CryptoPunks and Chronoly Set To Revolutionize The NFT Space
NFTs, or non-fungible tokens, are a popular topic in the cryptocurrency community, not just because of their prominent role in digital art. NFT inventions are being experimented with by major brands such as Nike Inc, Louis Vuitton, and Coca-Cola Co. The NFT market had a breakout year in 2021 and demand in this digital asset class is still high. As of May 1, 2022, collectors had delivered over $37 billion worth of assets to NFT marketplaces, easily surpassing the total of $40 billion sent in 2021, according to Chainalysis data. But we think that two companies are set to further revolutionize the NFT market, CryptoPunks and Chronoly (CRNO).
Cryptopunks has taken a hit but still has a huge fan club
Even though the NFT art collectible had already been around for four years by the time August 2021 rolled around, sales of CryptoPunks were at an all-time high that month. The term “CryptoPunks” refers to a non-fungible token (NFT) collection of 24×24 pop art pixel portraits designed in an 8-bit aesthetic. It was first introduced in June 2017 by an American software development company by the name of Larva Labs.
There are 10,000 different images like this one, each one representing a unique personality and showcasing a combination of qualities that were randomly produced, ranging from characteristics to accessories. When the project was first launched, these pieces of definitive and unalterable crypto art could be claimed for free. However, since then, they have attracted the attention of cryptocurrency investors due to the fact that their ownership rights can be traded on the Ethereum blockchain. As a result, they are regarded as a trustworthy investment in cryptocurrencies. CryptoPunks are responsible for some of the costliest sales of NFTs in the world. Cryptopunks have not been left unscathed by the current bear market, but it’s intriguing proposition is still popular with many, including many celebrities.
Chronoly (CRNO) is taking NFTs to the next level
An NFT may be beautiful, interesting, cool and artistic. Certainly, each NFT is unique. But, for all NFTs created to date, its value is based on a combination of aesthetic appeal and that uniqueness and nothing else. Chronoly (CRNO) NFTs are backed with appreciating assets, by a rare, luxury and exclusive watch.
Chronoly’s model is based on investment-grade, classic, high-end watches from famous brands such as Rolex and Richard Mille. These watches are worth a fortune and are way out of reach for most people. Chronoly has such watches secured in a vault while the timepiece itself is represented by an NFT. These watch NFTs are then broken down into fractions that can be purchased by investors. This is an investment that is within anyone’s reach because a fraction of the watch NFT can be acquired for just $10.
Chronoly NFT holders can trade their NFTs either on Chronoly’s own marketplace or on other platforms such as OpenSea. Of course, other NFTs are traded too but, with Chronoly, the investor has an asset that holds value beyond fashion, sentiment, or uniqueness. This is why market analysts are predicting that Chronoly will revolutionize the NFT market. It has been predicted that before the end of presale on September 27th the price will increase by over 2,500%. Our pick of the week for best crypto investment goes to, you guessed it, Chronoly.