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Friday, March 29, 2024

How Decentraland (MANA), AXIE Infinity Samurai Doge & Parody Coin are transforming NFT market

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On OpenSea, there are over four million NFT assets, with potentially millions more on Rarible, LooksRare, SuperRare, and NBA Top Shot. The majority of the projects are here to cash in on the trend and make quick money.

Only a few of the projects have real-world and future Metaverse applications. Investors are pouring millions of dollars into those NFTs that have utility for the future Metaverse, and they are flourishing on Twitter. So, in this article, we’ll take a look at how Decentraland (MANA), Samurai Doge – dubbed the “new” AXIE Infinity (AXS), and Parody Coin (PARO) are reshaping the NFT market with their upcoming projects.

Decentraland (MANA)

Decentraland (MANA) is one of the earliest platforms to shape the future of the metaverse with its open virtual environment built on NFTs. The platform allows users to explore, create, socialise, and trade digital items, including lands, as NFTs. It is one of the first projects that used NFTs to pave the way for the metaverse. In fact, it has already built its own metaverse-like structure that users may explore through their avatars. These avatars and their variations are represented with NFTs.

As one of the earliest NFT projects to kick off the Metaverse revolution, Decentraland (MANA) hit its all-time high of $5.2252 three months ago. Currently, MANA is trading at $2.46 and its 24-hour trading volume has risen by around 31%. With Metaverse being fast tracked into development around the beginning of the year, price predictions for MANA in 2022 are pretty bullish.

Samurai Doge

Samurai Doge is a one-of-a-kind NFT project that uses animation to bring the Metaverse to life. It’s a collection of 10,000 animated Samurai NFTs that stand in for the Metaverse’s avatars. The project is dubbed as ‘the new Axie Infinity (AXS)’. Furthermore, the game’s creators claim that owners of genesis Samurai Doges will be able to claim a 3D Samurai Doge, which will be viewable on the project’s AR app. The project will also launch a battlefield game in which owners can compete against other owners with their Samurai Doge NFTs.

Parody Coin (PARO)

Parody Coin (PARO) is only in its presale phase, but has already been garnering significant buzz. Its white paper details how the project intends to change the game for the NFT market, as well as making it more accessible to those who can’t, or won’t, pay thousands or millions of dollars to buy an NFT.

You can make parodies of the most popular NFTs with Parody Coin (PARO). It also allows for the trading of NFT parodies to make profit. Users can derive utility value from it if it works, just like with the original NFTs. Holders of Parody Coin (PARO) can profit from four different revenue streams. The first is to mint and then sell parodies of popular NFTs; second, holders can simply let the reflection system work its magic; third, they can stake on the BNB Chain; and finally, they can profit from the numerous rewards offered.

ParoRewards is a scheme that rewards holders of the Parody Coin (PARO) with BEP-20 tokens. The idea is to lend money in exchange for a return on the BNB Chain network. HODLers can earn up to 30% APY on certain BEP-20 tokens as a result of this.

The ParoReward system includes staking. It enables a portion of the BNB Chain protocol’s payout to be shared. Parody Coin (PARO) uses a bridge to convert some tokens to BEP2 in order to participate in network consensus mechanisms (BNB). Holders of the Parody Coin (PARO) are rewarded by a smart contract.

This strategy allows you to profit from the token reflection of the Parody Coin (PARO) as well as the payout of the BNB Chain as part of the network consensus mechanism. Users must lock their Parody Coins (PARO) for at least two weeks in order to participate in this scheme.

Furthermore, Parody Market is a parody NFT marketplace. Parody token owners can create parody NFTs out of other big bluechip NFTs. The real owner of the parody NFT can gain ownership of it by burning or locking their original NFT. Finally, Parody Coin’s (PARO) own metaverse platform is known as the Paroverse. Users can create and interact in virtual worlds that can be accessed via NFT parodies and other decentralised applications through the Paroverse.

Verdict

The NFT market is evolving at a breakneck pace. New NFT initiatives emerge on a daily basis. The NFT trend has been steadily increasing, and the future portrayed by these patterns is fascinating. Likewise, with platforms such as Parody Coin (PARO) gaining traction, it is clear that NFTs are here to stay. The project’s originality and utility are undeniably strong indicators of long-term viability.

For more information, visit:

https://presale.parodycoin.io/

(ThePrint ValueAd Initiative content is a paid-for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.)

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