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Access Protocol’s ACS up 55% following new use case for cNFTs

source-logo  crypto.news 07 February 2024 12:29, UTC
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Access Protocol’s native token ACS soared by over 50% within 24 hours after the project revealed new use cases for collateral non-fungible tokens (cNFTs).

Access Protocol, a Solana-based protocol aiming to create a new way content creators can earn money, has introduced two new use cases for collateral non-fungible tokens in its latest version. The first improvement is that cNFTs can now be wrapped using Access Protocol’s native token ACS, enabling new possibilities for content distribution and monetization.

Access v2 introduces two brand new use cases to NFTs

1⃣ $ACS wrapped cNFTs
2⃣Reward bearing cNFTs

This introduces a new level of composability for content distribution and monetization.

All enabled by @metaplex and Access Protocol v2.

Soon™️

— Access Protocol (@AccessProtocol) February 6, 2024
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cNFTs, or collateralized non-fungible tokens, are a type of $NFT that is backed by collateral. This collateral can be any digital or physical asset with value, such as crypto, real estate, or intellectual property rights. By collateralizing an $NFT, its value is tied to the underlying asset.

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In addition to the cNFT enhancements, Access Protocol has also rolled out reward-bearing cNFTs, providing users with opportunities to earn rewards through active participation in the platform. This move is aimed at incentivizing engagement and fostering community activity within the ecosystem.

According to the announcement, the latest update was made in collaboration with Metaplex, a Solana-powered protocol that allows for the creation and minting of non-fungible tokens, auctions, and visualizing NFTs.

Access Protocol's ACS up 55% following new use case for cNFTs - 1
ACS price in USD | Source: CoinMarketCap

While specific details of the update are yet to be disclosed, the crypto community has seemingly responded positively, with ACS prices surging by over 55% to $0.00333 in the past 24 hours, according to CoinMarketCap data.

Founded in 2021, Access Protocol is a blockchain platform dedicated to offering decentralized access solutions for content creators, developers, and users. Utilizing ACS as a digital asset, the platform enables token-gated paywalls, empowering creators to distribute and monetize their content.

Read more: Spain’s finance ministry targets crypto, NFTs with new tax reform

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