Polkacity PricePOLCInactive

What is Polkacity (POLC)?

Polkacity (POLC) is a multi-blockchain metaverse, DeFi, and NFT gaming platform that launched at the beginning of 2021. The project describes itself as the world's first 3D and augmented reality NFT multichain platform and video game, drawing inspiration from the Grand Theft Auto series. Built on Ethereum as an ERC-20 token and also operating on Binance Smart Chain, Polkacity aims to create a virtual city where users can purchase, own, and earn passive income from NFTs representing real estate, vehicles, and businesses. The platform combines metaverse, DeFi, and NFT elements to incentivise participation in its virtual economy. POLC serves as the native utility token for purchasing goods and services within the ecosystem, paying transaction fees, and acquiring governance NFTs. Supply figures vary across sources, with total supply reported between 250 million and 432.52 million POLC, and circulating supply ranging from approximately 190 million to 411 million tokens depending on the data provider. The project is currently in its beta phase, with mobile and desktop versions available for PC and Mac.

Key Specifications & Tokenomics

• Name: Polkacity
• Ticker / Symbol: POLC
• Token Type: ERC20
• Blockchain / Platform: Ethereum, Binance Smart Chain (multi-chain)
• Launch Date: Feb. 22, 2021
• Official Website: https://polkacity.io
• Whitepaper: https://github.com/POLKACITY/Whitepaper/blob/main/Whitepaper%20Polka%20City%20V1.1.pdf
• Explorers: etherscan.io
• CertiK Rating: 3.8
• Tags: Gaming, Collectibles & NFTs, Metaverse
• Max Supply: 432.52M POLC
• Total Supply: 250 million POLC
• Circulating Supply: 190.02M POLC
• Token Distribution — Development Team: 10 million POLC, six months locked, 5% monthly release
• Token Distribution — Marketing: 5 million POLC (1 million released from beginning, 4 million locked and 5% released monthly)
• Token Distribution — Platform Rewards: 200 million POLC (50 million released from the beginning with 150 million locked and 25 million released every three months)
• Token Distribution — Liquidity and Exchange Listings: 25 million POLC
• Token Distribution — Private Sale: 2.5 million POLC, 125 ETH raised at a price of 20,000 POLC per ETH
• Token Distribution — Presale: 7.5 million POLC, 500 ETH raised at a price of 15,000 POLC per ETH

Who created Polkacity?

Polkacity's core team includes several identified members with relevant technology and cryptocurrency experience. Carmelo Milian serves as the lead software developer, bringing 12 years of experience at Microsoft and co-founding OneCloud, a cloud computing company. Fatih Atali acts as a marketing advisor, holding a background as a high physics engineer and co-founding Blockchain Game Factory with over five years of cryptocurrency experience. Murad Aliyev manages technology with more than five years of experience in technology infrastructure projects. Manuel Leal contributes as an experienced web developer. The project has also teamed up with former NBA star Baron Davis, a two-time NBA All-Star, as an ambassador, marking one of Polkacity's most prominent partnerships. Additionally, Polkacity sponsors blockchain-related events in Miami and has sealed several other partnerships beyond the Baron Davis ambassador deal.

How does Polkacity work?

Polkacity operates as a fully autonomous contract-based NFT platform built on blockchain technology. The platform runs on Ethereum and Binance Smart Chain, with ambitions to expand to other blockchains including Polkadot, which originally inspired the project's name. Players access the Polkacity game through a mobile app or desktop version available for PC and Mac. Within the virtual city, players can explore the environment on foot or by car, enter various locations, and interact with other players. The ecosystem revolves around purchasing NFTs that represent virtual assets such as taxis, power stations, car service stations, hotels, restaurants, shopping centers, and leisure establishments. These NFTs generate passive income through weekly network reward payments plus a share of the asset's earnings. For example, a compact taxi NFT costs 1,500 POLC and returns 60 POLC per week plus 16% of the taxi's monthly earnings, while a shopping center NFT priced at 105,000 POLC returns 13,125 POLC weekly and 50% of the center's monthly earnings. The platform launched its marketplace in Q3 2021, allowing citizens to trade assets, and continues to develop with improved controls, graphics, and city-wide features.

What makes Polkacity unique and valuable?

Polkacity distinguishes itself through its integration of 3D and augmented reality technology within a multi-blockchain metaverse environment. The project aspires to be the virtual equivalent of an actual city, replicating the underlying structure of a real city with credible asset value and identity authentication. Unlike many NFT projects, Polkacity allows users to generate passive income simply by holding NFTs, with returns tied to both fixed weekly payments and variable earnings shares from virtual businesses. The platform combines several hot-topic elements including NFTs, decentralised finance, and the metaverse into a single ecosystem. Its Grand Theft Auto-inspired gameplay provides familiar mechanics for mainstream gamers while introducing blockchain-based ownership and earning opportunities. The Metaverse Art Gallery NFT, launched in February 2022, attracts digital artists and enables players to interact with art before purchasing. Polkacity's multi-chain approach and planned expansion to additional blockchains like Polkadot position it as an interoperable platform rather than a single-chain solution. The project also offers governance NFTs that allow holders to vote on game development and decision-making.

What is Polkacity used for?

POLC serves multiple functions within the Polkacity ecosystem. Primarily, it acts as the native utility token for purchasing goods and services in the Polkacity metaverse, including various NFT assets such as taxis, power stations, car washes, rentals, repairs, hotels, restaurants, shopping centers, discos, land, and infrastructure. Players use POLC to pay transaction fees within the Polkacity universe and to buy and develop their NFT assets. The token also enables holders to purchase governance NFTs, granting voting rights on the game's development and decision-making processes. NFT owners earn returns denominated in POLC through weekly payments and monthly earnings shares, creating a circular economy where the token facilitates both investment and reward distribution. The platform has expanded its NFT offerings to include new business types such as a cosmetic shop and a fish shop, rewarding owners with 150% APY and 140% APY respectively. This dual utility as both a medium of exchange and a governance instrument positions POLC at the centre of all economic activity within the virtual city.

How Is the Polkacity ecosystem developing?

Polkacity has followed an active development roadmap since its 2021 launch. After a successful private sale in mid-February 2021, the POLC coin appreciated 25x in value by April 2021. The project listed on several exchanges in Q2 2021 and launched its marketplace in Q3 2021, enabling citizens to trade assets. Later in 2021, Polkacity released its own NFT marketplace. In February 2022, the platform launched its Metaverse Art Gallery NFT, attracting digital artists and allowing players to interact with art before purchasing. A new whitepaper and roadmap were shared with the community in June 2022. By March 2024, Polkacity announced it was revolutionising the investment and gaming landscape with upcoming product launches powered by the Metachain blockchain. The game remains in beta phase with ongoing additions such as better controls, improved graphics, and city-wide features. Future plans include expansion to different blockchains and the addition of NFTs representing neighbouring cities or even continents. The project has published both a mobile app and a desktop version of its virtual city.

How to mine Polkacity?

Polkacity does not employ traditional mining mechanisms. As an ERC-20 token operating on Ethereum and Binance Smart Chain, POLC is not mined through proof-of-work consensus. Instead, participants can earn POLC through the platform's NFT-based reward system. Players purchase NFTs representing virtual assets and receive passive income in the form of weekly network reward payments plus a percentage share of each asset's monthly earnings. For instance, a compact taxi owner receives 60 POLC per week plus 16% of the taxi's earnings per month, while a shopping center owner earns 13,125 POLC weekly and 50% of the center's monthly earnings. A restaurant NFT costing 55,000 POLC returns 5,225 POLC weekly plus 38% of the restaurant's monthly earnings. The cosmetic shop and fish shop offer 150% APY and 140% APY respectively. This staking-like mechanism incentivises long-term holding and active participation in the virtual economy rather than energy-intensive mining operations.

How to keep your Polkacity Coin safe?

Securing POLC tokens requires attention to both standard cryptocurrency security practices and platform-specific considerations. Since POLC is an ERC-20 token on Ethereum and also operates on Binance Smart Chain, users should store tokens in wallets that support these networks. Hardware wallets provide the highest level of security for long-term holdings by keeping private keys offline. For active trading and interaction with the Polkacity platform, reputable software wallets with strong security features are appropriate. Users should always verify contract addresses before initiating transactions and exercise caution when connecting wallets to decentralised applications. Enabling two-factor authentication on exchange accounts and using unique, strong passwords adds additional protection. Given that Polkacity has experienced exchange delistings, including from Bitfinex with trading ceasing on Sept. 2, 2024 at 1:30 PM UTC, holders should stay informed about platform developments and maintain control of their private keys. Regularly reviewing wallet permissions and revoking unnecessary access to smart contracts further reduces exposure to potential vulnerabilities.