After ApeCoin, are NFT coins the new trend?
It is widely believed that NFTs represent a paradigm change in the way the world looks at art and collectibles.
For all of last year, the Bored Ape Yacht Club and its accompanying NFT collections have been a hot subject of conversation, and that trend doesn’t appear to be slowing down in 2022.
As recently as a few months ago, the team intimated that they will be creating their own cryptocurrency called ApeCoin, to run the whole ecosystem – this has now come to pass.
Simply said, APE Coin is the Bored Apes’ native cryptocurrency, and it is intended to serve as a decentralized network level for various community-led initiatives.
The Current State of NFT Coins
The popularity of NFT coins has recently skyrocketed, with some investors gaining millions of dollars with these NFTs’ special tokens, and now other fans are ready or preparing to get in on the action to capitalize on the rising market.
Individuals who have the opportunity to invest directly are observing ApeCoin, while also exploring the NFTs they can invest in. It is widely believed that NFTs represent a paradigm change in the way the world looks at art and collectibles.
What’s the difference between an NFT and an NFT coin?
An NFT or non-fungible token is a piece of digital artwork with a unique ownership contract that’s stored on a complex blockchain network.
The term non-fungible token means that it’s a single token that’s completely unique and irreplaceable since there’s no other token like it on the network.
This is what separates NFTs from cryptocurrencies, which on the other hand are fungible since there is no difference between a specific coin that one buys and one that someone else buys.
This means cryptocurrencies can be traded freely, knowing for sure that trading crypto will always give you back the same exact value of what you initially traded out.
Both NFTs and cryptocurrencies have their differences, however, they also have similarities, such as the type of networks they operate on. This means that it’s almost inevitable for them to intertwine.
Both markets have gained massive popularity amongst the masses whilst influencers and artists are making good money putting all their efforts into producing and marketing such tokens in order to give everyone the option to invest in something new and interesting and veering off from the old-school NASDAQ investments, in order to change the investing world forever.
The growth in popularity and benefit of NFT coins
A number of digital artists, including Jon Noorlander and Mike Greg, have been showing major interest in the subject.
In its weekly program Mint Condition, even publicly traded firms like Score Media and Gaming Inc. (SCR) have begun to feature NFTs and NFT coins.
NFTs are the trending investment right now, according to everyone from celebrities to artists to the average person to video game companies.
However, the market is not yet as solidified as that of cryptocurrencies. As a result, it is important to discover how to acquire NFTs as well as NFT coins in order to optimize your gains.
This also explains why NFT producers are creating their own cryptocurrencies, since dipping their toes into a separate market that is a bit more mature than what you’re in could really increase your global potential interest.
The future of NFTs & NFT coins
It’s just a matter of time until the blockchain industry undergoes major changes. Changes in the way things are done now are part of this. We can safely assume that the NFT market will continue to develop and may even transform the way we play games.
NFTs and NFT coins could also be utilized to develop a new kind of crowdfunding for real estate initiatives, such as home building and renting flats, that will benefit investors.
Due to this, NFTs are going to be crucial in the property industry as the blockchain allows us to connect buyers and sellers of real estate without the need for a 3rd party or mediator. Saving money and time while maintaining trust is possible with this method.
NFTs will also be playing a major part in the music industry as limited-edition items that can only be purchased through the artist’s NFT collection is a lucrative new revenue stream for artists who want to release authentic digital merchandise.
Fans are enticed to buy these non-fungible tokens since they have a monetary value, due to their originality and exclusivity.
As a consequence, the connection between artist and audience is strengthened, allowing the artist to generate solid revenue to help produce new work and maintain their skill without the need for financial assistance from record companies or other third parties.
Since the music business deserves to be paid directly instead of through middlemen, NFT coins are an excellent method for them to do so.
If both the project and the associated coin become popular, the artists will benefit. That’s because the associated platform will accept the project-related coins, which will make the coin’s value closely related to the popularity of the project.
That means as long as their NFTs are popular, they probably the related coin will also gain or at least maintain its value.