Although Cardano seems to be characterized by slow development, their recent NFT sales have been impressive. Algorand is launching many interesting products such as putting music on the blockchain, but ALGO’s price action doesn’t match the hype. Meme Moguls is a hot new project that aims to unite NFT and meme lovers and traders to maximize gains.
Algorand Uptick as the Blockchain Works with Artists
Algorand is trying to be “down with kids” or perhaps just the 90’s kids, as it pairs with Napster, the P2P decentralized music-sharing platform that was huge at the time, and featured in the 2010 film The Social Network.
It is aiming to accelerate blockchain adoption in the music industry. Through partnerships with platforms like Napster and projects like The Song That Owns Itself (STOI), Algorand is enabling new models of song ownership and royalty distribution.
STOI allows songs to have multiple owners, with earnings autonomously distributed to artists, collaborators, and fans. Other Algorand projects like Opulous let fans invest in artists through NFTs to fund careers and earn royalties, while Algorand’s ANote Music tokenizes music catalogs as shares for fans to purchase.
By providing the bedrock infrastructure for innovation, Algorand unlocks opportunities for artists to monetize work and build communities while giving fans real ownership.
Although Algorand’s yearly price action remains sluggish, an uptick in wallet addresses on November 25 helped the currency, which is now up by 41% over the monthly chart.
Cardano’s Surprising NFT Statistics
After the worldwide Cardano Summit 2023 concluded, what’s next for Cardano? The chain and founder are boasting about praise from Ethereum’s creator Vitalik Buterin. Between this and their social enterprise-focused content, it might be easy to miss another trend that is bullish for Cardano – its NFT sector.
Although the NFT market is still completely dominated by Ethereum, Cardano’s Hungry Cows project has made it into the top 300 collections, with the highest-selling Hungry Cow going for $7.1k last week. Cardano’s JPG store marketplace is currently ranked 10 in terms of volume across all blockchains in the last 30 days, and 11 in terms of sales.
This is in contrast to Algorand’s ALGOxNFT marketplace which is languishing at 25th place with a 30-day volume of just $6k – that’s less than the entire Hungry Cow collection.
Cardano’s price is up by 38% over the monthly chart, which is similar to ALGO, but also up by 25% over the yearly chart, indicating that slow and steady growth is continuing.
Will Meme Moguls Make Millionaires?
One thing is clear, people still love NFTs, and the blockchain’s potential to democratize and bring art and popular culture to Web3.
Meme Moguls (MGLS), a new platform in presale, is aiming to capitalize on this trend, by uniting meme lovers. There will be a play-to-earn game in which people can build avatars based on their favourite internet memes and iconic internet moments and a leaderboard for meme traders to challenge themselves. People will be able to mine exclusive NFTs and earn MGLS by providing liquidity.
This liquidity is important as it will help to power another bullish feature of the Meme Moguls platform – an exchange to trade meme-backed assets.
While Cardano and Algorand are looking at new ways to reward creators, Meme Moguls is finding ways to reward Memecoin traders, and the team says they want to create at least 100 millionaires within months of launching.
One way for this to happen is for those who buy into the MGLS platform. MGLS is currently in the beta phase of the presale, and the rumours are that the token will launch for 1,000x of the current price, making this an exciting time to get involved. At the moment, the token can be acquired at $0.0021, with the team giving away $10,000 at the end of each presale stage to one lucky early investor.
Read More: Algorand overshadowed by Cardano NFT sales and Meme Moguls