Uniglo (GLO) backing assets likely to include Bored Ape Yacht Club (BAYC), CryptoPunks And Ethereum Name Service (ENS)
Aug 05, 2022
New Delhi [India], August 5 (ANI/GPRC): The recent downturn in the crypto market is an invitation to projects that focus on battling volatile market conditions.
This gave birth to Uniglo, a concept based on backing the token with real-world assets, digital currencies, and rare NFTs.
The crypto community was badly in need of such a novel idea where a social currency is not only backed by tangible assets but also provides more security than other digital tokens. This is made possible by a GLO vault, where the assets are safely stored and safeguarded against speculations and hacking.
The acquisition of high-appreciating NFTs by Uniglo has been widely acclaimed by experts, who believe it could be a great move to strengthen the vault. The team has hinted toward including the below assets in the treasury.
Bored Ape Yacht Club (BAYC)
BAYC is a massive assortment of Bored Ape NFTs built on the Ethereum blockchain. Various celebrities are behind it, including the likes of Paris Hilton, Justin Bieber, Snoop Dogg, Eminem, Madonna, and Neymar. These NFTs act as a membership card of an elite club that provides access to a digital graffiti board, films, music, books, or various media projects.
One of the first NFT collections on Ethereum, CryptoPunks are pixel art images with a combination of unique attributes, including earrings, eyepatches, necklaces, pipes, hats, and more. The rapid organic growth of this community is a testament to what position it holds in the NFT marketplace. It can be a great addition to the GLO vault, where the users will have indirect ownership of these rare NFTs.
Ethereum Name Service (ENS)
ENS is an open-source naming service that eliminates the need to deal with complex alphanumeric keys. It allows users to create a single username for all their decentralized websites and wallet addresses. These are similar to internet domain names and are sold as NFTs. Uniglo is looking forward to acquiring some top domains, which are likely to appreciate in value over time.
As the protocol continues to grow in strength, it will have a ripple effect on the volume of assets backing the floor price of GLO. This will not only instill trust in the community. But also encourage them for long-term holding.
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