Entry Protocol’s native token ACS soared by over 50% inside 24 hours after the venture revealed new use circumstances for collateral non-fungible tokens (cNFTs).
Entry Protocol, a Solana-based protocol aiming to create a brand new means content material creators can earn cash, has launched two new use circumstances for collateral non-fungible tokens in its newest model. The primary enchancment is that cNFTs can now be wrapped utilizing Entry Protocol’s native token ACS, enabling new potentialities for content material distribution and monetization.
Entry v2 introduces two model new use circumstances to NFTs
1⃣ $ACS wrapped cNFTs
2⃣Reward bearing cNFTsThis introduces a brand new degree of composability for content material distribution and monetization.
All enabled by @metaplex and Entry Protocol v2.
Quickly™️
— Entry Protocol (@AccessProtocol) February 6, 2024
cNFTs, or collateralized non-fungible tokens, are a sort of NFT that’s backed by collateral. This collateral might be any digital or bodily asset with worth, reminiscent of crypto, actual property, or mental property rights. By collateralizing an NFT, its worth is tied to the underlying asset.
You may additionally like: Japan Airways and Hakuhodo to launch NFT assortment
Along with the cNFT enhancements, Entry Protocol has additionally rolled out reward-bearing cNFTs, offering customers with alternatives to earn rewards by way of energetic participation within the platform. This transfer is geared toward incentivizing engagement and fostering group exercise throughout the ecosystem.
Based on the announcement, the newest replace was made in collaboration with Metaplex, a Solana-powered protocol that permits for the creation and minting of non-fungible tokens, auctions, and visualizing NFTs.
Whereas particular particulars of the replace are but to be disclosed, the crypto group has seemingly responded positively, with ACS costs surging by over 55% to $0.00333 up to now 24 hours, in keeping with CoinMarketCap knowledge.
Based in 2021, Entry Protocol is a blockchain platform devoted to providing decentralized entry options for content material creators, builders, and customers. Using ACS as a digital asset, the platform permits token-gated paywalls, empowering creators to distribute and monetize their content material.
Learn extra: Spain’s finance ministry targets crypto, NFTs with new tax reform
