Non-fungible tokens (NFTs) have been an important 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 has long characterized NFTs — unique digital images primarily used as collectibles.
However, a new project looks set to change what we mean by NFT. This is HedgeUp (HDUP). It is currently being developed on the Ethereum blockchain, and many cryptocurrency experts consider it one of the best decentralized finance (DeFi) projects of the year. Read on to learn how HedgeUp is a game-changer.
Traditional Non-Fungible Tokens (NFT)
CryptoPunks is the first mainstream NFT project. It consists of 10,000 unique numeric characters called “punks”. Each punk has his own unique combination of traits such as hair color, hairstyle and accessories. Backgrounds also vary from character to character.
CryptoPunks became popular with collectors and enthusiasts sometime after their introduction. This sets the standard for NFT projects – unique digital art collections – for years to come.
NFTs will thrive in 2021 and early 2022. However, a bear market in 2022 could highlight the biggest problem with these tokens — the lack of any real utility. Most NFT items are just unique digital pictures. The best anyone can use it for is social media PFP.
This means that most of the value of NFT comes from pure speculation. So when the cryptocurrency market started to go bad, the NFT market also crashed. This realization has led many to lose faith in NFTs as a viable investment vehicle.
HedgeUp (HDUP) brings new utility to NFTs
since early last year , projects have found ways to infuse real-world utility into NFTs. This mostly involves offering some exclusive perks and benefits to NFT holders. For example, the Bored Ape Yacht Club (BAYC) NFT collection offers holders a private online space, members-only live events, exclusive merchandise, and more.
HedgeUp (HDUP) has a very different utility approach. While most NFT projects are turning to member-only benefits, HedgeUp turned to tokenization to create a unique product in the DeFi space.
It is building an investment platform using NFT to give investors exposure to alternative assets such as gold, diamonds, jewelry, and art. The project’s team says they will tokenize these assets into non-fungible tokens that people can then trade on their investment marketplace.
This means that the HedgeUp (HDUP) NFT is backed by real world assets. The value of each NFT changes according to the value of its underlying alternative asset. For example, an NFT backed by gold would track the value of the gold. Investors buying NFTs are essentially investing in the underlying gold and can speculate on it for profit.
This is the first project to use NFTs to let people invest in alternative assets. As such, it is seen by many experts as a project that will revolutionize the NFT and alternative asset markets.
This project is currently in pre-sale. The project sells its internal currency, HDUP, to investors at a discounted price of $0.036.
For more information on the HedgeUp (HDUP) pre-sale, please use the link below:
Website| Pre-sale| Telegram| Twitter
