Access Protocol’s native token ACS experienced a remarkable surge of over 50% in just a single day after unveiling groundbreaking new applications for collateral non-fungible tokens (cNFTs).
Access Protocol, a project built on the Solana blockchain with the goal of revolutionizing how content creators can generate income, has introduced two innovative use cases for collateral non-fungible tokens in its latest update. The first major enhancement allows cNFTs to be wrapped using Access Protocol’s own token ACS, opening up exciting possibilities for content distribution and monetization.
cNFTs, which are collateralized non-fungible tokens, are a unique type of NFT that is backed by collateral. This collateral can take the form of any valuable digital or physical asset such as cryptocurrency, real estate, or intellectual property rights. By securing an NFT with collateral, its value becomes linked to the underlying asset.
In addition to these cNFT enhancements, Access Protocol has also introduced reward-bearing cNFTs, offering users the chance to earn rewards through active engagement on the platform. This strategic move aims to encourage participation and foster a vibrant community within the ecosystem.
The latest update, developed in collaboration with Metaplex, a Solana-powered protocol facilitating the creation and minting of NFTs, auctions, and visualization, has sparked a positive response from the crypto community. ACS prices have surged by over 55% to $0.00333 in 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. Leveraging ACS as a digital asset, the platform enables token-gated paywalls, empowering creators to distribute and monetize their content effectively.
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