Asset-Backed NFTs Are Redeemable For Cryptocurrency
CryptoBuxx the blockchain industry’s first easy and affordable way to gift cryptocurrency using a physical gift certificate or card, is launching CryptoBuxx NFTs, a collection of asset-backed Non-Fungible Tokens (NFTs), backed by specific amounts of cryptocurrency in the form of downloadable digital gift certificates. With the introduction of the CryptoBuxx NFT, the company is continuing on its mission to make entry into the crypto market accessible for everyone.
The NFT market has exploded in popularity. In 2020, the NFT market was valued at $100 million. At the end of 2021 this had increased by 220x to $22 billion. While the value of most NFTs are usually driven solely by supply and demand, CryptoBuxx NFTs are different. These asset-backed NFTs include a downloadable digital gift certificate that can be redeemed for the face value (the number of coins represented) of the NFT. This provides a clear floor value to the NFT, as the price of the NFT should never trade less than the value of the underlying cryptocurrency. Being asset-backed also provides significant upside potential as the price of the crypto increases over time.
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The NFT program, expected to drop March 31, 2022, is an expansion of CryptoBuxx’s mission of “cryptocurrency for everyone” and is a significant addition to the CryptoBuxx cryptocurrency gift certificate offering, launched in December 2021.
“The price of most of today’s NFTs are simply based on supply and demand,” said William Rice, Founder and CEO of CryptoBuxx. “Often the typical NFTs value is based on who owns it as much as any other factor. CryptoBuxx is introducing an asset-backed NFT collection that includes popular cryptocurrency as a way to create intrinsic value and allow it’s NFTs to grow in value over time as crypto prices increase. CryptoBuxx NFTs also make sharing crypto with others easy, which is one of our key objectives.”
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CryptoBuxx NFT Collection
Each NFT purchased represents a specific crypto coin or token in a specific denomination and can be redeemed for the amount of cryptocurrency represented on the NFT. The collection can be accessed The initial CryptoBuxx NFT collection is based on 11 coin/token designs, including such popular cryptos as Bitcoin, Ethereum, Cardano, Dogecoin, Shiba Inu, SafeMoon, SushiSwap, Polkadot, Happycoin, Axis Infinity, and Helium.
The price of the CryptoBuxx NFT collection will be set on the date of the launch and will be based on the cost of the underlying crypto and transaction costs.
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