Platypuses Are Hot Property Right Now
When someone mentions the word platypus you think weird creature, river banks in Australia, not real estate investment opportunities in North America. However, that’s exactly what’s available with the Platypus Cyber Punks (PCP) NFT project. While there’s nothing new about the concept of fractional property ownership, nor is the implementation of blockchain technology in this field a novelty, PCP is the first of its kind to impact the Cardano blockchain. By leveraging a sustainable tokenomics ecosystem with real-world real estate income, and combining that with Cardano’s PoS technology, PCP gives people like you and me the chance to immerse ourselves in the world of physical property ownership, without the hassle that’s usually associated.
From Digital to Physical Ownership
So how does this work exactly? PCP NFTs is a subsidiary of the Whimsy real estate platform (also founded by Eddy Carra), a decentralised SaaS company that provides software solutions to the real estate industry, and which operates on the Cardano blockchain using property tokens. Essentially, Whimsy will acquire property for the purpose of selling equity. Upon the launch or listing of any property on the Whimsy platform a specific amount of unique tokens will be minted on the Cardano blockchain, these will be used only for a single property in question. Whimsy’s legal entities in Wyoming will then establish a Decentralized Autonomous Organization (DAO) Limited Liability Company (LLC) for each individual property they acquire. It’s this legal precedent that allows the decentralised ownership concept to flourish, as well as the fractionalised sales of the property shares. Effectively, the property tokens are a 1/1 equivalent in the same way that shares in a holding company are.
Every property is its own individual holding company in which every holder is entitled to a respective share of the monthly rental income. To sum it up concisely, if you own 51% of the tokens allocated to property X, you own 51% of property X and decisions regarding the property are made according to this weighted distribution scale. Platypus Cyber Punks (through Whimsy) is offering people the opportunity to buy and sell on an open market. Property values will be reassessed once a month to accommodate for market fluctuation, so holders can benefit from both price appreciation and depreciation, i.e tax write offs if the market dips and the ability to sell instantly when it booms. The decentralised, smart contract nature of this model eliminates most of the negative aspects related to real estate sharing, such as having to wait around for a buyer and other bureaucratic hindrances.
So, Where do Platypuses Come in?
The PCP NFTs act like a satellite to the Whimsy business model. While owning a platypus NFT does not contribute towards ownership or royalties on any property, what it does do is allow you to be part of the journey. Both the Platypuses and their respective Authorisation Cards present a multitude of different use cases and utilities. The Platypuses themselves grant membership access to a range of benefits, including a ‘whale watcher’ tool that follows the trades on Minswap and alerts the Discord chat to big buys, not to mention staking. There are also plans for future integration with the Whimsy platform, allowing users to sync their Cardano wallets. Once implemented, different types of benefits will become available depending on the varying traits and quantity of the NFTs held by a user. On the other hand, the Authorisation Cards focus more on real world business partnerships, with a view to providing discounts across a variety of online platforms.
Just What’s at Stake Here?
One thing should be clearly noted, every single Platypus NFT held will allow you to stake in the WMSY pool on platypuscyberpunks.com. Although already live, the terminal and technology created for the staking has not yet been activated. However, once fully operational the epochs will be every 30 days and the rewards paid in $Venom (VNM), the ecosystem’s native token. Rewards will be allocated by means of a 60/40 split. 40% will go straight back into the liquidity pool and the other 60% stays on the stake pool, compounding. The resulting effect is that the next 40% is larger and the following larger still, perpetuating the cycle of growth for its members.
The WMSY stake pool uses a NISO (NFT Initial Stake Offering) structure, which rewards early members. Think of the Platypus NFTs as a membership pass, only NFT holders can access the first stage of the NISO, which lasts for 180 days, then it opens to the public. NFTs will not be required for entry at the public stage, however, a minimum holding of 300 ADA will be. During the NISO stage which runs for 360 days (36 epochs) the rewards will be much more plentiful than later on, the aim of this and the benefit to NFT holders is that it deploys as much VNM into circulation as is possible.
The Fomo is Real
On top of the above there will be a quarterly 3% profit share from the Whimsy business, which will be used to buy back $Venom. This is necessary in order to redistribute it through the stake pool. In essence, the entire operation is an equal ecosystem of cash flowing in and cash flowing out, essentially allowing and encouraging you to stake the NFTs forever. The beauty and in many ways simplicity of this project is that everything has been strategically designed with the liquidity pool and therefore members in mind. Royalties from NFT sales (Platypuses 10%) and (Authorisation cards 15%) are also to be generously redistributed, with 50% going back into the liquidity pool. Basically, as people sell, everyone wins.
The Platypus Cyber Punks have made waves across the Cardano NFT space over the last few days and are currently number one in volume on JPG store.
For more information about the project, check out their white paper here
