Recent purchases demonstrate that demand for the exclusive Bored Ape Yacht Club (BAYC) NFT is far from dead, despite the waning of the initial frenzy.
The interest in non-fungible tokens (NFTs) clearly dropped after the crypto market meltdown in 2022. As a result, the majority of projects have seen a precipitous decline in both trading volume and price.
According to current data, NFT trading activity collapsed by 77%, resulting in a drop in retail sales volume and in the sales of the Bored Ape Yacht Club (BAYC) NFTs.
The survival of the NFT scene can be largely attributed to Bored Ape Yacht Club (BAYC) and the associated collections it spawned but its future is not quite certain.
On the other hand, Collateral Network (COLT) continues to surge during its presale thanks to its real-life utility in the crowdlending industry, with analysts forecasting a 3500% price increase by the time it is listed on exchanges.
Bored Ape Yacht Club (BAYC)
Traders at NonFungible.com argue that the NFT crypto scene is far from dead and may even revive, despite the fact that the market may appear to be dead to many. Bored Ape Yacht Club (BAYC) and its sister collections have kept the sector alive with new collections being added every so often.
Bored Ape Yacht Club (BAYC), as well as the DeFi gaming business, continue to make NFTs more appealing to investors even while the entire NFT market is at a record low.
Many Bored Ape Yacht Club (BAYC) NFTs, like the one that singer Justin Bieber initially purchased for $1.3 million in ETH and is now worth roughly $69,000, had lost a significant amount of value over the last few months of 2022.
Recent research, however, shows that the FTX collapse has had minimal effect on NFTs such as the Bored Ape Yacht Club (BAYC) and the DeFi gaming industry. This might be a sign of good things to come for the NFT community and the Bored Ape Yacht Club (BAYC).
Collateral Network (COLT)
The goal of Collateral Network (COLT), a blockchain network built on Ethereum (ETH), is to democratize the crowdlending industry through the use of fractionalized NFTs.
This system allows borrowers on Collateral Network (COLT) to use their physical assets, like art or property, as collateral for crowdfunded loans. By minting the asset as a fractionalized NFT, lenders can crowdlend by purchasing a share of the NFT. This entitles them to a share of the interest paid by the borrower on the loan.
The crowdlending platform is just one part of the Collateral Network (COLT) ecosystem, which also includes a marketplace. In this ecosystem, COLT is the native utility token. By the time Collateral Network (COLT) goes live, there will be 1.4 billion COLT tokens in circulation. However, only half of those tokens will be sold during the presale.
As a consequence of the clear advantages of Collateral Network (COLT) in the business and crowdlending industries, the price for COLT tokens are expected to climb 35x in the next 6 months.
Find out more about the Collateral Network presale here: