NEW YORK, NY / ACCESSWIRE / June 9, 2021 / One of the world’s fastest-growing cryptocurrencies, Saturna combines the appeal of the “meme” token market similar to billion-dollar assets DOGE and SafeMoon and that of the burgeoning NFT market, ushering in a new generation of smart contracts for decentralized and digital commerce.
Saturna’s platform runs on Binance Smart Chain which utilizes proof-of-stake meaning that the operations are less computing-intensive, making it much more environmentally friendly than its competitors.
NFT artists will be able to create, share, and trade their products allowing for finality and delivery of art to be safely transacted internationally and less barriers than ever.
There are already 50,000 holders for a token that started in May, and a price of over $100M before the recent cryptocurrency market crash.
Saturna, a frictionless-yield token on Binance Smart Chain (BSC), has released an NFT Marketplace designed to provide users a streamlined experience in purchasing and trading these digital artworks.
Where traditional NFT exchanges have succeeded in setting the standard for distribution of unique and limited supply products in a digital space where things can be replicated with relative ease.
While impressive, there are still some barriers to entry when NFT’s are traded on Ethereum (ETH), the leading blockchain ecosystem for smart contracts.
What is proof-of-stake?
Blockchain is powerful as a public ledger because new data added goes through rigorous tests and confirmations from multitudes of devices on the network ensuring that no information can be corrupted.
This process is referred to as proof-of-work, an energy consuming process (though not as large a footprint as traditional banking or gold mining!).
In order to pay for these energy costs, miners are rewarded through “gas” fees collected on every transaction.
BSC however, and Saturna by extension, utilizes the increasingly-adopted Proof-of-Stake model which cuts down on these costs, both financial and ecological.
Using less than 1% of the computing energy, these heavy fees that were saddled either upon the seller or buyer depending on the platform are no longer necessary.
When gas can cost hundreds of dollars at their worst on ETH, which can be well more than the price an artist even wants to market their work, removing them as a barrier is essential in promoting the distribution of NFT’s as a way to peg value to original digital work.
With DOGE ready to actually be sent to the literal Moon on an actual rocketship, it’s become clear that “memecoins” are here as a serious entity that can collect enormous levels of capitals to accomplish previously unfathomable project goals.
DOGE, a token originally conceived to parody the volatility of BitCoin (BTC) as an asset, has taken a life of its own and bred a new class of hedge funds in the form of these new tokens.
Saturna is the latest in a long line of tokens that point to DOGE as the starting point for the code in their contract, borrowing from the popularized SafeMoon model.
Whereas DOGE can be traded freely, Saturna employs a 10% transaction tax on all buys and sells. This proportionally levied tax ensures that there is a steady flow of revenue with half going into liquidity, the funds backing trading, and the other half distributed to all existing holders to reward long-term investors.
This plays off the general conception of “buying low” and “selling high” that people are conditioned to seek out in order to skim profits, punishing those who constantly trade in and out, incentivizing buying and holding tokens.
While interesting in theory, the empirical results have been disruptive to say the least, with countless tokens reaching valuations in the billions, Saturna reaching a $100M market cap within days of existence.
With the funds raised through all of this trading action, it becomes possible for these tokens to aspire to greater utility.
In cryptocurrency, it is common for developers to showcase a roadmap in order to set expectations with investors and create a plan for the future.
However, development requires funding, and that funding can be directly tied to the valuation of the token as many teams create a runway for themselves through token sales, truly decentralizing the process of capital and wealth creation.
Unfortunately, when things are left to the market, time becomes less of a factor and funding and valuation ends up driving what is feasible.
Saturna avoids over-promising or under-delivering by introducing a roadmap based on the growth of the token. As the number of holders increase, the Saturna team delivers on new project goals which are announced at each milestone.
With 55,000 holders joining Saturna since its launch on May 7th, the next target is 100,000 holders, with the team promising major development.
The Future of NFT’s
At time of writing Saturna is trading at a price of $1.30 for 100,000,000 tokens. BakerySwap, the leading NFT Marketplace on BSC, is currently trading at $4.42 a token.
Though there is a significant gap between these two tokens in valuation, given the number of viable NFT marketplaces on ETH and the advantages Proof-of-Stake provides in the viability of this market, there remains a bright tomorrow for all of these assets.
WIth a recent survey conducted by Mastercard asking consumers whether they would use cryptocurrency in the next year, 40% of respondents replied yes. Another study by SatoshiLabs suggested that 46% of Americans are already using cryptocurrency.
NFT adoption rates still lag behind, but this seems largely to be a UX issue rather than that of interest. As infrastructure like Saturna’s marketplace begins to unfold, providing easier tutorials, friendly, welcoming designs, and, simultaneously, less jargon and more nuance, the market will continue to find new adoptees.
As other industries demonstrate, base utility is typically further spread out between specialized brands as technology becomes more ubiquitous. With this in mind, Saturna places a heavy emphasis on its branding in anticipation of marketing serving the difference when all platforms begin to offer much of the same.
With significant financial backing and on a blockchain that minimizes gas fees and low carbon footprint, answering one of the harshest criticisms levied at NFT’s and cryptocurrency, Saturna provides artists nearly-free entry into distributing their digital works.
Users will need to buy and hold Saturna in order to access different rarities of NFT’s available on the platform, providing further incentive for investors of Saturna to accumulate. This gives Saturna the potential to reach the valuations of some of the largest memecoins to date.
With several artists debuting Saturna-related art and merchandise in the coming days and weeks, the NFT Marketplace has elaborate plans to continue expanding both in size and utility.
According to the holders-based roadmap, there will be further developments announced at less than double the number of current investors. These announcements will carry some weight, as Saturna would stake a claim at that holder count as the largest NFT-related token on BSC.
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