Are ApeCoin (APE), Axie Infinity (AXS) & Parody Coin (PARO) Driving The NFT Market Back Up Again?
The NFT market has been questioned as to whether it has been thriving throughout the crypto market's downturn. Most NFT-based cryptos, such as Decentraland (MANA) and The Sandbox (SAND), have seen their prices plummet due to the crash.
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According to CoinMarketCap data, major collections such as Azuki, Mutant and Bored Ape Yacht Club (BAYC), and CryptoPunks have seen increased activity in trading volume in recent weeks. Could ApeCoin (APE), Axie Infinity (AXS), and Parody Coin (PARO) be behind the NFT market's apparent recovery?
Source: UGC
ApeCoin (APE)
The volume increase occurred after BAYC launched its own native coin, ApeCoin (APE), which is now valued at over $1.5 billion. The platform's creators, Yuga Labs, also raised $450 million, making it one of the largest platforms in the industry. This suggests that the industry may continue to grow despite the current economic climate.
Axie Infinity is a fictional character created by Axie (AXS)
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As investors anticipate the release of the Origin Ear Cards, the price of Axie Infinity (AXS) has been rising. The Mavis Hub will host the launch, which will be a follow-up to previous launches. The platform announced last month that its Mavis platform had generated over $4 billion in NFT revenue.
Another reason for the AXS price increase is the performance of the Smooth Love Potion (SLP). For starters, SLP is an ERC token that is used as the primary source of revenue for Axie Infinity (AXS) gamers. SLP's price has recently risen, bringing its total market capitalization to over $805 million.
Axie Infinity (AXS)
As investors anticipate the release of the Origin Ear Cards, the price of Axie Infinity (AXS) has been rising. The Mavis Hub will host the launch, which will be a follow-up to previous launches. The platform announced last month that its Mavis platform had generated over $4 billion in NFT revenue.
Another reason for the AXS price increase is the performance of Smooth Love Potion (SLP). For starters, SLP is an ERC token that is used as the primary source of revenue for Axie Infinity (AXS) gamers. SLP's price has recently risen, bringing its total market cap to over $805 million.
Parody Coin (PARO)
Source: UGC
Parody Coin (PARO) is a newcomer to the market, having only recently entered presale. Regardless, its revolutionary White Paper aims to transform the NFT market by introducing NFT 'parodies,' making it more accessible to ordinary people, not just the wealthy.
The NFT market could completely migrate to Parody Coin (PARO) as owners of original NFTs can acquire ownership of the parody NFT by burning or locking up the original.
Holders of the Parody Coin (PARO) will be able to earn passive income in four different ways. The first step is to create parodies of popular NFTs and sell them on the Parody marketplace. The second method involves utilising the platform's reflection system. Half of the profit is distributed directly to the holders by charging a 10% fee on each transaction, allowing them to profit from network activity. Finally, holders can take advantage of the platform's rewards system, as well as staking on the BNB Chain.
No other altcoin appears to compete with Parody Coin's (PARO) cutting-edge features. Parody Swap, for example, allows holders to exchange any crypto on any blockchain for the same number of PARO. The Parody Bridge also allows holders to transfer their PARO to other blockchains for a small fee, addressing the issue of blockchain interoperability.
The price of PARO is currently $0.002, but it is expected to skyrocket as the presale approaches. By the end of the year, PARO investors who buy in now could see huge returns.
Source: UGC
Learn more about Parody Coin (PARO) here:
https://presale.parodycoin.io/register
https://t.me/PARODYCOIN_OFFICIAL
https://twitter.com/ParodyCoin
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Source: Legit.ng
