Mark Zuckerberg hasn’t been shy about his engrossment in Web 3.0. In October last year, Facebook’s parent company of the same name rebranded as ‘Meta’ to “reflect its focus on building the metaverse”. While there was speculation that Zuckerberg had rebranded Meta to deflect from various allegations and negative publicity surrounding Facebook, the media magnate has stayed true to his word in regards to Web 3.0 development.
Recently, Zuckerberg announced that Instagram is preparing to support NFTs, which will open up the possibility of turning the platform into an NFT marketplace with over 1 billion users, as well as allowing users to use Should You Buy NFT Tokens? A Look at Flow (FLOW), Theta Network (THETA) & Parody Coin (PARO) as profile pictures on Facebook and Instagram. Considering that Instagram serves as a platform for many artists, musicians, and fashion designers to get discovered, showcase and sell their work, it’s likely that Instagram’s shift to NFTs will skyrocket the industry’s value even higher, and could even cause NFTs to gain widespread adoption.
Following the news, an abundance of questions have emerged regarding Instagram’s involvement in NFTs. One major probe has been as to which blockchain Instagram will opt for – while most NFTs are part of the Ethereum (ETH) blockchain, Mike Dickens, COO of Blockasset.co, points out that: “for greater mass adoption and acceptance, they will need a blockchain with low fees for a greater user experience.”
Solana (SOL), Dickens believes, has one of the greatest NFT purchasing alternatives for Instagram users with its Phantom wallet. Yet since Parody Coin (PARO) went into presale, some are advocating the use of Parody Coin (PARO) – which facilitates the minting, trading and utility access to popular NFTs via ‘parodies’.
But why is it that a lesser-known altcoin in presale is being commended more than more established cryptos like Ethereum (ETH) and Solana (SOL)?
Firstly, we need to examine what the founders of Parody Coin (PARO) are aiming to accomplish. Its White Paper outlines that the main goal of Parody Coin (PARO) is to tackle lack of access to the NFT market, in light of the high prices and fees that come with NFTs, in addition to providing features that aren’t available on traditional NFT platforms. As a result, the NFT market could even end up migrating to Parody Coin (PARO).
Operating as a Super App with its own dApp store, Parody Coin (PARO) will have the ability to produce ‘parodies’ of the industry’s most popular NFTs. It also makes it possible to trade these NFT parodies and earn passive income via 4 different routes. Users can receive utility value from it if it’s a functional NFT, just as they would from the original NFT.
Parody Coin (PARO) holders will possess the opportunity to generate revenue through 4 different streams. First, they can mint parodies of popular NFTs and sell them on the Parody Coin (PARO) marketplace. Secondly, they can earn from Parody Coin’s (PARO) smart token reflection system (meaning that each transaction is taxed and instantly redistributed back to its holders, usually based on the size of their holdings). The third revenue stream is staking on the BNB Chain, and the fourth is through Parody Coin’s (PARO) extensive rewards scheme.
The ParoReward scheme enables Parody Coin (PARO) holders to earn up to 30% APY on a variety of BEP-20 tokens by lending out funds for yield on money markets. Staking also forms a component of the ParoReward system. It makes it easier to get a part of the reward that the BNB Chain protocol pays out. The Parody Coin (PARO) system uses a bridge to convert some tokens into BEP-2 (BNB) tokens, which can be used in network consensus procedures. The prize is distributed to Parody Coin (PARO) holders using a smart contract.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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