Last cycle’s NFT euphoria seems far away, but there are signs that the NFT market is reigniting again. An upcoming DeFi sensation Cutoshi is taking the market by storm.
Are NFTs Making A Comeback?
Last bull run, the most expensive NFT was an art piece called the Merge, presumably in honor of Etheruem’s development milestone. This NFT art collection by Pak sold for an incredible $91 million, amongst over 300,000 buyers. Prior to that was the one-off art piece by Beeple, called Every Day: The First 5000 Days, which sold for $69 million.
However, it seems that this season’s NFTs are going to be backed by utility. In the last few days, the NFT collection Pudgy Penguins have announced that they will release a crypto called Pengu, for holders of their NFTs.
Since then the floor price of Pudgy Penguins has risen from around 17 ETH to 22 ETH, which is around 86,900 at today’s ETH prices. Data from DefiLlama shows that the collection is up by 52% over the last 7 days.
This makes them the most traded NFT collection at this time. Meanwhile, Lil Pudgeys are up by 63%.
What Other NFTs Should People Be Looking Out For?
NFTs can offer more than just art and can be used to power things like the tokenization of RWAs (Real World Assets).
Cutoshi, a meme and DeFi project, is set to release 8888 NFTs to its holders, each with DeFi-based functionality. As data from CoinGecko shows, the most valuable NFTs are mainly on Ethereum, just like Cutoshi. Each NFT will have innovative art that represents the Chinese Lucky Cat on which Cutoshi is based.
Here are some use cases for DeFi-based NFTs that potentially fit within the Cutoshi ecosystem. The project also contains a DEX, staking and liquidity providing:
- Trading Discounts
NFTs can be used for trading fee discounts on DEXes.
- Exclusive Staking and Liquidity Pools:
NFTs can serve as access keys to exclusive staking and liquidity pools. The rarity or value of the NFT determines access and high staking returns increase the value of these NFTs over time.
- Governance and Voting Rights:
NFTs can grant governance rights within decentralized organizations (DAOs). For example, “soulbound tokens” can provide permanent voting power to specific wallets, allowing for structured decision-making in DAOs.
- Savings Accounts:
NFTs can function as savings accounts by holding and accumulating fungible tokens or other assets within their structure, providing a secure and scalable way to manage wealth.
Cutoshi is currently in the 4th stage of presale, having recently sold out of stage 3. The token is on sale at 0.031, up 19% from the previous stage. With only 6 more stages to go, investors keen on acquiring Cutoshi’s NFTs may wish to invest sooner rather than later.
For more information on the Cutoshi (CUTO) Presale:
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https://twitter.com/CutoshiToken
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