By EWN • 02 October 2022 • 9:23
The market of NFTs has not been doing great recently, to say the least. After peaking in 2021, NFTs were considered almost synonymous with the second coming and generated a whopping $41 billion in cryptocurrency for 2021. However, since then, the industry’s metrics have plummeted drastically. At the time of writing, according to the data from analytics site NonFungible.com, NFT sales dropped 24% from the previous quarter.
Some analysts attribute this to a plethora of external factors, such as the ongoing conflict in Europe, recession and the general sentiment of anxiety among the investors. In contrast, others look for problems within, claiming that the industry is going through a rough patch because of the washed-out, seamless copycat projects that flooded the market.
As always, the truth is somewhere in between, but the main takeaway is pretty straightforward: the mainstream aesthetics of NFTs stopped resonating with its target audience. Join me in today’s editorial to see why an up-and-coming project, Big Eyes Coin, might be the one to save the industry from stagnation and what role Ethereum plays in this endeavour. Let’s dig in.
If you look at most of the current projects on the market, one can see a rather pernicious trend: they are dog-themed or ape-derivative, with almost zero to no creativity behind them. Shuba Inu, Dogecoin, ApeCoin and Bored Ape Yacht Club are among many projects that capitalised on a popular trend, but what used to fly in 2021 will not be tolerated now. This is why the Big Eyes Coin project feels like a breath of fresh air, as instead of following the established narrative, it actually went against it. Meet a cute little Japanese-inspired cat that plans to rule the animal kingdom of NFTs.
Although a new kid on the crypto block, Big Eyes Coin has a lot of potential not because of its conspicuous aesthetics but because of its value proposition. Namely, it enables holders of the platform native token BIG to earn passive income through flipping Big Eyes NFTs. The framework is relatively straightforward; each subsequent sale of an NFT will be taxed 4% goes to the original seller, 5% is distributed to the holders of BIG, and 1% goes to support marine life in oceans.
For most of the NFTs out there, one can make money only from selling it once, but with Big Eyes Coin sky’s the limit. Considering that the project just entered its last presale stage, I suggest taking a closer look at it because there is a massive potential for passive income if this project indeed makes it into the big leagues.
Even when the market of NFTs is in despair, Ethereum continues to reign supreme, disregarding obstacles on its way. If you look at the top-10 collections with sales records below, you can see that 8 of them are built on the Ethereum blockchain. Although competitive blockchains like Solana or BNB offer similar functionality and custom features, digital artists still choose the Ethereum blockchain.
Why? Because despite having high gas prices, it is still arguably the most secure network and data architecture, where building on top of this blockchain provides extensive exposure to a large and growing market (almost 80% of all NFTs are built on Ethereum). This leads to NFTs being sold for a higher price on average, meaning that creators would make more money from it.
The current state of affairs in the NFT market is a blessing in disguise that shows everyone there can be an alternative to soulless copycat projects. With Big Eyes Coin entering the scene and making $3.2 million in presale, it is a sign that the community is ready to embrace a new trend in aesthetics. And since this project is coincidently done on the Ethereum blockchain, its example might illuminate the dark forest of NFTs. So, if you are disenchanted with what the NFT market offers, be sure to check Big Eyes Coin before its final presale stage is complete.
For more information on Big Eyes Coin (BIG), please visit the following links:
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