2 Projects Bringing New Levels of Utility to NFTs in 2023: ImmutableX (IMX) and Orbeon Protocol (ORBN)
2022 was a groundbreaking year for several crypto projects. Crypto projects like FTX and TerraUSD fumbled, many crypto projects emerged to solve problems in the crypto space. Projects such as Shiba Inu (SHIB), ImmutableX (IMX) and The Orbeon Protocol (ORBN) made giant strides and made significant upgrades, especially in terms of maximizing the utility features of NFTs.
Here we will discuss ImmutableX (IMX) and Orbeon Protocol (ORBN) and how they bring new levels of utility to NFTs in 2023.
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What are NFTs?
Non-fungible tokens, or NFTs, are a unique digital representation of a physical and tangible real asset. NFTs can neither be replicated nor exchanged for others like a fungible currency, which makes them unique.
Although they rose to prominence as a digital art and in-game digital collectible, as in the case of Decentraland (MANA) and Sandbox (SAND), this class of assets has evolved into other use cases in various industries. Some of the use cases include; tokenize medical data and certificates on the blockchain and issue tickets. Their increasing utility means they have the potential to be deployed in more industries.
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ImmutableX (IMX)
ImmutableX (IMX) is a decentralized exchange (DEX) and the first layer-2 protocol for NFTs built on the Ethereum blockchain. It is designed to provide fast, secure and private trading of crypto-assets, including ERC-20 tokens and NFTS. Unlike centralized exchanges, ImmutableX (IMX) is trustless, meaning users have full control over their funds and private keys, eliminating the risk of centralized points of failure and fraud. This provides an extra layer of security. The platform uses zero-knowledge technology to scale its transactions, allowing it to process trades with lower fees and faster confirmation times compared to traditional DEXs.
ImmutableX (IMX) is one of the projects that will bring new levels of utility to NFTs in 2023. The X engine processes 600 times more transactions than other NFT-based platforms, which means no disruption to the user experience of functionality. In addition to increasing the overall liquidity and availability of NFTs to facilitate trading, buying and selling, IMX aims to encourage massive adoption through its carbon neutral NFT scaling solution. This means that no excess energy will be used when creating and executing NFTs. This, combined with no gas fees and the fact that users do not need to transfer their assets to a completely different network, makes IMX one of the best scaling solutions for NFTs.
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Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is another project that brings NFTs to a new level of utility. It is an investment platform that enables startups to raise funds by fractionalizing NFTs to regular investors. Lyubomyr Koval, a software development engineer who has been in the crypto space for over a year, founded the platform. The Orbeon Protocol (ORBN) platform creates an NFT for the company and then fractionates it for investors to come on board.
Orbeon Protocol (ORBN) solves the problem of raising capital quickly by connecting companies with investor communities and helps everyday investors invest in real startups directly with as little as $1 through fractional NFTs. One of the unique features of the Orbeon Protocol (ORBN) is the “Fill or Kill” mechanism. If a company fails to meet its funding targets, the NFTs will automatically be returned to investors.
The Orbeon Protocol (ORBN) is disrupting the venture capital industry through NFTs, pointing to the infallible fact that NFTs have more to offer than being collectibles. Investors can only access the platform by owning the Orbeon Protocol (ORBN) token. Owning $ORBN has benefits such as discounts on trading fees, cashback rewards, access to upcoming funding rounds, earning passive income on stakes, etc.
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