How Uniglo (GLO) seems to be challenging the current NFT market and dethroning the likes of Tron (TRX), Shiba Inu (SHIB) and Litecoin (LTC)

The NFT market has seen so much excitement over the past year. NFTs entered the investment portfolios of major personalities in technology, music, sports, art and Hollywood. Even socialist and businesswoman Paris Hilton has released a collection of expensive NFTs, in an attempt to become “the queen of the metaverse.” One of her debut NFTs called “Iconic Crypto Queen” sold for over $ 1 million.

But as the sprayer watered down, the more practical and sustainable uses of NFTs began to emerge. Some blockchains are equipping themselves to carve out a significant part of the NFT arena. But Uniglo (GLO), which is an upcoming project, aims to raise NFT ownership for investors.

Uniglo (GLO)

Uniglo is a community-based project built on Ethereum that aims to maintain a vault where various assets are kept. It strives to counteract volatility and the effects of bear markets on the token (GLO) by holding both tangible and intangible digital assets.

In particular, its tangible assets will include digitized gold and asset-backed NFTs. The developers of Uniglo see the strong potential of NFTs as investments. However, they also acknowledge that some of the most popular NFTs are those that have no wealth support and are priced almost arbitrarily.

Uniglo wants to challenge this trend in the NFT market by focusing on creating value for investors with digitally supported assets such as gold, rare whiskey, high-end watches and art, among others. The protocol also wants to collaborate with platforms that introduce asset-supported NFTs.

Tron (TRX)

Tron is one of the popular cryptos on the market that focuses on NFTs. This project is popularly known for its ambitious goal of truly decentralizing the Internet. And part of that goal is to support the growth and development of the NFT arena. Therefore, in 2021, the Tron Foundation collaborated with APENFT, which is an NFT marketplace that focuses on high-value digital art. The partnership launched a $ 100 million fund to support digital artists and NFT projects.

Shiba Inu (SHIB)

Shiba Inu is also in the NFT arena. It released an NFT collection called Shiboshis. The collection included 10,000 NFTs that sold out impressively in 35 minutes. However, the price of Shiboshis has been volatile, falling 70% in March this year.

In May, Shiba Inu and blockchain platform Block Forest also announced that they are collaborating on the development of a series of NFTs to celebrate the 2022 FIFA World Cup.

Litecoin (LTC)

Litecoin also has a presence in the NFT area. In 2021, it introduced OmniLite, a secondary team for issuing tokens, including the creation of NFTs. It works in the same way as how ERC20 tokens are created on Ethereum.

But the efforts with NFT have not had much of an impact yet. Litecoin has been overshadowed by other cryptocurrencies over the past decade. In 2013, LTC was the second largest crypto asset by market value. Today, however, it has slipped back to being part of the top 20. Some developers also say that Litecoin has lost its uniqueness and has become redundant against Bitcoin.

The bottom line

NFTs can be anything – and that’s why they have so much potential for developers and investors. The commitment of those like Paris Hilton in the NFT arena only shows how accessible this digital resource can be to the public, especially with opportunities to fractionate them.

But with the right cryptocurrencies, even beginners or small investors can get a small piece of a very expensive cake. With Uniglo, investors can indirectly own NFTs to maximize the valuation of advanced commodities that have fair value.

Find out more here:

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Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
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