Since the creation of NFTs, the market has pretty much been independent of the other landscapes like DeFi. The whole market could crash while the NFT market maintains a high trading volume. The NFT market started to gain volume in 2020, and the momentum was propelled by news of insane NFT sales. A digital artist, Beeple, sold an NFT for $69 million, and most NFT enthusiasts refer to that as the start of the NFT bull run.
People became more interested in NFTs, daily volume rose, and new NFT projects emerged. One of those projects, Bored Ape Yacht Club, is a PFP collection of 10,000 unique pieces of art which has done over $2 billion in trading volume. The NFT collection was at the top of the market earlier in 2022, reaching a floor price of 150 ETH, an all-time high at the time.
The team behind the NFT project saw the need to expand the brand and give back value to its community by creating ApeCoin(APE). ApeCoin is proposed as a utility token for the community and will prove very useful in the next updates from the parent brand.
Big Eyes Coin (BIG) will be taking a page from this template as it is a new meme coin that looks to launch an NFT collection eventually. Big Eyes Coin is already primed to dominate the DeFi market at its launch, but it would be much more exciting to see the cat-inspired token spread its narrative to NFTs.
A Token Made To Support The Evolution Of Art - ApeCoin
ApeCoin (APE) is a utility token on the Ethereum blockchain created by Yuga Labs as a utility for the APE ecosystem. The APE ecosystem comprises community holders of the Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed for Otherside collections. Although Yuga Labs serves as the mother brand for other NFT collections like CryptoPunks, Meebits, etc., ApeCoin was only created to serve the APE communities.
ApeCoin launched in Q1 2022 at a bad time for the cryptocurrency market, but it emerged as a top performer alongside cryptocurrencies like STEPN(GMT). As of August 2022, the cryptocurrency has a market cap of over $1 billion and remains a solid hold of value in the market.
Since ApeCoin is a widely used ERC-20 token, it is technically recognized by most businesses. ApeCoin(APE) use cases allow holders to participate in the DAO's governance and give them access to the ecosystem's exclusive games, events, goods, and services.
The Meme Token Newcomer - Big Eyes Coin
Big Eyes Coin (BIG) is a new meme coin that aims to create wealth for its community using the immense resources available via DeFi and NFTs. Big Eyes is a cat-inspired meme coin and seeks to revolutionize the face of crypto memes. Big Eyes will make that possible by using some marketing styles to onboard as many influencers to push the cat meme narrative.
Big Eyes will compete with dog meme coins like Dogecoin(DOGE) and Shiba Inu(SHIB). Although DOGE and SHIB are very high up in the league of meme coins, Big Eyes looks very promising to pull off their kind of growth. This would mean that the meta for meme coins will change. ApeCoin is an NFT-derived token, but Big Eyes plans to create a DeFi-derived NFT collection. With the massive daily trading volume on NFT marketplaces, BIG leaves a lot of opportunities for its community to create wealth.
Big Eyes will host peripheral activities like events, contests, social media challenges, DeFi education, charity, etc., depending on the direction the community drives the project. It seems like one of the most promising projects the cryptocurrency market has seen in a while. It's currently on presale, and this is as early as you can be. It could be a potential buyer for massive gains.
This article is sponsored content