Non-fungible tokens (or NFTs) are a relatively new entry to the cryptocurrency lexicon, they are a new type of token that rose to prominence most notably with the escalation in value and demand for relatively early collections such as the Cryptopunks which launched in 2017 on Ethereum blockchain.
We take a look at the advantages of two popular blockchains for NFTs (Ethereum and Solana) as well as early-stage crypto Mehracki Token (MKI) which includes a unique approach to NFTs as part of its ecosystem.
Ethereum (ETH) is the second-largest cryptocurrency when ranked by market capitalization according to CoinMarketCap, just behind the first-ever crypto Bitcoin (BTC). In terms of DeFi, Ethereum is the largest out of all blockchains when ranked by total value locked in protocols built on it with a dominance of 63.92% at the time of writing according to DefiLlama.
Just like DeFi, Ethereum dominates the NFT market in terms of share with a report by JP Morgan published in January 2022 estimating the blockchain’s NFT dominance at 80% – however, this is a drop from approximately 95% at the beginning of 2021.
Popular NFT collections on Ethereum include Cryptopunks, which was the most valuable and sought-after collection until the Bored Ape Yacht Club (BAYC) surpassed it in late 2021. BAYC is also built on the Ethereum blockchain further adding to its dominance in NFTs and presence having the most recognizable collections built on its chain.
CoinMarketCap lists Solana (SOL) as the ninth-largest cryptocurrency when ranked by market capitalization. It is the native cryptocurrency of the Solana blockchain which is a top contender against Ethereum for both DeFi and NFTs, and Solana is the fifth-largest blockchain for DeFi in TVL according to DefiLlama.
Like Ethereum, Solana is a smart contract platform and NFTs can be minted on the network. Recently, Meta announced that it would integrate NFTs onto its Facebook and Instagram social media platforms, and the first blockchains to have their NFTs integrated included Solana, Polygon, Flow, and Ethereum.
Mehracki Token (MKI) is used for utility and governance as part of the Mehracki ecosystem and protocol. The ethos of Mehracki Token (MKI) is to create a feel-good cryptocurrency economy and community.
First and foremost, the cryptocurrency will be integrated into ‘feel-good’ industries, starting with adoption in the tourism and hospitality sectors. Secondly, users are incentivized to hold Mehracki Token (MKI) for the long term with passive income through staking as well as high-yield liquidity farming activities.
As another incentive, Mehracki Token (MKI) will be minting feel-good NFTs which will be distributed exclusively to token holders. Another use case for NFTs on the Mehracki ecosystem is for partners in the tourism and hospitality sectors, who can issue NFTs to represent goods and services like hotel bookings.
Mehracki Token (MKI) is currently in presale and will launch on August 22, 2022.
Many NFTs have gained their value from scarcity, exclusivity, and speculation for the most part, but this is not always the case. Indeed, use cases for NFTs are always growing especially with the emergence of metaverse projects such as The Sandbox and Decentraland which, for example, integrate support for NFTs as in-game assets.
Blockchains and protocols for NFT such as Mehracki Token (MKI), Ethereum (ETH), and even Solana (SOL) are likely to emerge as one of the best long-term investments once the crypto market recovers.
Mehracki Token (MKI)
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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