Report

Top NFT-Based projects in the Cryptocurrency market today: Solana, ApeCoin, and Moshnake

By EWN • Published: 28 Sep 2022 • 12:00

BUY MOSHNAKE

Today, NFTs are pushing the frontiers of the cryptocurrency market so much that leading coins are seeking ways to repurpose their use cases to incorporate NFTs. Today, we look at Solana (SOL), ApeCoin (APE), and Moshnake (MSH) as the top NFTs project to look out for in the cryptocurrency market.

Solana (SOL) – The Speedy Platform

Solana (SOL) is a leading coin that has built relative stability over the years, despite the bearish effect of the crypto collapse. Solana was launched in 2018 to offer an alternative to Ethereum’s proof of work protocol and offer DeFi applications a faster and more scalable blockchain protocol that combines proof of history and proof of stake. Solana stands tall for its lightning bolt transaction speed and throughput. This, amongst other reasons, is why Solana (SOL) entered the limelight in 2021, a time when the NFT projects needed super scalable protocols, thereby giving Solana the much-needed market cap to dominate the cryptocurrency market.

Analysts record that Solana reached its highest valuation in the same year because the network optimized its NFT minting and trading infrastructure. However, in 2022, the Solana network witnessed different bouts of outages, mainly due to the massive influx of users seeking to join the network and leverage its utilities for their various enterprises.

This influx was motivated mainly by Solana’s incredibly low transaction cost, cheap gas fees, and ultra-fast processing speed. The system has struggled to remain stable since then. According to CoinMarketCap, as of the time of writing, Solana (SOL) currently sells for about $32.07.

ApeCoin (APE) – Meme Central

ApeCoin (APE) was officially launched on March 16, 2022, tagged “a token for culture, gaming, and commerce.” This token is the major cryptocurrency of the Bored Ape Yacht Club. ApeCoin trades under the symbol APE, which has recorded a market capitalization of US$4.02 billion, according to CoinMarketCap.

Some analysts have predicted a cryptocurrency price uptrend for ApeCoin. According to CoinGecko, at the time of writing, ApeCoin (APE) currently sells for $5.70. Even though APE hasn’t particularly enjoyed any major increase in token value in recent weeks, ApeCoin’s cryptocurrency prices have been relatively stable, considering the intensity of the current bear market.

What is Moshnake (MSH)?

Moshnake (MSH) is the native token of a recently developed GameFi project that aims to offer a twist to all we know about play-to-earn. Prospected as a cryptocurrency market favorite, the game targets the generation of early internet gamers and superfans of the all-time classic game Snake.

Like other gaming platforms, it has a huge NFT supply of game avatars designed to offer a stimulating experience for its players. Moshnake games are pretty easy, much like Snake, and users will only need to navigate the playing arena by directing their snake avatars with pointers. The snake picks up different characters as it grows in speed, size and style so it can compete favorably in the Player v Player modes.

Moshnake game is essentially a play-to-earn game that offers every player an equal chance to get their rewards from the survival contest. There are two tokens on the network: the VEN token and the MSH token. The VEN token works in-game for making upgrades for the snake avatar and resurrecting the snake each time. Gaming rewards are also earned in VEN.

MSH is the native cryptocurrency token that players can use to purchase various NFT snake avatars and for community voting for governance and administrative purposes. The Decentralized Autonomous Organisation will openly govern Moshnake (MSH) network, so community members can decide what changes can be made to the project’s protocols.

Also, Moshnake’s use of the BSC network makes for speed and cheaper network fees. Also, Ethereum traders can access their Moshnake earnings through an Ethereum-based wallet like MetaMask.