Should You Buy NFT Tokens? A Look at Flow (FLOW), Theta Network (THETA) & Parody Coin (PARO)
One of the main reasons why NFTs gained so much traction last year is because they bring art ownership to the masses, which has traditionally been a privilege exclusive to the rich. Parody news…
NFTs also appeal to millennials and Gen Z as well as older generations that value art ownership more, as they have more affinity for digital platforms. With over $2.5 billion in NFT sales within the first half of 2021 alongside an immense $1.2 billion in July alone, its profitability had never been witnessed in the crypto sector before.
It’s no secret that the crypto market has suffered a few blows this year already, with some investors fearing whether crypto can withstand the rugged state of the world at present. However, the huge success of NFTs indicates that crypto is going to stick around for a while – as NFTs must be purchased using crypto, the two are inherently connected. Regardless, investors are growing frustrated with seemingly frequent periods of flat trading which have been hitting the market often. So, is the solution to invest in an NFT coin? Let’s take a look at Flow (FLOW), Theta Network (THETA) and Parody Coin (PARO), which is currently in presale, to assess whether they’ll be reeling in epic gains.
Flow (FLOW) is a fast and decentralised blockchain built specifically to master the demand for NFTs. As NFTs are growing increasingly popular, a more efficient system is needed to tackle the congestion that has hit Ethereum (ETH) during NFT auctions as well as. Flow (FLOW), like other blockchains, has its own native currency called FLOW. FLOW is the network’s reserve asset, which is used to cover transaction costs and staking.
FLOW hit its most recent all-time high (ATH) of $42.40 on April 5th, 2021. Despite starting 2022 on a sluggish note, FLOW appears to be picking back up. Its 24 hour trading volume is currently up by almost 18%, which boosted its market cap by nearly 2%. With the FLOW platform’s ongoing development and upgrades, it has a good chance of reaching its ATH soon. FLOW is generally regarded as a solid investment in 2022, based on its recent accomplishments.
Theta Network (THETA)
Despite the fact that February was a difficult month for many blockchains, Theta Network (THETA) was one of the few that saw massive increases in liquidity locked into its ecosystem. According to Be[In]Crypto Research, the network’s total value had reached $212 million by the end of the month. That’s a 133% increase since January of this year.
Theta’s (THETA) main business concept is to decentralise video streaming, data delivery, and edge computing, allowing industry participants to be more efficient, cost-effective, and fair. The internal economy is powered by two native tokens, Theta (THETA) and Theta Fuel (TFUEL), which run on a native blockchain.
Theta’s (THETA) appeal is threefold: viewers benefit from a higher-quality streaming service, content creators earn more money, and middlemen — video platforms — save money on infrastructure while increasing advertising and subscription revenue. TFUEL tokens are rewarded for watching network content and sharing network resources, so users have an incentive to do both.
As with many proof-of-stake-based blockchain ecosystems, the platform is open source, and token holders receive governance powers. Developers looking to launch dApps on Theta’s fully featured EVM-compatible Smart contract platform, in addition to video, data, and computing, are catered to.
Parody Coin (PARO)
For those who want to experience the first all-time high of a crypto, Parody Coin (PARO) is the way to go. Currently in its presale stage, Parody Coin (PARO) facilitates the minting, trading, and use of parodies of favourite NFTs on the BNB Chain and other blockchains.
As NFTs can sell for thousands if not millions of dollars, many people could be left out of the market’s most interesting aspects. While market forces will continue to drive the price of digital art, anyone can participate and share in the value created. Parody Coin (PARO) gives the ability to produce parodies of the industry’s most popular NFTs. It also makes it possible to trade these NFT parodies and earn money. Users can derive utility value from it if it is a functional NFT, just as they would from the original NFT.
The Parody NFT is available on the Parody Coin marketplace are not completely separate from the original NFTs from which they were cloned. By locking up or burning the original NFT, the owners of the real NFTs can gain ownership of the parody NFT via a robust bridge. This creates the possibility that some parody NFTs will become original NFTs, but only if the owner of the original NFT decides to buy the parody and burn the original NFT to implement the changeover. This could happen, particularly if NFT owners start to see the Parody Coin ecosystem as offering features not available on other exchanges.
If NFTs weren’t enough, Parody Coin (PARO) are also creating their own Metaverse. Designed to aid in the development of NFTs that interact with the real world, the ‘Paroverse’ allows users to create and interact with virtual worlds that are interfaceable with the physical world.
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