cNFTs lead to a 55% increase in ACS as new application emerges

Access Protocol’s native token ACS experienced a remarkable surge of more than 50% in just 24 hours after unveiling new applications for collateral non-fungible tokens (cNFTs).

Access Protocol, a protocol built on the Solana blockchain that aims to revolutionize how content creators can earn money, has introduced two innovative use cases for collateral non-fungible tokens in its latest release. The first major enhancement is the ability to wrap cNFTs using Access Protocol’s native token ACS, which opens up new opportunities for content distribution and monetization.

cNFTs, which are non-fungible tokens backed by collateral, can now be supported by various digital or physical assets of value, such as cryptocurrencies, real estate, or intellectual property rights. By linking an NFT to collateral, its value becomes tied to the underlying asset.

In addition to these improvements, Access Protocol has also launched reward-bearing cNFTs, providing users with the chance to earn rewards by actively participating in the platform. This move aims to encourage engagement and foster community activity within the ecosystem.

The latest update was developed in collaboration with Metaplex, a Solana-powered protocol that enables the creation, minting, and visual representation of non-fungible tokens, as well as conducting auctions.

While specific details about the update have not been disclosed, the cryptocurrency community has responded positively, leading to a remarkable 55% surge in ACS prices to $0.00333 over the past 24 hours, according to data from CoinMarketCap.

Established in 2021, Access Protocol is a blockchain platform dedicated to providing decentralized access solutions for content creators, developers, and users. By utilizing ACS as a digital asset, the platform empowers creators to distribute and monetize their content through token-gated paywalls.

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