The recent crypto boom has aided in propelling a newer market to new heights: digital collectibles known as NFTs. As artists, investors, and entrepreneurs flock to the nascent Web 3.0 space, the craze has pushed total NFT sales volume to $25 billion in the last year.
NFTs, like cryptos, use blockchain technology to keep a digital record of ownership. They were first released on Ethereum (ETH), and the majority of NFTs are still only available for purchase in ETH.
Despite the successes enjoyed by Decentraland (MANA) and Axie Infinity (AXS) in 2021, two big cryptos utilising NFTs in their metaverse games, weekly NFT sales have dropped by more than half from their early January peak of nearly $1 billion. Weekly NFT sales fell 53% to $207 million from $439 million the week before.
However, the most popular NFTs to own, Bored Ape Yacht Club and Cryptopunks, have maintained their dominance, which shows no signs of slowing down after Yuga Labs, the creators of BAYC, acquired Cryptopunks from Larva Labs.
Perhaps it’s time to tackle one of the biggest obstacles to entering the NFT market – which is lack of access, often due to the extortionate prices some NFTs fetch. Parody Coin (PARO) has just entered its presale in order to tackle this inaccessibility. Let’s take a look at how the token could revive the plummeting NFT market.
Introducing NFT ‘parodies’
Users can create “parodies” of popular NFTs to buy, sell, and trade on the platform’s marketplace dApp.
The Parody Coin (PARO) ecosystem will consist of a Superapp, and have a dApp store. The team’s long-term goal, according to the White Paper, is to allow third-party developers to create and launch applications within the ecosystem. These dApps will offer a wide range of services, including assistance with parody NFT minting, trading, and selling.
Those who don’t know how to mint NFT parodies will also be drawn to Parody Coin (PARO) because holders can earn passive income through three other channels: reflection, staking, and the ParoRewards system.
Furthermore, because it has its own multichain swap and bridge, the Parody Coin (PARO) token appears to work highly efficiently on the blockchain. This kind of interoperability, combined with low fees, is rare.
The first stage of the Parody Coin (PARO) presale has just started, giving potential investors the opportunity to buy the token at its lowest price ever. While PARO is currently trading at $0.002, if demand rises, the price will skyrocket, resulting in massive profits for presale investors.
Will the entire NFT market end up moving to the platform if it fulfils its objectives?
Another new token that has gone into presale is Explora Chain (EXPL). Explora (EXPL) could also transform the use of NFTs through its own marketplace, which will have a NFT swap.
Users of the Explora NFT marketplace can easily buy and sell assets at a premium price using NFT swapping. Users will have the opportunity to obtain an NFT from a newly discovered collection that has the potential to become a craze among NFT collectors in order to profit from NFT exchanging.
Learn more about Parody Coin (PARO) here:
Learn more about Explora Chain (EXPL) here:
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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