Non-fungible tokens took the world by storm, garnering attention from art lovers and crypto enthusiasts worldwide. NFTs are rare digital collectibles that redefine art through embedding creativity on the blockchain network. The Bored Ape Yacht Club (BAYC) NFT collection is among the most prominent group of digital collectibles. The collection became popular through celebrity endorsements from public figures such as Jimmy Fallon and Justin Bieber. However, recent reports indicate the NFT collection has been continuously spiraling downward for six weeks. NFT investors are now investing in Bitcoin Spark.
What is the Bored Ape Yacht Club (BAYC)?
The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique non-fungible tokens minted on the Ethereum network. The collection represents art-like cartoon apes of different rarities and metadata, including earrings, gloves, and themes. The Bored Ape Yacht Club debuted in 2021 under the development of Yuga Labs.
Yuga Labs was founded by two art enthusiasts, Gargamel and Gordon Goner. After its launch, the project had an impressive performance track, gaining celebrity endorsements from prominent public figures like Eminem, Snoop Dog, and Jimmy Fallon. However, the NFT market peaked at the height of the bull market and turned bearish afterward with the onset of the ongoing bearish market sentiment. The BAYC collection has raided six-week lows.
Bitcoin Spark reports record numbers amid BAYC bears
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While BAYC art collections record low numbers, a new Bitcoin hard fork is blossoming, recording record numbers in its initial development stages. For the project’s probable immunity towards bearish market sentiments, Bitcoin Spark is trending among crypto lovers and NFT enthusiasts. As part of the project’s plan to reduce the impact felt by DeFi platforms, Bitcoin Spark plans to develop a self-sustaining ecosphere for network participants.
To fuel the ecosystem, Bitcoin Spark developers have minted BTCS tokens. The maximum supply of the platform’s utility token is curbed at 21 million tokens. BTCS tokens will be the gas token of the ecosystem. Bitcoin Spark’s network users will pay for transactions on the network in BTCS tokens. All the gas fees collected from transactions will be sent to mining pools and distributed to network validators and miners as rewards.
How does the Bitcoin Spark network have miners and validators? The Bitcoin Spark network is a unique decentralized network embedded with a new consensus mechanism called proof of process (PoP). Proof-of-process crosses between the merits of proof-of-work and proof-of-stake. However, the work done on the network yielded more than the amount of BTCS stake in the staking pools. In other words, proof-of-work outshines proof-of-stake in the Bitcoin Spark ecosystem, allowing miners to earn more, but in a way that creates an imbalance in the rewards.
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Three independent DeFi auditing platforms verify Bitcoin Spark’s smart contract. Vital Block and Cognitos also verify the founders’ KYC. While currently in phase 7 of the ICO event, Bitcoin Spark’s enticing returns have lured investors from all DeFi corners, including the NFT arena. Investors are fleeing the BAYC ecosystem for its massive downwind and are buying into the ongoing presale by purchasing BTCS tokens worth $3 each.
