Entry Protocol’s native token ACS soared by over 50% inside 24 hours after the venture revealed new use instances 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 instances 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 prospects for content material distribution and monetization.
cNFTs, or collateralized non-fungible tokens, are a kind of NFT that’s backed by collateral. This collateral could be any digital or bodily asset with worth, akin to crypto, actual property, or mental property rights. By collateralizing an NFT, its worth is tied to the underlying asset.
Along with the cNFT enhancements, Entry Protocol has additionally rolled out reward-bearing cNFTs, offering customers with alternatives to earn rewards via lively participation within the platform. This transfer is geared toward incentivizing engagement and fostering group exercise throughout the ecosystem.
In accordance with the announcement, the most recent 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 line 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 allows token-gated paywalls, empowering creators to distribute and monetize their content material.