- MUSE, the governance token of nft20.io is slowly clawing its way to relevance.
- The asset has gained 3% in the last 24 hours, on the back of stellar innovations.
- Through MUSE, users can trade, swap, and mint NFTs with ease, and the addition of the flash loan feature on the protocol is a step in the right direction.
- At the time of writing, MUSE is trading at $51.64 and has a 24-hour trading volume of $1.4 million.
NFTs are the rave at the moment, and their adoption rates have gone through the roof. Amid the NFT craze, NFT20 is carving a niche for itself to offer a unique user experience. Through the governance protocol, MUSE users can tokenize NFTs and trade them on UniSwap and SushiSwap.
A combination of enhanced utilities, partnerships, and announcements has set Muse on the way to the top. Currently trading at $51.64, the vibrant community around the network is the ace up its sleeve.
The numbers around the project show great promise, as it has lived up to its status as an NFT liquidity protocol. Over 13,708 total NFTs have been locked in 205+ pools. This week alone, more than 5,000 NFTs changed hands.
Staying true to the ethos of decentralization, the project has developed a unique system of governance that revolves around the MUSE token. Holders of MUSE handle all fees and select decisions involving the protocol. Proposals are discussed publicly and then put to a vote.
The community was elated with the recent introduction of flash loans in a move that can only be described as DeFi meeting NFTs. The development allowed users to borrow hashmasks to claim accumulated NCT tokens, then also swap those NCT tokens for ETH, and send the hashmasks back to the pool. The development gives users access to flash loans with over 10K NFTs on the platform.
For the future, the project has set its sights set on collaborating with different NFT projects in order to offer a wide range of benefits for its users. NFT artists that excel at their craft will be contracted to make custom NFTs for the marketplace, while MUSE tokens will be deployed to incentivize creators to develop the ecosystem.
On The Flipside
- As an NFT affiliated token, MUSE’s value may fall if market sentiments towards NFTs change.
- According to a CNN report, the NFT bubble may already be bursting as its popularity is speculated to have reached its peak.
Today, the price of MUSE stands at $51.64, representing a jump of over 3% in the last 24 hours. It could be argued that the spike is a result of the bullishness experienced by NFT tokens, but a deeper look reveals a combination of factors.
For the community, holding MUSE offers a lot of intrinsic benefits, including governance rights. When an NFT is deposited, 100 tokens are minted, and a portion of those are distributed to MUSE token holders.
MUSE can be earned through farming, and presently there is 508,554 MUSE in circulation. The asset is ranked 611th on the list of cryptocurrencies by market capitalization, which stands at $26.3 million at the time of publication.