Non-fungible tokens or NFTs are individual tokens with valuable digital information stored in them. The ownership of an NFT is recorded on a blockchain and the owner can transfer it, which makes the NFT tradeable.
Unlike cryptos, which are fungible, NFTs cannot be traded for the same thing. Every NFT is unique, no matter how similar it might look to another. Some examples of NFTs that exist now are games, domain names, essays, and of course digital content.
NFTs are currently a major aspect of the crypto industry, and it is worth noting the projects that are bringing innovation to the NFT space. Solana (SOL) is not a new name to anyone conversant with the crypto world and the NFT space. However, there is “a new kid on the block, Parody Coin (PARO) with features that are sure to disrupt the NFT space in the near future.
Create NFT Parodies With Parody Coin (PARO)
To beat the exorbitant prices for most popular NFTs, Parody Coin (PARO) is allowing its users the capacity to mint parodies of the popular NFTs in the market and trade these parodies for revenue.
However, before going into more detail about this new revolutionary feature, what is Parody Coin (PARO)?
Parody Coin (PARO) is a new utility token built on the Binance Smart Chain (BEP20). It is a deflationary token which means that a specific portion of the tokens will be burnt to reduce the total amount in circulation. This is beneficial as based on the law of demand and supply, if supply is less than demand, the value automatically increases.
The project has several interesting features, but one feature that will be of great interest to NFT lovers is its Parody Market.
Parody Market is an NFT marketplace for Parody NFTs. Parody tokens will create parody NFTs out of other big blue-chip NFTs and allow Parody holders to mint these. An amazing part of this feature is that the original owners of the NFT can gain ownership of a parody by locking or burning their original NFT. This feature is great because it brings NFTs to everyone and makes it a much more accessible part of the crypto-verse.
PARO token is the native utility token of the Parody Coin protocol. It can be used to mint NFT parodies, and can also be staked or spent. The platform has even created a unique tax system – each transaction made on the platform is charged tax with 2% being redistributed to user’s wallets. The token is currently in the second phase of its presale selling at $0.004. According to the website, there would be a total supply of 240 billion Parody Coins.
Solana (SOL) is a decentralised blockchain built to allow the development of user-friendly apps that are scalable for the world. It is the fastest blockchain and the fastest-growing ecosystem in the crypto world with a multitude of projects in DeFi, Web3, NFTs, and more.
Solana (SOL) allows users to mint, sell, and trade NFTs on its NFT marketplace. With its high throughput and low costs, it is a great platform for all NFTs.
Solana also allows creators and brands to start their own NFT marketplace with Metaplex. This helps the creators and brands build a direct relationship with their audiences. According to its website, there have been over 5.7m NFTs minted and it boasts projects such as CryptoKickers and Degen Apes. Recently, Instagram announced plans to support NFTs from Solana among other networks, and this is sure to give the platform more publicity as well as boost the token’s value.
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