Cryptocurrencies were on a roll last year, rallying to record highs at the height of the crypto boom. Fast forward, the momentum has cooled off, going by deep corrections from record highs with some coins imploding to zero amid an ongoing crypto crash. Cryptocurrencies with unproven use cases or roadmaps for future growth have felt the brunt of a broader market correction. Parody Coin is a new coin that seeks to succeed where many have failed by betting big on non-fungible tokens and the metaverse world.
What is a Parody Coin?
It is a deflationary token built on top of the Binance Smart Chain that seeks to provide opportunities for earning while participating in its Paroverse or metaverse. It aims to revolutionize the cryptocurrency industry by offering ways of minting and trading NFTs. It comes with Parody Swap, a feature that lets users swap cryptocurrencies within any blockchain for an equivalent amount of Parody coins.
It also features Parody Bridge designed to make it easy for people to transfer Parody Coins to other blockchains. The push for opportunities and utility around NFTs is also affirmed by the development of the Parody NFT marketplace that will allow Parody Coin holders to develop Parody NFTs out of other blue-chip NFTs.
Additionally, Parody Coin comes with a decentralized application store that lets third parties and developers create and launch applications within the ecosystem.
Parody vs. Bitcoin vs. Monero
Bitcoin (BTC) is arguably the most prominent cryptocurrency by market cap, it has achieved investors betting on its long-term prospects in the mainstream financial sector. Amid talk of crypto mainstream adoption, the Bitcoin blockchain remains well-positioned to enable seamless cross-border transactions.
Bitcoin has already carved a niche by making it easy for people to send and receive money on the internet. In addition, it has succeeded in providing an alternative payment system devoid of any third-party control, as is the case with current systems.
The payments utility case is one factor that has propelled it up the charts allowing it to hold steady even as the broader market implodes. Parody Coin is also going the same route, banking on solid use cases, enabling easy swapping of Altcoin in any blockchain to safeguard its future.
Monero (XMR), on the other hand, has carved a niche as a privacy-oriented Altcoin. While operating the same way as Bitcoin, it has gone overboard to ensure every transaction carried out on the blockchain remains anonymous. All the transaction details are hidden, therefore adding a layer of privacy.
Monero blockchain hides transaction details such as senders and recipients’ IDs and the amount by disguising the addresses. Privacy is one factor that has affirmed Monero‘s long-term prospects.
Parody Coin Tokenomics
PARO is the deflationary BEP20 utility token that powers the Parody Coin network. As a medium of exchange for settling transactions on the network, the coin will allow users to mint and sell parodies of popular NFTs on the Parody NFT marketplace.
The total number of PARO tokens that will ever be in circulation is capped at 240 billion. The tokens are currently on offer as part of an ongoing pre-sale, after which the token will be available in most cryptocurrency exchanges.
Parody Coin Prospects
Currently, most NFT projects operate on top of the Ethereum blockchain, making the process of minting and trading NFTs expensive and slow. For example, the average person would spend between $100 and $500 to mint an NFT on most marketplaces powered by the Ethereum blockchain.
Parody Coin is looking to change all this while running on top of the Binance Smart Chain, enabling a fast and cheap way of minting and trading NFTs. However, the project’s long-term prospects are not dependent on NFTs. Instead, it should explore new opportunities around decentralized application development and make it easy for people to swap crypto on various blockchains.