Access Protocol's native ACS token soared more than 50% within 24 hours after the project revealed new use cases for collateral non-fungible tokens (cNFT).
Access Protocol, a Solana-based protocol that aims to create a new way for content creators to make money, has introduced two new use cases for non-fungible collateral tokens in its latest release. The first improvement is that cNFTs can now be packaged using Access Protocol's native ACS token, enabling new content distribution and monetization possibilities.
cNFTs, or collateralized non-fungible tokens, are a type of nft backed by collateral. This collateral can be any digital or physical asset with value, such as cryptocurrency, real estate, or intellectual property rights. By collateralizing an nft, its value is tied to the underlying asset.
In addition to cNFT improvements, Access Protocol has also implemented reward-granting cNFTs, providing users with opportunities to earn rewards through active participation on the platform. This measure aims to encourage participation and encourage community activity within the ecosystem.
According to the announcement, the latest update was made in collaboration with Metaplex, a Solana-powered protocol that enables the creation and minting of non-fungible tokens, auctions, and display of NFTs.
<img decoding="async" width="933" height="534" src="https://crypto.news/app/uploads/2024/02/isdhfiusdhf.png” alt=”Access Protocol ACS Increased 55% Following New cNFT Use Case – 1″/>
While specific details of the update have not yet been revealed, the crypto community has apparently responded positively, with ACS prices rising more than 55% to $0.00333 in the last 24 hours, according to data from CoinMarketCap.
Founded in 2021, Access Protocol is a blockchain platform dedicated to offering decentralized access solutions for content creators, developers, and users. By using ACS as a digital asset, the platform enables token-controlled paywalls, allowing creators to distribute and monetize their content.
