The Revolution Of NFTs: Ordinals, Magic Eden & Caged Beasts' NFT Collection Emerge In Crypto Scene

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Caged Beasts

The popularity of non-fungible tokens (NFTs) has skyrocketed to incredible heights, bringing with it record-breaking values. Two projects have surfaced and taken the spotlight in this ever-expanding universe: Ordinals (ORDI) and Magic Eden.

However, a nascent entry will soon be made by the upcoming project Caged Beasts (BEAST), and it might spark a revolution of its kind. Will NFT Adoption keep rising?

Ordinals from Bitcoin

Ordinals have emerged as a new trend revolutionizing the world of Bitcoin. The Ordinal Inscriptions are digital assets that resemble NFTs but with a unique twist. They are inscribed on satoshis, the smallest unit of Bitcoin, named after founder Satoshi Nakamoto. Bitcoin has introduced its own version of NFTs known as Ordinals or Bitcoin Ordinals, made possible by the inclusion of inscriptions on the Bitcoin mainnet.

Unlike Ethereum-based NFTs that rely on external metadata files, Ordinals store the entire data file directly within the witness signature field of Bitcoin transactions. This innovative approach ensures the immutability, security, and integrity of Ordinal NFTs, elevating the standards of blockchain-based assets.

Magic Eden from Solana

Magic Eden is a prominent NFT trading platform that allows users to mint, list, and trade NFTs. Originally built for the Solana blockchain, it has expanded its services to include Ethereum (ETH) and Polygon (MATIC). Since its launch in 2021, Magic Eden has experienced rapid growth, securing $130 million in Series B funding in July 2022, with a valuation of $1.6 billion.

Magic Eden Games, a platform dedicated to supporting NFT games, is also operated by the project, offering features like trailers and tournament hosting. With transaction fees as low as 1.5%, Magic Eden stands out among its competitors, providing a user-friendly interface and a stringent vetting process for creators and listings, ensuring a safer and higher-quality NFT trading experience.

Caged Beasts Set to Break Free

The Caged Beasts (BEAST) cryptocurrency is currently in its early development stages, and it's getting ready for an upcoming presale that promises to make a mark in meme coin history.
One thing that sets Caged Beasts apart is its focus on locked liquidity, ensuring the token and protocol's inherent value remains secure until it launches on decentralized exchanges (DEXs). The coin is powered by a story, led by tormented rabbit turned mad scientist Rabbit 4001, who will create more beasts at every stage of the presale, which will each be a part of the NFT Space while simultaneously indulging investors with an immersive experience.

While the BEAST is currently "caged," it won't be long before this new meme coin pounces onto the market, making its presence felt with a roar of success. To stay one step ahead and be a part of this exciting venture, simply sign up with your email address to receive regular updates and stay informed about any upcoming developments.

The Takeaway

While hype may have played a role in the surge of NFTs, it is the practical utility of the technology that will ultimately drive its widespread adoption. To truly stand out amidst the sea of digital asset projects, NFTs need to offer additional use cases that add value and usefulness.

For brands seeking to leverage NFTs, a well-defined strategy that aligns with their business model and industry is essential. In this regard, Caged Beasts emerges as a strong contender, as it has presented a clear roadmap and demonstrated its potential for specific use cases.
Get ready to unleash the beast within the crypto world!

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This article was first published on June 1, 2023