One of the central critiques of crypto is that it consumes vast amounts of energy to process millions of transactions per second. People tend to condemn crypto mining processes without realizing what it is, lacking the necessary understanding. The New York Lawmakers attempted to impose a two-year ban on all crypto mining activities, including burning fossil fuels.
Mayor Adams, however, came to the rescue. Unlike the New York State Department, Adams understood what crypto mining entails and why it is essential for the industry to develop. The New York mayor vetoed this uninformed decision. All is well on the Western Front for now. When crypto mining is not making the front pages, are there other crypto domains to which you should devote your attention? We’ll take a look.
Dream Within The Dream
Since the decline of NFT sales by 92% since last September, many believed NFT was a heavily wounded zombie. Understandably, this thought would take hold due to the bear market and the challenges it yields for the crypto domain. It is also true, however, that a project’s utility is often revealed, and its particular facets survive regardless of external conditions.
A project that meets these criteria is called Parody Coin (PARO). Judging from its whitepaper, it has all the necessary characteristics to survive the bear market. Its unique qualities are encapsulated in its capacity to allow its users to mint parodies of the most popular NFTs out there through a mechanism of deriving utility value from it like they would from original NFTs.
Aside from an upcoming Paroverse, which would serve as the project’s integral ecosystem, it will also function as a Super app with its own (D)App store. These DApps will provide different services, especially those that facilitate the minting, trading, and access to the utility of parody NFTs.
The platform’s native token (PARO) would be at the center of this ecosystem. It will serve as the primary medium of exchange for users to interact with one another, pay fees to mint and transfer NFT parodies between wallets on the marketplace, and use for staking and collecting rewards.
Another feature that deserves particular attention is the ability for Parody Coins to be exchangeable with other blockchain assets and swappable with any crypto on any blockchain. Such flexibility is ensured through the native Parody Bridge built into the Parody Coin protocol. The bridge maintains a liquidity pool wallet in other blockchains through a smart contract.
The NFT space is about to get a wake-up call from the new kid on the block.
Watch The Throne
Regardless of the current market’s trajectory, Axie Infinity won’t be disappearing. It was the first legitimate play-to-earn (P2E) game that has not only paved the way for many similar projects but, at some point, sustained a fair share of the Philippines population’s earnings.
The gameplay is straightforward: you collect and pit adorable little beasts against each other in cartoonish combat, reminiscent of Pokemon. The game runs on the Ethereum blockchain with the help of Ronin, a sidechain that helps minimize fees and transaction delays.
Axie Infinity (AXS) is the native governance token of Axie Infinity, which is currently used to pay for breeding fees and vote on government decisions regarding the game and its future development. Users also can stake AXS tokens to earn rewards within the game.
During the bear market, AXS’s price dropped to the 13$ mark, while on ATM one, AXS could be sold for more than 160$. There’s a solid reason BTC is leading the crypto flock: it was the first cryptocurrency ever to test the waters. The same logic applies to AXS: seize the moment and buy the dip while you can.
Food For Thought
Whether you want to bet on an emerging project like PARO, which is set to revolutionize the industry, or AXS, which has been in the game for some time now, investing in NFTs is the wise decision to make amid a bear market. Oh, and don’t stress too much about crypto mining because mayor Adams will take care of it.