With the CashTokens upgrade (May 15th, 2023), developers are getting ready to demonstrate the new capabilities of Bitcoin Cash.
Two weeks after the upgrade, trading of tokens and NFTs begins, with volumes slowly rising.
Emerald DAO, by bitcoincashautist, was launched immediately after the network upgrade, and the first-ever CashTokens transaction was the mint of an emerald DAO NFT.
This NFT (Emerald DAO # 1) was sold at TapSwap.cash for an outstanding amount of 27BCH, indicating a value that marks the beginning of a new era of Bitcoin Cash.
The record purchase occurred within just the first two weeks of CashTokens, generating optimism and raising our expectations.
The Record Purchase
Emerald DAO # 1 is the first NFT on Bitcoin Cash.
The purchase didn't catch many by surprise as this NFT symbolizes the first ever CashTokens transaction on Bitcoin Cash after the upgrade which opens new avenues and optimism for the future of a top-tier blockchain ecosystem.
The buyer immediately listed it for 50BCH, and time will tell if a new buyer will appear to break the 27BCH record.
(TapSwap)
Bitcoin Cash with CashTokens evolves into a peer-to-peer economy, incentivizing developers to build financial platforms and tools on a scalable network with instant transactions and low tx fees.
Emerald DAO is unique in its approach as developer @bitcoincashautist wanted to exhibit part of the new Bitcoin Cash capabilities without any profit for him. Instead of trying to profit, @bitcoincashautist added 2.5 of his own BCH to the DAO's pool to incentivize BCH users to lock 0.1BCH on the NFT and burn the NFT one year later to retrieve 0.101BCH (1% profit).
Trades take place on TapSwap, a Web3 platform utilizing the speed and low fees of Bitcoin Cash.
NFTs On Bitcoin Cash
(picture on Pixabay background)
We explored Emerald DAO previously here:
Also, here are instructions on how to add Paytaca to Chrome and utilize the new Bitcoin Cash Web3 capabilities (mint, interact, etc.):
We also reviewed the first NFT collection on Bitcoin Cash, BitCats Heroes:
BCH Guru
One more promising NFT collection is BCH Guru, which is getting ready for the day of sales (no mint) (June 1st).
BCH Guru plans to sell the first 2000 NFTs (out of 10,000 in total) for 0.1BCH, and a price increase (of 0.02BCH) will gradually apply for every 2000 NFTs.
It appears that BCH Guru received a warm welcome from several Bitcoin Cash community members, so while anonymous, it still seems the project aims to deliver on its promises if it succeeds in the NFT sales.
We aren't asking for handouts or crowdfund and hope for funds. We are looking to offer genuine value to our NFT community that we hope will grow with us! To truly succeed, we need to create sustainability and growth for all of us, if we can't do it, then we cant survive. We either grow as a project, or fade away, as with all businesses! -BCH Guru
Funding of the project (with the NFTs sales) will determine BCH Guru's future developments.
The funding BCH Guru requests is 1400 BCH through the NFT offerings.
BitCats Heroes also have announced plans and a roadmap and will benefit by 650 BCH if the mint concludes successfully.
Expectations for both these projects are high, and the mints are progressing slowly at this initial stage.
Closing Thoughts
(source: Twitter)
With this article, I do not promote investing in any project, but present information on new projects in Bitcoin Cash. I advise investors to perform research and due diligence before investing in cryptocurrencies, tokens or NFTs.
In these first steps of CashTokens, participation is low, although at an expected level.
NFTs present a decent way to introduce new upgrades and platforms. NFT markets are struggling, with projects designing additional use cases to stay competitive.
On Bitcoin Cash with CashTokens, we should look for NFT collections, as well as financial platforms with business utility.
Perhaps the success of these early developments will set the stage for a thriving P2P economy,
Yet, it is too early to tell the effect CashTokens will have on Bitcoin Cash.
Lead Image on Pixabay by GDJ
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