Parody coin was birthed from an exciting idea that solves the NFTs marketplace problem. Recently, the world has increased its interest in swapping and investing in cryptocurrencies; the rave has spread to the Metaverse and NFTs.
NFTs are digital assets that could be anything from photos to videos and GIFs that you can mint and sell on the Ethereum blockchain.
With its tremendous success over the past years, the ecosystem has become crowded and expensive for most people to partake in. It can cost between $100 to $500 to mint a new NFT on the Ethereum blockchain and similar amounts in transaction fees from transferring an NFT from one address to another.
The idea of Parody coin and its ecosystem is to give holders and users of the coin the ability to mint an NFT parody. The parodies that you’ll be able to mint will be the popular NFTs, and there’ll also be a mechanism put in place to trade the parodies. Even if it’s a parody NFT, you’ll get the utility value available from the original NFT.
With this and the many opportunities you can explore with PARO, there’s great potential to make a lot of money from it, like Apecoin (APE) and Filecoin (FIL). In addition, the coins will be available on the BNB chain, Ethereum blockchain, and other chains.
How Parody Coin (PARO) Matches Against A Coin Like Filecoin (FIL)
Parody coin (PARO) helps solve a real-life problem like Filecoin (FIL). FIL is built on the idea of a decentralized storage network that’s made specifically to keep humans’ most important information. With this, cloud companies have no power to dictate prices, jurisdictions, and people who can use their service.
These functions are why Filecoin (FIL) thrives well in the coin market. PARO also solves the real-life problem of an expensive NFTs marketplace and has great potential in the marketplace by providing the solution. This coin’s features and ecosystem can be divided into three: the Parody Swap, the Parody Bridge, and the Parody Market.
Holders and users of PARO can swap the coins with a large number of other cryptos on multiple blockchains. This access is made possible by the native Parody Bridge. In addition, it helps maintain a liquidity pool wallet on several blockchains through a smart contract.
For instance, if you are required to exchange Parody Coins (PARO) for another entirely different asset on a blockchain, you could send the other person a special wallet on the Parody Coin protocol. With this, you’ll be able to transfer equal amounts of crypto on the other blockchain to a wallet address you provide.
The parody bridge uses the Chainlink oracle network to give PARO users a market-sensitive exchange rate. The liquidity pools maintained by the bridge will also depend on users who volunteer to reimburse their wallets, hence facilitating the conversion between different coins.
The Parody market is on the BNB chain in the form of a decentralized application (DApp). The market is for the NFTs parodies where you can put up your parodies for sale or buy from another PARO holder. It should be noted that the NFTs parodies are not detached from their original, and owners of the real NFTs can own the parody NFT by burning or locking up the original NFT.
Parody Coins have more to come over time as it solves the real-life problem of expensive NFTs. There’ll be further developments like the creation of a BRC-ERC bridge, deployment of an ERC20 token on Uniswap, and a game to incentivize holders of PARO.
Undoubtedly, these key features of the Parody Coin make it worthy to stand with established coins like Apecoin (APE) and Filecoin (FIL).
Parody Coin (PARO)
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