Place/Date: - June 18th, 2022 at 10:37 am UTC · 4 min read
The NFT space is intertwined with layer-1 blockchain protocols. The Bored Ape Yacht Club is an NFT collection built on Ethereum.
This is just one example as there are hundreds more built on the blockchain. Other competing blockchain networks such as Solana, Avalanche, and more have NFT projects building on them.
Mushe (XMU), still in the presale stage, is built on Ethereum and planning to migrate to the Stellar network. It also wants to add a multi-chain feature that will support Solana. ApeCoin, the cryptocurrency associated with the Bored Ape Yacht Club NFT collection, is based on Ethereum and has considered moving to another blockchain.
So many people are still trying to understand what NFTs are yet they may have heard about the Bored Ape Yacht Club or just Bored Ape. This is a collection of 10,000 unique apes generated on the Ethereum blockchain. This NFT collection has become a hit with celebrities.
There are many reasons why it has become a hit. You could argue that it is great marketing or timing. It could be both. However, it is much more.
The Bored Ape collection offers holders access to an exclusive club called the Bored Apes Yacht Club. It is also used as a membership card and members-only benefits to the holders. In short, it’s exclusivity and being part of a small group of NFT holders that are the envy of many.
This is much more similar to traditional art. People pay huge sums of money for traditional art because of their love for it or emotional response to it.
Art is also a form of investment. People buy art because it usually rises in value since it is unique.
NFTs and Bored Apes have done a great job in bridging the gap between traditional art and blockchain. The Bored Ape collection can be regarded by many as a great investment that offers holders membership rights to an exclusive community.
The creators behind Bored Ape launched the ApeCoin token and it was an instant success. The Bored Apes have great resale value and can likely fetch a higher price in the future.
The Bored Ape NFT collection is one of the most recognized NFT collections in the industry. And it may soon be joined by Mushe NFTs.
The NFT space is overlapping with cryptocurrencies. The ApeCoin is a token tied to the success of the Bored Ape NFT collection.
And cryptocurrency projects can launch NFT collections. This has been done by play-to-earn games that have both a token and non-fungible token.
Mushe is taking this one step further by launching its XMU token and NFT collection.
XMU token holders will be able to mint Mushe NFTs. A portion of the minted Mushe NFTs will be for collectible purposes while others are for utility or both. Mushe will create more NFTs in the future to expand the platform and offer token holders added benefits.
The Mushe wallet will be used to secure the NFTs and other items within the Mushe ecosystem. XMU token holders will buy or mint NFTs that represent real estate, advertisement space, and more.
The Mushe ecosystem consists of Mushe Wallet, Mushe Chat, Metaverse Banking, Mushe DeFi, and Mushe NFTs.
The success of the Mushe token (XMU) will contribute to the overall success of the entire ecosystem including NFTs. This is slightly different from ApeCoin where its success is tied to the success of the Bored Ape NFT collection.
Investors that want a head start can buy XMU tokens in the Mushe presale. Mushe will expand into play-to-earn games and XMU token holders will be better positioned to enjoy the full benefits of the ecosystem.
Mushe NFTs have a good chance to be huge, and together with the Bored Ape Yacht Club NFT collection, they could be the hottest NFTs on Ethereum. The token is currently in presale which is the best time to invest.