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Minting and trading of non-fungible tokens (NFT) have turned out to be a multibillion-dollar business and one of the fastest-growing segments in the burgeoning cryptocurrency sector. While most minting and trading of NFTs takes place on platforms and marketplaces powered by Ethereum, it's becoming untenable given the high costs involved. Parody Coin is looking to offer an alternative option that will provide an ideal way of generating income by minting and trading Parodies of blue-chip NFTs.

Understanding Parody Coin

Parody Coin is a new project running on top of the Binance Smart Chain that is offering a cost-effective and reliable way of building blockchain, commerce, metaverse and NFT products to derive new value. In addition, project founders have envisioned new ways that will allow users to get rewarded for participating in the interactive Paroverse.

It sets itself apart from Fantom (FTM) and other Altcoins by offering three key utilities. First, Parody Swap is a feature designed to enhance the swapping of cryptocurrencies with an equivalent amount of Parody coins. On the other hand, Parody Bridge will allow users to transfer their Parody Coins holdings to other blockchains efficiently and at the lowest cost.

However, the Parody Market feature is at the heart of the project's long-term prospects. The feature is designed to enhance the mining and trading of parodies of blue-chip NFTs away from Ethereum (ETH) powered platforms. Once a Parody NFT is generated, the real owner of the NFT can gain ownership of the Parody NFT by burning or locking their original NFT.

The NFT marketplace positions Parody Coin for tremendous growth as more people explore ways of investing and enjoying the merging asset class.

Parody Coin vs. Fantom

Parody Coin is looking to carve a niche by offering an alternative way of minting and trading NFTs cost-effectively. It is also eying opportunities around swapping cryptocurrencies for equivalent Parody Coins. Additionally, it has set out to rival Fantom by offering a platform that will allow developers to come up with decentralised applications for performing different functions.

On the other hand, Fantom, and its native currency FTM, have already carved a niche by offering a fast and scalable platform for decentralised applications. The open-source platform was built to provide an alternative to Ethereum as a hub for dApps and other digital assets. Its competitive edge stems from offering a scalable and lower-cost option for dApps and smart contracts.

Parody Tokens will also support staking allowing token holders to stake their tokens to enhance the network security as well as bolster liquidity. In return, the token holders are to earn some rewards for locking their PARO Tokens.

Parody Token Prospects

PARO is the native token that powers the Parody Coin network. The coin is currently in presale as part of an effort to get the coins to as many hands as possible. Amid the sale, the total number of PARO Coins that will ever be in circulation is capped at 240 billion coins.

PARO Token holders will enjoy the right to mint NFTs on the network as well as trade them. The coin is also at the heart of the Paroverse ecosystem, backed by a unique tax system. Being a deflationary token, a token-burning mechanism will be in play. The system will ensure the total number of PARO Tokens in circulation reduces as part of an effort to curb inflation and boost value.

Parody Coin's prospects are looking bright by the day as valuation levels in the cryptocurrency market have declined significantly following the recent bubble crash. The fact that the coin is backed by solid use cases around metaverse NFT and decentralised application development underscores its edge in the high crowded Altcoin landscape. Once the cryptocurrency sell-off dust settles, Parody Coin should elicit strong interest in creating a thrilling community around Paroverse.

Presale: https://presale.parodycoin.io/
Website: https://parodycoin.io/
Telegram: https://t.me/PARODYCOIN_OFFICIAL

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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