The NFT market has exceeded expectations nobody in the crypto space anticipated and ended 2021 by flourishing into a colossal $40 billion industry. Although the popularity of NFTs is undeniable, one of the reasons why the market ascended so much in value is because of some NFTs’ exorbitant prices – which can cost thousands or millions of dollars each.
The potential of NFTs has been described by enthusiasts as transformative – NFTs are allowing more artists and creators to realise their full potential while also attracting investors, fans, and collectors. However, the NFT market remains highly exclusive. The main focus has been on their scarcity and uniqueness, but there is a lack of liquidity, as the market is restricting access to a wider audience, including retail investors, fans, and small collectors.
Algorand (ALGO) and newcomer Parody Coin (PARO), which is currently in presale, are aiming to increase access to the NFT market with differing strategies. Algorand (ALGO), which is a PPoS blockchain crypto protocol hosting multiple NFT marketplaces, supports the creation of ‘fractional’ NFTs, while a new utility token, Parody Coin (PARO), enables users to mint ‘parody’ NFTs and earn passive income from the pastime.
Algorand (ALGO) is a great blockchain for NFT issuers looking to expand their reach with valuable, tokenized assets. You can now purchase fractions of NFTs that represent valuable objects. This provides investors with greater diversification and NFT creators with greater convenience.
Developers can tokenize digital and physical goods using Algorand Standard Assets (ASA), which allows for the creation of digital assets on Algorand’s Layer-1 blockchain, which is a high-performing, secure, and forkless network. Smart contracts can be used to customise ASA’s functionality to meet specific needs.
ASA supports both fungible tokens and NFTs, allowing NFTs to be fractionalised. You can create an NFT with Algorand(ALGO) and then divide it into as many parts as you want using fungible assets. Furthermore, Algorand (ALGO) safeguards your NFTs with a proprietary protocol based on the PPoS algorithm, making the network unforkable, decentralised, and secure. As a result, your NFT will never be duplicated as a result of a fork or replicated in any way, and it will never lose value as a result of replication on other blockchains.
Parody Coin (PARO) has been stirring up excitement despite only being in its presale stage. Parody Coin (PARO) has already experienced a steady price increase, thanks to its revolutionary White Paper that strives to make the best aspects of the NFT market more accessible, and incentivizes holders to get involved by offering multiple revenue streams.
Parody Coin (PARO) holders earn passive income in 4 different ways. The first is to mint and sell parodies of popular NFTs; the second is to simply let the reflection system work its magic; the third is to stake on the BNB Chain, and the fourth is to profit from a variety of ParoRewards.
ParoRewards is a programme that gives BEP20 tokens to Parody Coin (PARO) holders. Lending money in exchange for a return on the BNB Chain network is the concept. As a result of this, HODLers can earn up to 30% APY on certain BEP20 tokens.
Staking is part of the ParoReward system. It allows for the distribution of a portion of the BNB Chain protocol’s payout. To participate in network consensus mechanisms, Parody Coin (PARO) uses a bridge to convert some tokens to BEP2 (BNB). A smart contract rewards holders of the Parody Coin (PARO).
This strategy allows you to profit from the Parody Coin’s (PARO) token reflection as well as the BNB Chain’s payout as part of the network consensus mechanism. To participate in this scheme, users must lock their Parody Coins (PARO) for at least two weeks.
Users can exchange any cryptocurrency for PARO using the swap (ParodySwap) feature of Parody Coin (PARO). It’s a multi-chain swap that consolidates liquidity. A Parody Bridge, which allows PARO to be transferred to other blockchains, is also available.
Finally, the Paroverse is the name of Parody Coin’s (PARO) own Metaverse platform. The Paroverse allows users to create and interact in virtual worlds that can be accessed via NFT parodies and other decentralised applications.