Polygon (formerly Matic) and its near-zero transaction fees herald a breathtaking world of on-chain potential for NFTs, gaming, and entertainment. Mechanics relying on an abundance of transactions that would otherwise be unthinkable on Ethereum Mainnet can now be a reality on the Polygon Network.
Our Million Pixels project is one such example!
Million Pixels is a fully decentralized, community-driven, blockchain-based pixel art gallery. If you remember the MillionDollarHomepage, this is exactly that, but with one million pixels that are each individual and editable NFTs!
The cost of each pixel is 0.001 ETH (around $1.80 at the time of this article’s publication). Now imagine spending $30-$50 on gas fees to purchase one $1.80 pixel. No one would ever do that. But would you do it for 0.000322438 MATIC or one-ten-thousandth of a cent (around $0.00013)? Surely!
It starts to become very clear how Polygon will become the champion for projects that require a user-experience filled with numerous daily transactions. A new landscape of experimentation has become unlocked. We at Dark Matter are honored and privileged to be pioneers in this frontier to show-off just how revolutionary these low-cost transactions can be.
Purchasing and editing pixels for Million Pixels is just one way we tap into Polygon’s magic. Here is where things get really juicy.
We have a dividends contract that allows our community to stake DMT-ETH LP tokens that mint rDMT (Revenue Bearing DMT). These tokens will receive a portion of all revenue generated by the projects in our ecosystem. All of this is possible through our interface Dark Matter Dashboard.
While we have more projects in the pipeline, we’ll focus on how this works with Million Pixels. With each pixel that is purchased, 85% of the revenue is returned to rDMT holders (the other 15% goes towards funding development).
Here is how Polygon’s near-zero transaction fees make this possible:
When a pixel is purchased, half of the ETH revenue is automagically used to purchase DMT and then adds it with the remaining ETH into DMT-ETH liquidity on Quickswap. That liquidity is then proportionately allocated to the amount of rDMT our community holds.
That’s right, rDMT yields not just tokens, but LP tokens!
These micro-transactions, and therefore the revenue scheme as a whole, would be impossible on Ethereum Mainnet. The transactions are often working with under $2 of value. When paying only one-ten-thousandth of a cent for gas, brand-new use-cases for the transfer of value are opened wide up. The usage of our products now directly leads to the growth of our liquidity and incentivization of our community — golden tokenomics made only achievable on the Polygon Network.
With all of that said, why don’t you take a look at Million Pixels and experience the breakthrough yourself.
Check out our new documentation for more.