As part of our journey to achieve to reduce the supply to 150,000,000 POLC, we have recently burned 10,000,000 POLC. This marks the second time we have burned POLC, as we previously burned 50 Million tokens. Additionally, we plan to burn tens of millions of POLC from the bridge custody vault. Currently, we have 190 million POLC remaining on the Ethereum side, with a total of 60 million burned thus far. We will continue to burn POLC on both sides, including the BSC, as frequently as possible without disrupting bridge liquidity and staking.
Some Prada handbags cost more than a luxury house. This is because the brand intentionally keeps its products scarce as any unsold bags are burned rather than sold at a discount. This is similar to what we're doing with Polkacity assets - creating scarcity for our platform's investors.
We also burned the remaining VIP Polkacity Poker NFTs. Once burned, you can only find them in the peer-to-peer marketplace. It is common practice in Polkacity to burn any remaining assets, so that the ones sold are more valuable. Burning tokens decreases the total token supply, and decreased supply brings scarcity. The same thing is true for NFTs. At Polkacity, we believe in limited supply and we started off with 250 million POLC supply, to begin with, and unlike other protocols, we have no inflation. Instead, we bring in tokens by selling more NFTs and making a fun game. In other words, Polkacity works for you, our users, and investors. Whenever you purchase an asset, you are helping yourself and other Polkacity citizens. Limited supply with the added burns brings about a fantastic value to the POLC token. Add the fun element of the Polkacity game and you have the Polkacity NFT magic!
Polkacity Useful Links
Download the Metaverse: https://app.polkacity.io/downloads
Metachain Twitter: https://twitter.com/metachainone
Opensea NFT trading: https://opensea.io/assets/polka-city-asset
Opensea 3D assets: https://opensea.io/collection/polka-city-3d-asset
Coinbase Charts: https://www.coinbase.com/price/polka-city
Disclaimer: This article includes some forward-looking statements made in light of information available at the time of preparation. None of the statements made here are financial advice, always DYOR. Polkacity is a virtual platform, and all references to POLC and real earnings are intended within the context of the game and its virtual currency POLC. Please note that participation in poker games and events may be subject to local laws and regulations. Ensure compliance with your jurisdiction’s guidelines.