NFTs have been an essential aspect of DeFi since their introduction into mainstream cryptocurrency. Since then, many token projects have emerged as top custodians of the token, even converting them for more advanced uses like blockchain games and Metaverses. New meme project Dogetti (DETI) has included NFTs in its protocol, and with the project already in its presale phase, users expect it to join Solana (SOL) and Axie Infinity (AXS) at the top of NFT charts in the cryptocurrency market. Read on as we review the token and its novel protocol.
Solana (SOL) – The Hybrid Protocol Blockchain Giving Ethereum a Run for Its Money in the NFT Trade Sector
Solana (SOL) is a household name in the NFT trade sector, as it is the closest competition Ethereum has on NFT project launches and sales. The token launched in 2018, following its whitepaper announcement in 2017, and it has long since proven to be a suitable counterpart for trading on top blockchains.
Solana (SOL) features an independent blockchain, which runs on a hybrid protocol comprising proof of stake and proof of history protocols. The combination of both protocols gives Solana an edge over most blockchains as they help to increase the processing speed on the network while reducing energy needs, especially for validation. The result is a network with suitable processing speed and significantly reduced transaction fees. This is a major attraction for most users and a reason for Solana’s success in the DeFi space.
Solana’s NFT trading started in 2021 when the developers launched the first of its marketplaces, Solanart, to facilitate NFT minting and trading. In the long run, other platforms joined Solanart, and even OpenSea was integrated into the network. Now, Solana is second only to Ethereum in terms of NFT trade throughout the crypto space.
Despite its drastic fall in 2022, the network has surged back to its typical steady growth, thanks to the user base and the ongoing bullish trend. Solana (SOL) now sells for $22.63 on CoinMarketCap.
Understanding the Proof-of-Stake Protocol and Token Economics of Axie Infinity (AXS)
Axie Infinity (AXS) was a DApp launched on the Ethereum network where users could access gaming features and earn from their gaming experiences. The project became a decentralized token after it had become the most popular feature on Ethereum, getting about a million visits daily.
Axie Infinity (AXS) runs a proof of stake protocol that encourages users to stake their token assets to upgrade the network’s security while they earn rewards. The protocol is also ideal for gaming interfaces, as they often rely on the faster network to provide better services to their users.
Axie Infinity’s main feature is its Pokémon-modeled game, where users accumulate pet NFTs called Axies and use them to build virtual kingdoms. The kingdoms represent each user’s domain, and the gamers compete in multiplayer modes to take over each other’s domains.
The game economics run on two tokens, the Axie Infinity Shards and the SLP. AXS is the tradable variant, listing on exchanges and acting as fuel for the network. It is also the governing token that users vote with. On the other hand, SLP is used within the game to collect game assets and purchase upgrades for each user. It is non-tradable and must be converted into AXS outside the game.
AXS is available on various exchanges, including CoinMarketCap, for about $10.43.
Exploring the Potential of Dogetti’s (DETI) Wonder Protocol: NFT Marketplace, Exchange Platform, and DAO Community
Dogetti’s (DETI) wonder protocol will comprise an NFT marketplace, an exchange platform, and a DAO community structure, and how far it will go based on the protocol remains to be seen. For now, the presale is underway, and developers encourage users to get their DETI coins within its first presale stage before the price goes up.
Dogetti’s (DETI) potential within the cryptocurrency market is enormous, and its memecoin status further amplifies it. The average memecoin is very abundant, available to every user on the cryptocurrency market. With its supply, everyone can be a part of the Dogetti (DETI) family and benefit from the rich features it has to give.
The NFT marketplace is set to kick off soon after the coin launch, and the developers plan to make them open to users to create their own NFTs. Platform-generated NFTs will be able to grow with subsequent developments, creating more wealth for those who decide to hold their NFTs. The growth will also include breeding, where the NFTs multiply over time, leading to wealth creation on the Dogetti platform.
The Dogetti (DETI) presale presents a chance to get your tokens before launch. Click here to access the presale page for your DETI coins.