NFT Revolution: How HedgeUp Is Transforming the NFT Landscape
Non-fungible tokens (NFTs) have been a significant part of the crypto space for years. The first mainstream NFT project was created in June 2017 by Larva Labs. The project, called CryptoPunks, represents what NFTs have been for a long time – unique digital images that function primarily as collectibles.
However, a new project seems to be changing what we mean by NFTs. This is HedgeUp (HDUP). It is currently being developed on the Ethereum blockchain, and many crypto experts consider it to be one of the best decentralized finance (DeFi) projects of the year. Read on to find out how HedgeUp is changing the game.
Traditional non-fungible tokens (NFTs)
CryptoPunks was the first mainstream NFT project. It consists of a collection of 10,000 unique digital characters known as “punks”. Each punk has his own unique combination of characteristics such as hair color, hairstyle and accessories. The background also differs from character to character.
Sometime after its launch, CryptoPunks became quite popular among collectors and enthusiasts. This set the standard for what NFT projects would be for the next few years – collections of unique digital art.
NFTs will boom in 2021 and early 2022. However, the 2022 bear market will highlight perhaps the biggest problem with these tokens – the lack of any real utility. Most NFT projects were just unique digital images. The most anyone could do with one was use it as a PFP for social media.
This meant that much of the value of NFTs came from pure speculation. So when things started going sour in the crypto market, the NFT market also collapsed. This realization caused many people to lose faith in NFTs as a viable investment vehicle.
HedgeUp (HDUP) brings new tool to NFTs
Since the beginning of last year, projects have found ways to inject real utility into NFTs. This largely involves giving NFT holders some exclusive benefits. For example, the Bored Ape Yacht Club (BAYC) NFT collection provides holders with private online areas, members-only live events, exclusive merchandise, etc.
HedgeUp (HDUP)’s approach to utility is very different. When most NFT projects turned to exclusive member benefits, HedgeUp turned to tokenization to create a unique product in the DeFi space.
It is building an investment platform that uses NFTs to give investors exposure to alternative assets such as gold, diamonds, jewelry, artwork and more. The project’s team says it will tokenize these assets into non-fungible tokens that people can then trade on the investment market.
What this means is that HedgeUp (HDUP)’s NFTs are backed by real values. The value of each NFT will change depending on the value of its underlying alternative asset. For example, an NFT backed by gold will track the value of gold. Investors who buy NFTs will essentially invest in the underlying gold and can speculate on it to make a profit.
It is the first project to use NFTs to allow people to invest in alternative assets. As such, it is seen by many experts as a project that will revolutionize NFTs and the alternative asset market.
The project is currently in pre-sale. The project is selling its internal currency HDUP to investors at a discounted price of $0.036.
For more information on the HedgeUp (HDUP) presale, please use the links below:
