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Why NFT-Based Altcoins Are All The Craze

Ryan Cowdrey
1 min read
Why NFT-Based Altcoins Are All The Craze

Everything that has to do with the blockchain ends up becoming interrelated in some way. Crypto pays for NFTs. NFTs form communities and thus give rise to DAOs. DAOs use cryptocurrency governance tokens. Play-to-Earn games use NFTs and crypto to make their economies work. No matter the application of blockchain you’re working on, you can find a way to tie it to something else interesting that is going on with the blockchain.

One of these blockchain pairings that has seen a lot of sustained interest is the pairing of NFTs and altcoins, which manifests in multiple ways.

Marketplaces like SuperRare and Rarible offer governance tokens to vote on the direction of the marketplace. Play-to-earn games like Axie reward NFT players with their own coins that can be turned into other coins or cash.

Coins can be used for NFT fractionalization. Platforms like create shares in a single NFT or collection of NFTs by issuing altcoins. But these coins usually don’t have any utility outside of signaling your share in a high-valued NFT.

There’s so much happening at the intersection of altcoins and NFTs that we had to bring an expert onto this week’s NFT QT Show to help us make sense of it all. So we invited the creator of the Cowboy Bebop NFT and Token, Adam Hashian, onto the show.

We cover a lot, but the basic through-line is how altcoins fit into the greater NFT and metaverse future.

Other topics discussed in the episode include:

  • Benefits of building on the Binance Smart Chain
  • The economics of combining NFTs with altcoins
  • Why altcoins are all the craze again
  • How altcoins and metaverse tokens fit into web3
  • Consolidation in altcoins is coming
  • Visionary smart contract creators

We hope you enjoy this week’s NFT QT Show!