NAFT is currently leading the top gainers chart on Decoin after rallying by an impressive 85.30% in the last 24 hours at the time of this press.
The cryptocurrency which has been trading on Decoin since May 20th at $0.04 has largely been bearish since then, going as low as $0.020 just days later. However, it has been performing exceptionally well this week, which is unsurprising considering that most other cryptocurrencies have also been heavily bullish this week. However, it did have its biggest uptick on Monday, during which it had a massive uptick that saw it rally from $0.026 to an impressive high of $0.14 before closing the session at $0.039.
NAFT’s volatile price performance in today’s session (Wednesday) has it recovering from a correction that had it trading as low as $0.029 and it is currently trading at $0.06. Its performance suggests that it is experiencing a lot of buying but there has also been strong selling by those taking profit at favorable price points.
Figure 1 Source: Decoin
What is Nafter?
It is a platform that has established itself as a social marketplace where creators can sell their content as NFTs and where fans can easily access content from their favorite artists. The fact that it is a marketplace also means fans can not only collect NFTs but also trade them if they wish to do so. Its co-founder and CEO Jonathan Sulay revealed that the inspiration behind the platform was the sale of an NFT for almost $70 million earlier this year.
There were barely any platforms from which people could access NFTs at the time and Sulay thought of solving that problem. Nafter is the solution that he and the platform's other co-founders came up with. They created it as a marketplace that would not only give creators a place to express their creativity but also a platform on which they can build a fanbase.
What is NAFT?
NAFT is the native token on the Nafter NFT platform and it has multiple use cases which include facilitating decentralization through governance. Users can stake their NAFT to participate in the platform's moderation, the type of upgrades to be implemented, and decisions regarding operations. However, one of the most unique aspects of the token is that it allows users to stake their NAFT on the profiles of their favorite creators so they can access exclusive content.
The ability to stake on a creator's profile ties into the ability to contribute to a content creator's fame and the value of their content. Exclusive access makes the NFTs less accessible to the market, therefore boosting their perceived value, which is great for their resale. NAFT holders who stake on their favorite creator's profile also get a chance to earn staking rewards. NAFT is an ERC20 token that will be used to purchase NFTs on the Nafter market.
Although Sulay’s Nafter platform is currently focused on developing a platform that benefits creators and their content, he is a firm believe that NFTs will steer towards more practical applications. He believes that NFTs will soon be used for property deals, for example, an NFT of a house can be used to verify digital ownership on a digital marketplace, and even facilitate the transfer of ownership.
Nafter might eventually lean towards expanding its platform to facilitate the sale and verification of physical asset ownership but the CEO has not confirmed this. Such a move would likely boost platform utility, as well as demand for NAFT, a move that would likely boost its price action. Nafter is definitely a project to keep an eye on, and so is its native NAFT token.