Access Protocol’s native token ACS rose more than 50% within 24 hours after the project unveiled new use cases for collateral non-fungible tokens (cNFTs).
Access Protocol, a Solana-based protocol that aims to create a new way for content creators to monetize, has introduced two new use cases for non-fungible collateral tokens in its latest version. The first improvement is that cNFTs can now be packaged using Access Protocol’s native token ACS, enabling new content distribution and monetization opportunities.
Access v2 introduces two brand new use cases for NFTs
1⃣ $ACS-wrapped cNFTs
2⃣Reward with cNFTsThis introduces a new level of composability for content distribution and monetization.
All made possible by @metaplex and Access Protocol v2.
Coming soon™️
– Access Protocol (@AccessProtocol) February 6, 2024
cNFTs, or collateralized non-fungible tokens, are a type of NFT that is backed by collateral. This collateral can be any digital or physical asset with value, such as cryptocurrencies, real estate or intellectual property rights. By providing an NFT as collateral, its value is linked to the underlying asset.
You might also like: Japan Airlines and Hakuhodo launch NFT collection
In addition to the cNFT improvements, Access Protocol has also rolled out reward-bearing cNFTs, giving users the opportunity to earn rewards through active participation in the platform. This step aims to encourage engagement and promote community activity within the ecosystem.
According to the announcement, the latest update was created in collaboration with Metaplex, a Solana-powered protocol that enables the creation and minting of non-fungible tokens, auctions, and visualization of NFTs.
While specific details of the update have yet to be announced, the crypto community has seemingly responded positively, with ACS prices rising more than 55% in the past 24 hours to $0.00333, according to data from CoinMarketCap.
Founded in 2021, Access Protocol is a blockchain platform dedicated to providing decentralized access solutions for content creators, developers, and users. By using ACS as a digital asset, the platform enables token-gated paywalls, allowing creators to distribute and monetize their content.
Read more: Spain’s Finance Ministry is targeting crypto and NFTs with new tax reforms