Prom (PROM) is an attempt to cash in gaming NFTs (nonfungible tokens).
An NFT is a contract stored in the blockchain. To elaborate, the contract represents its holder’s ownership in an asset. Hence, you can think of an NFT as a digital title deed. The NFT conveys ownership in digital assets just as deeds and titles convey ownership in physical assets.
A gaming NFT provides access to game apps and tournaments and ownership. Interestingly, there is a growing class of speculators who “invest” in gaming NFTs and other gaming tokens. Prom is a platform that tries to cash in on those speculators.
Prom Gaming NFTs
They intend Prom (POM) to be a cross-chain platform that allows users to buy and sell gaming NFTs built on different blockchains.
For example, Prom supports gaming NFTs in the Tiny World Binance Smart Chain (BSC) game, the Elpis Battle BSC game, and the MegaSoccer Polygon (MATIC) game. Thus Prom is working with Polygon and Binance (BNB).
Prom’s platform includes a gaming NFT marketplace that offered NFTs on 25 September 2022. Featured NFTs include footballers Anko Snel, Delmar Vreeker, Nazim Homan, and Damas Boeters. For example, you could buy a Delmar Vreeker MetaSoccer NFT for 88₵ on 25 September 2022.
Currently, the Prom Marketplace is free but in the future Prom will make money from the platform. Prom does charge Ethereum gas fees because it relies upon the Ethereum Virtual Machine (EVM).
NFT Rentals and Mortgages
Users can buy, sell, and lend gaming NFTs on Prom. In the future, users could mortgage NFTs to get extra cash. There are also plans for NFT rentals and a multifunctional NFT mortgage and rental platform.
They hope to create a Prom Web3 gaming community that will not require know your customer (KYC) software. Not requiring KYC provides a higher level of privacy because it doesn’t require users to provide identities. However, not having KYC can create security risks by making it easy for hackers to sneak in.
In the future Prom will offer mobile-compatible, easy to play, and free-to-play games. The hope at Prom is to create a mass market retail solution for gaming NFTs.
They claim PROM could become a “Steam for Web3.” This claim will interest speculators because promote estimates Steam has over 150 million users worldwide. Moreover, Steam supports over 34,000 games in different genres.
The Prom DAO
Essentially, Prom (PROM) is a decentralized play-to-earn (P2P) platform controlled by a decentralized autonomous organization (DAO).
The Prom DAO allows members to govern the Prom platform. Hence, they claim the Prom DAO is a “user-oriented P2E platform.” Any user with 100 PROM tokens can propose changes to the Prom DAO that members vote for.
There will be a PROM Prize Pool that rewards the proposal offers. Hence, I consider PROM a Decentralized finance (DeFi) solution for NFT gaming.
What Value can Prom Accrue?
The Play-To-Earn NFT Games market was worth $776.9 million in 2021, Absolute Reports estimates. Absolute games forecasts the Play-to-Earn NFT games market could grow to $28.45 Billion by 2028.
However, I could not find the numbers of players for the top Play-To-Earn NFT Games. Hence, it is hard to see what value Prom could attain.
Mr. Market, however, thinks Prom (PROM) could accrue some value. For example, Prom was CoinMarketCap’s 26th most trending cryptocurrency on 25 September 2022.
Conversely, Prom was CoinMarketCap’s 194th largest cryptocurrency with a $5.69 Coin Price, an $93.519 million Market Capitalization on 29 September 2022. Plus, CoinMarketCap gave Prom a $109.363 million Fully Diluted Market Cap and a $7.408 million 24-Hour Market Volume on 29 September 2022. They base those numbers on a Circulating Supply of 16.45 million PROM and a Total Supply of 19.25 million PROM.
In contrast, Prom was CoinGecko’s 233rd ranked cryptocurrency with a $5.71 Coin Price on 29 September 2022. CoinGecko gave Prom a $103.679 million Market Cap, a 24 Hour Market Volume of $7.658 million, and a $109.360 million Fully Diluted Valuation on 29 September 2022. They base numbers on a Circulating Supply of 18.25 million PROM and a Total Supply of 19.25 million PROM.
I think Prom is an interesting speculative cryptocurrency that could gain value if the Prom NFT marketplace gets mass use. However, to do that, I think they will need to offer NFTs for popular mass market games or popular, massive multiplayer online games MMOGS. Until then, I recommend speculators avoid Prom (PROM).