Non-fungible tokens (or NFT) are a relatively new entry in the cryptocurrency lexicon, it is a new type of token that has gained prominence especially with the increase in value and demand for relatively early collections such as Cryptopunks which were launched in 2017 on the blockchain Ethereum.
We look at the benefits 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.
NFT Collections Cryptopunks and Bored Monkeys Built on Ethereum (ETH)
Ethereum (ETH) is the second largest cryptocurrency when ranked by market capitalization according to CoinMarketCap, second only to the very first crypto Bitcoin (BTC). In terms of ChallengeEthereum is the largest of all blockchains when ranked by total value locked in the 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 January 2022 report from JP Morgan estimating blockchain NFT dominance at 80% – however, this is down from around 95% at the start 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 its presence. having the most recognizable collections built on its channel.
Solana (SOL) becomes popular for NFTs and DeFi
CoinMarketCap Lists Solana (SOL) as the ninth greatest cryptocurrency when ranked by market capitalization. It is the native cryptocurrency of the Solana block chain which is a major competitor against Ethereum for DeFi and NFT, and Solana is the fifth largest blockchain for Challenge 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 on its Facebook and Instagram social media platforms, and the first blockchains to integrate their NFTs included Solana, Polygon, Flow, and Ethereum.
Welfare Economics, Rewards, and NFT with Mehracki Token (MKI)
Mehracki Token (MKI) is used for utility and governance as part of the Mehracki ecosystem and protocol. The philosophy of Mehracki Token (MKI) is to create a sense of well-being cryptocurrency economy and community.
First and foremost, cryptocurrency will be mainstreamed into the “wellness” industries, starting with its adoption in the tourism and hospitality sectors. Second, 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 wellness NFT 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 industries, who can issue NFTs to represent goods and services such as hotel reservations.
Mehracki Token (MKI) is currently on presale and will launch on August 22, 2022.
Good long-term investments?
Many NFTs have derived their value from scarcity, exclusivity, and speculation for the most part, but that’s not always the case. Indeed, the use cases for NFTs are constantly growing, particularly 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)
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