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After The U.S. Federal Reserve announced its decision to hike the benchmark interest rate by 75 basis points, marking the most significant increase since 1994, the bear market became a reality that we have to accept. This, in turn, led to high inflation that affected the consumer index, effectively leaving people with less money to purchase goods and services.
In the traditional economic theory, the decrease in the consumer index leaves the general population vulnerable amidst rising prices and increased unemployment rates. But does the same logic apply to the crypto world, especially the NFTs? Let’s try to find it out.
A League of Their Own
Arguably, NFTs were never really connected to any external economic factors because of how their utility is envisioned. Unlike other cryptocurrencies backed by the dollar or linked to other altcoins in a broader sense, most NFTs exist and prevail because of the community around them. They say beauty is in the eyes of the beholder, and this principle is 100% applicable to NFTs.
However, recently, the industry entered a point of stagnation, failing to produce original content. Rest assured, all is not lost, and there are still projects that can make a real difference. One such is Parody Coin (PARO), which looks like the hottest project of the summer.
Forget about the copycats and poor artwork because this project provides the capacity to mint parodies of the most popular NFTs in the industry. Yes, you have heard correctly; whether it is your favourite BAYC, Pudgy Penguins or CryptoPunks, Parody Coin provides the mechanism to trade these NFT parodies and generate revenue.
The Parody Coin also plans to introduce Paroverse, the ecosystem designed to help accommodate the emergence of NFTs interacting with the real world.
However, the cherry on top is the platform’s native token (PARO), through which users can pay fees to mint and transfer NFT parodies between wallets on the marketplace. The PARO token will launch on PancakeSwap, with the final presale stage expiring in less than 30 days.
If you are interested in non-generic NFT projects offering a wide range of crypto services across blockchains and DApps, the PARO token should be on your radar this summer.
When HODLing is Life
Ever since Vitalik Buterin created Ethereum in 2014, many predicted an inevitable fall of the cryptocurrency, pointing out the design flows like Proof-Of-Work (PoF) and high gas fees. Fast-forward eight years, and despite the current market crash, ETH, the native token of Ethereum’s blockchain, is looking sharp.
Initially planned as a community-run technology powering the cryptocurrency ether (ETH), it spawned a plethora of DApps across the board. Currently, most of the NFTs are made on the Ethereum blockchain, most DeFi protocols rely on ETH as the primary fuel for their transactions, and the ETH currency itself is the second-largest by market capitalisation.
Still hesitant to purchase it and HODL for a long time? In 2020, ETH dropped to nearly USD 100, and at the ATM in 2021, its price touched the USD 4500 mark. Considering that at the time of writing, the ETH price is just above USD 1100, there are some decent chances to quadruple your investment soon.
SHIB To The Moon
Like the Parody Coin (PARO), (SHIB) is an investment asset barely affected by a decrease in the consumer index. As with most meme coins out there, the main strength of SHIB is the solid community behind it.
Shiba Inu has done things differently from day one compared to other meme coins. Starting with a supply of 1 quadrillion, the project’s founder, Ryoshi, locked 50% in Uniswap, then “burned” the other half to Ethereum co-founder Vitalik Buterin for safekeeping.
The Shiba Inu token is the foundational currency within its own ecosystem, allowing investors to hold millions, billions, or even trillions, of tokens in their wallets.
And since Elon Musk announced plans to accept SHIB for Tesla payments, the prospects of this cryptocurrency are looking stronger than ever.
Key Words: Consumer Index, PARO, SHIB, ETH, Parody Coin, NFTs