPad whitelist service (not yet launched).

How to Buy $PROM

To acquire $PROM tokens, you can purchase them through cryptocurrency exchanges. For example, the reputable Gate.io exchange supports the purchase of $PROM. You simply need to create a Gate.io account, complete the KYC process, and then deposit funds into your account to directly buy $PROM tokens.

Conclusion

Web3 games inherit the advantages of Web2 and make them more player-oriented. Prom is working hard to meet the needs of users to the maximum extent. Its complete decentralization, confidentiality, and security meet all the needs of players, NFT owners, and game projects. Researchers have stated that the potential growth of the entire gaming industry is closely related to the promotion of blockchain games, and it is expected to reach 3.6184 billion US dollars by 2028. It is believed that with the continuous iteration and development of the Prom ecosystem, it will attract more users to participate and contribute to the healthy development of Prom.