Being quite new in the crypto world, non-fungible tokens are already forming the whole decentralised ecosystems around the NFT artwork. Those are fueled by NFT art finance coins that have become new topics for Reddit discussions, and targets for crypto investors
This year, NFTs have been constantly popping in the media spotlight. They are not only making memes a commodity, but also giving hope to all digital artists who wish to make some profit.
Art collecting has long been limited to traditional paintings on the wall, sculptures, or beautiful photographs. All those are physical objects you can use to decorate your home or office and show off to your friends. However, most people now spend half their days online in the digital world. It has a lot of art pieces you can admire as well. Before NFTs came along, creators had trouble selling those, whereas their fans could only watch or listen to NFT artwork, but not own it. Since anyone could copy or replicate a video/audio file or an image, they couldn’t be deemed unique possessions.
NFT stands for non-fungible token. Whereas a fungible commodity is replaceable by another identical item (mutually interchangeable goods), non-fungible items are unique and have no identical substitutes. Non-fungible tokens are pieces of the software code data stored via smart contracts that contain easily traceable and verifiable distinguishing information and certify that the given digital asset is a one-of-a-kind.
NFTs give digital artists a lot of benefits. For instance, the author of the famous Everydays — The First 5000 Days” collage that was recently sold for $69.3 million, Beeple has his signature and the proof of sale built into the NFT code and they secure him a 10% royalty every time his art changes hands. That’s actually better terms than some traditional artists can get. For instance, if you sell a physical painting, you won’t earn any money if it gets resold. Furthermore, you can create one art piece, but sell a few authorised copies of it. Art creators decide by themselves how many NFTs of the artwork will be distributed.
NFT market and finance coins
In the very beginning, the Ethereum network was the only NFT host and continues to be their main domain, but with time other blockchains may start adopting NFTs too. Moreover, as the market is booming, many projects that aim to facilitate NFTs trading are emerging.
The NFT-ART.Finance team is working on a marketplace platform that will enable simple drag-and-drop uploading of visual artworks as well as spot-style and auction-style sales. Right now, the platform is working in beta-mode, but is expected to go live later this month. The project has far-reaching plans to onboard well-established artists and musicians for the NFT audio section. Eventually, their marketplace is going to have a dedicated app making NFT trading fast and flexible. NFT Art Finance has already launched its crypto coin that works on Binance smart chain. It is called NFTART.
NFTART is a utility token with a built-in 10% transaction fee on every transaction. It works on deflationary principles where 5% gets burnt and 5% are redistributed amongst the holders of the token. Currently, 67% of the initial supply is burnt to maintain balanced inflation. 33% are circulating with the current price of $0.000000002282. The market cap of NFTART is about $220M. So far, the token has no practical use, so it’s not too popular. However, some Reddit users have already spotted some great potential in it. Considering its ridiculously small price, those interested are buying billions of NFTART tokens. Therefore, NFTART has over 400K holders at the time of writing.
Another crypto project planning to integrate the NFT exchange within its DeFi ecosystem is called SafeMoon. According to their website, SafeMoon creators have begun architecting the NFT Exchange as well as video-game integrations this very quarter. They expect to finish the NFT exchange and a proprietary crypto educational app by Q3 2021. So far, no details have been given about any of the initiatives. SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. The token powering the SafeMoon greatly resembles the NFTART.
SafeMoon coin (SAFEMOON) aims to discourage day trading, and to reward long-term holders by charging a 10% fee on each sale. A 5% fee is redistributed to all existing holders, while the other 5% is split 50/50. Half of this fee is sold by the contract into BNB (Binance Coin), while the other half of the SAFEMOON tokens are paired automatically with BNB and added as a liquidity pair on Pancake Swap. This DeFi token performs three functions during each trade: Reflection, LP Acquisition, and Burn. 223 trillion of SAFEMOON tokens were burnt initially by the developers, whereas 777 trillion went on sale. Further burns are manual, meaning they are controlled by the team, and promoted based on achievements. Right now, the supply is only 581 trillion, so some additional burns have already happened. The SAFEMOON crypto currency has soared in value since its introduction in March. Today, it costs about $0.000003, reaching a market cap of $2.5B. There are over 2 million holders of this DeFi token, who are most probably going to store their SafeMoon coins for a long term. However, some critics have warned investors the whole project may be a scam similar to a ponzi scheme.
Finally, there’s another token connected to NFT marketplace which is just starting the public journey – Peacockcoin. The official website says the marketplace app has been deployed on Testnet and is 93% ready to launch. It’s expected to be deployed on the BSC mainnet later this month. The token that is going to be the governance token of the platform is already up for trading.
The Peacockcoin (PEKC) has been stealth launched. Its holders earn passive rewards through static reflection. By every transaction, 2.5% is redistributed back to holders while 2.5% is burned forever reducing the total supply. PEKC token is listed on BSC chain.
Maximum supply of token is 100 Quadrillion and 50% has been burnt initially. The token’s current price is $0.0000000000918038 with a market cap slightly over $2M.
Where to find them?
Most of the tokens related to NFT art financing use the Binance Smart Chain (BSC). The decentralised exchange related to it is PancakeSwap.
It’s hard to treat a crypto or an analytics app symbolised by a “poo” image seriously and yet that didn’t stop the creators of PooCoin. The app functions as an analytics/charting tool for Pancake Swap. It has charts, transaction tracking, wallet tracking, Yield Farm tracking (Toilet feature) and the trading function. PooCoin helps investors to track BSC (Binance Smart Chain) wallets and understand how individual coins are traded. Since it’s quite hard to find the real-time information about the NFT finance coins at other services, the app is very helpful for those wanting to trade such crypto. PooCoin users can utilise the built-in swapping feature that automatically selects pancake v1 or v2 depending on where you get the best price. Besides, they can even embed the auto-swapping feature into their own website.
PooCoin app has its own crypto currency as well. The POOCOIN crypto is a reflect token on the Binance Smart Chain. It is used to unlock premium features on the PooCoin DApp for portfolio management and token price charting. For instance, $100 worth of POOCOIN/BNB LP allows users to track other wallets, while other Premium tiers disable ads, show your trades plotted on the chart and illustrate trending websites/tokens in more timescales. Similar to NFTART and SAFEMOON, an 8% fee is charged on each POOCOIN transaction. 4% is distributed to other token holders and 4% is burned. The initial supply is 10 million. At present, only 5.6 million are staying in circulation. The price of this meme-crypto is almost $3.7 which nears the market cap to about $20.7 million. It has about 43K holders so far.