Arsablog

An overview of IPCoin and its impact on the non-coin industry

مروری بر ایپ کوین و تأثیر آن بر صنعت توکن‌های غیرمثلی

Non-Factory Tokens (NFT) have become important for various reasons. One of these reasons is the convergence of the current space of digital currencies and Web 2.0 and the new generation of the Internet (Web 3.0). As you know, these tokens actually act as a representation of digital art or to tokenize assets.

Currently, most of the NFTs we know have entered digital art, collectibles, photography, music albums, movies, and even sports cards, and it seems that these tokens, which were previously thought to be of little use, have found their roots and applications in other fields as well. expand

Read more: What is a non-fungible token or NFT?

Before the tokenization of images and digital art, these valuable items had no exclusivity and were fungible. This means that anyone could easily download and save them from the internet and ultimately claim that these images belong to them.

With the advent of NFTs, although people can still access images and artwork by downloading or taking screenshots, they can no longer claim ownership. This is the reason why these products are considered unique or unusual. In fact, someone who buys an NFT is not paying for its token, but for its exclusivity and ownership.

Another important point is that unlike other digital currencies such as Bitcoin, each unit of which has the same value as the other and can be exchanged with each other, NFTs are unique and the value of each is different from the other.

Lip yoga

Lip yoga

Yoga Labs, whose name we know today due to the creation of the BAYC or Board IP Yacht Club collection, is a web 3.0 based company that, in addition to the Board IP collection, owns the intellectual property of other prominent collections such as Cryptopunks and Meebits. ) is also available.

Read more: What is the IP Yacht Club board?

Although the famous collection of Bord Ip consists of images in JPEG format and of bored and tired monkeys, its use is more than fantasy images and profile pictures in social networks. For its buyers, this complex is like a gateway to enter and use countless facilities such as gatherings or parties or even using a special restaurant with the appearance and characteristics of BAYC.

The emergence of the Ip board

These monkeys conquered social networks with the arrival of famous celebrities and influencers. Celebrities like Paris Hilton (BAYC #1294) and Jimmy Fallon (BAYC #599) and Eminem (BAYC #9055), athletes like Neymar (BAYC #6633) and Shaquille O’Neal (BAYC #1445) and Stephen Curry (BAYC #7990), Social media influencers like Logan Powell (BAYC #1442) and investors like Mark Cuban (BAYC #1597) and Adam Draper (BAYC #9132) bought into the hype.

It should be mentioned that many celebrities also changed their Twitter profile pictures to NFT photos and this action also increased the popularity of this particular collection. The release of BAYC collection started in April 2021 with an initial price of 0.08 Ether; But the popularity of these unorthodox tokens continues. Boardip was able to turn the tide in its favor by eclipsing the Cryptopanx collection that started in June 2017 and became the most valuable NFT collection in terms of market capitalization. At the time of writing this article, the cheapest Tokenboard app costs about 196 thousand dollars equivalent to 115 Ether.

Investing in Metaverse and revenue-generating games

p2e

Yoga Labs created ApeCoin, a digital currency valued at approximately $5 billion, to provide the necessary infrastructure for P2E (P2E) game development. The news of the release of this digital currency has been heard for a long time, and YogaLabs was able to create a warm atmosphere for it. Although Yoga Labs pioneered the IPCoin path, the roadmap and distribution of tokens was done under the supervision of the IPCoin Decentralized Autonomous Organization (DAO).

In March 2022, Yoga Labs shocked the world of non-homologous tokens by purchasing the Mebits and Cryptopanx portfolios from Larva Labs. It seems that the thirst of Yoga Labs has not subsided, and the group has released a short video of its NFT characters, showing that it wants to create a metaverse for the owners of these NFTs in the future. Of course, we must not forget that this work requires going through heavy legal twists and turns; Because the US Securities and Exchange Commission’s stance on NFTs as a financial asset is still unclear.

Setting up IPcoin

IPCoin, launched on March 17, 2022, will be the primary token for Yoga Labs’ future products and services. This token with ERC-20 Ethereum standard will provide facilities for its holders in addition to providing governance services. In general, IpCoin is set to expand Yoga Labs’ Web 3.0-related investments in social and business services and gaming, such as monetized games and Metaverse.

The ecosystem of apps

The purpose of the ecosystem

This ecosystem uses an open source protocol dedicated to providing financial incentives and management and access to developers and token holders. Developers can tokenize their apps and products APE transfer to this ecosystem. Holders of this token can participate in the Dao and unique sectors such as commodity trading and attending important events. In general, APE digital currency has been able to provide an immediate process for its users by having a decentralized system.

IP token distribution

One million IPcoins have been released, which are divided between NFT owners and creators and contributors based on a specific framework. This division is as follows:

  • 62% belongs to the Dow Treasury
  • 14% in order to speed up the development process and possible future launches
  • 9.75% for BAYC collectors
  • 8% for the founder of Yoga Labs
  • 6.25% to the chimpanzee habitat protection charity or the Jane Goodall Foundation
IP token distribution

Valuation of the future and future tokens market

What effect did the launch of IpCoin have on the alternative token industry?

According to the annual NFT market valuation report published by Chainalysis, the value of the NFT market in 2021 is estimated at 41 billion dollars. According to the aforementioned report, in 2021, users sent about $26.9 million worth of digital currency to ERC-721 and ERC-1155 smart contracts, which are based on Ethereum and are related to NFT markets and collections.

Forecast of Jefferies Investment Bank

According to the CoinDesk report, Jefferies Bank and a group of analysts of this institution, led by Stephanie Wissink, have predicted that the market capitalization of the NFT industry will reach 35 billion dollars in 2022 and more than 80 billion dollars in 2025. The virtual token space has grown significantly in terms of market value, and more celebrities and influencers have entered this arena thanks to the Metaverse fever. The interesting thing is that NFTs seem attractive even to those who are not in the cryptocurrency space.

NFT art boom

nft art

According to Statista data, in September 2021, the sale of $840 million in art mixed with NFTs set a new record. Despite the popularity of digital art in social media, this art has not been very dynamic since its inception. Unlike the art scene in the real world where works are placed in various auctions and various art gatherings are held, digital art is limited to only a few independent artists who are active in this field only because of making money; Therefore, the value of digital works of art has never reached the level of real works of art.

NFTs seem to have solved this problem to some extent by turning digital art into a luxury item that can be owned and exhibited. Since the purchase of expensive goods and real works of art somehow shows the social status of people, tokenized digital art can also be placed in this category due to the issue of ownership and valuation related to it.

Conclusion

Yoga lips with introduction and supply IPcoin He was able to create new possibilities in his ecosystem. Now, developers and users can use this token to benefit from the services and features of this ecosystem. With the arrival of NFTs, digital art was able to find a new place in the art space; A position that was not used before. The issue of Metaverse has also helped to pave this path a lot, and if the predictions of institutions like Jefferies Bank about the future of NFTs are correct, the market capital of these tokens will grow significantly in the future and investors will gain a lot of profit from this field.

From your point of view, how much has the IP Yacht Club board influenced the digital currency and NFT space? Can this collection continue its successful trend in the future?

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