Big Eyes NFTs can overcome CryptoPunks

SPONSORED POST*

If you have been following crypto with an eye half open, most likely, you are aware that the NFT market has not been doing great ever since the crypto winter became an ongoing pain in everyone’s neck. While after a historically successful month Of Uptober, where the market was able to gain some green territory for the first time in three months, the state of NFTs still looks rather grim. 

In fact, some influencers from the community went as far as saying that without a good-old switcheroo, everyone’s favourite JPEGs are doomed for good. With some degree of validity to this statement, this is a rather harsh conclusion, considering that many NFTs never possessed any intrinsic value in the first place and hence are more susceptible to external factors than the rest of the crypto flock. 

But has the state of current affairs reached a detrimental stage, and there is no turning back or is there a light at the end of the tunnel, and innovation is right around the corner? Join me in today’s editorial, where we will see whether the upcoming Big Eyes Coin project can challenge the undefeated champion of Ethereum’s sensation CryptoPunks collection. Let’s dig in. 

CryptoPunks: The Ethereum Sensation NFT Collectible 

Crypto Punks is the first NFT collection that sparked the community’s interest on a massive scale, paving the way for the industry to skyrocket into the stratosphere. For the success of this collection, we have to thank Larva Labs, which issued a series of 10,000 images tokenised as NFTs on the Ethereum blockchain in 2017. An algorithm randomly generated each digital image from a list of dozens of attributes, rendering endlessly different yet very similar but unique designs, ranging from people, aliens, and zombies to apes, pirates and other cool avatars. 

All subsequent collections, including other Ethereum prodigies, such as Bored Ape Yacht Club (BAYC), always represent a unified narrative, typically embodied by a standard aesthetic style, with certain features and characteristics of avatars change, but the overall leitmotif stays the same. Of course, this is not a rule of thumb, and many NFTs abandoned this trend in favour of a more artistic expression. 

However, if we look at the most financially successful ones, with CryptoPunks comfortably maintaining the first place in the NFT collections by market capitalisation, nearly all share this characteristic, especially if the Ethereum blockchain powers them. While CryptoPunks achieved its glory partly because it was the first digital collection rendered by an algorithm that resonated with the crypto flock, it was also because, from 2020, Ethereum’s network became the go-to place for NFTs to flourish. But the question remains, is the CryptoPunks collection the last man standing when it comes to the Ethereum blockchain collectibles, or could other projects reach the stars? I guess this is what we are about to find out. 

Big Eyes Coin: NFTs That Power DeFi 

Despite being the new kid on the crypto block, Big Eyes Coin has presented an imposing value proposition beyond being your typical meme coin. Apart from a distinctive aesthetic style, where a cute anime-inspired Japanese cat dominates the scene compared to the rest of the ape-derivative or dog-themed competition, there is an additional layer of utility to the project. 

Unlike the CryptoPunks collection, which was created solely to be NFTs without anything on top of it, Big Eyes Coin offers a two-folded approach towards sustaining its NFTs and fueling liquidity to the project’s native token BIG. 

In order to achieve this, the project introduced a special NFT tax, where each subsequent sale of an NFT would give 4% to the original owner, while 5% is distributed between the holders of the BIG token. By doing this, Big Eyes Coin would maintain the scarcity of its collection while enabling its community to earn passive income and enjoy flipping their favourite JPEGs. Although we would have to wait for Big Eyes Coin to come to fruition as a project, its prospects shine brighter than a quasar star, illuminating the dark crypto winter. 

*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.