ICP Crypto: Can Embracing NFTs Help Internet Computer Climb to the Top?

4 April 2022

in NFT

Reading Time: 4 mins read

To say Internet Computer’s (ICP-USD) start was tumultuous is quite the understatement. The ICP crypto was poised to be the next huge innovation in crypto, bringing the blockchain to internet speeds. Unfortunately, the coin did not catch on in the way it anticipated. However, the project has turned around a bit in recent months and begun a long push back up toward the largest projects in the world. Can a new pivot into non-fungible tokens (NFTs) help it achieve this goal?

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Internet Computer is a relatively new crypto play, launching last year. The layer-1 network saw much excitement when leading up to its launch; indeed, the Dfinity Foundation — which oversaw development of the network — expects Internet Computer to be the third major wave in cryptocurrency, after Bitcoin (BTC-USD) launched the phenomenon and Ethereum (ETH-USD) vastly expanded its potential with dapps and smart contracts.

The Internet Computer claim to fame is in its speed and scaling. Developers laud Internet Computer as the first “infinitely-scalable” blockchain network, allowing it to process any number of transactions at internet speeds. It hopes to leverage this scaling to become the “world computer” of Web 3.0; with infinite scalability, it can support the world’s internet needs and become a household name in tech.

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With this huge promise, and major backing through Dfinity, the ICP saw a lot of hype before its launch. In fact, when the coin saw its initial launch, the network was so highly anticipated that it fetched an opening price of over $400 dollars. But almost as quickly as it started, the ICP crypto crashed. Prices fell from their all-time high of $750 to just $30 apiece.

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ICP Crypto Looks to Mount Comeback, Starting With Gigaverse Labs Minting

Since this turbulent downswing for Internet Computer, the network has been looking for ways to reorganize and retake its former glory. Now, the ICP crypto is looking to do that through the booming NFT market, thanks to its own Gigaverse Labs’ minting launch.

Gigaverse Labs is the first official NFT marketplace on the Internet Computer network. The platform allows users to mint, buy and sell tokens across ICP. It also represents the first NFT bridge on the network. Using it, one can port their NFTs from the Ethereum network to Internet Computer.

Gigaverse first came to the spotlight in September of last year. That’s when it launched the first Internet Computer NFT collection, ICPunks. The clown-themed NFTs numbered 10,000, and they sold out in just minutes, showing the network’s potential in the space.

Since then, the platform minted several other collections, but this week marks a new catalyst. Tomorrow, Gigaverse Labs is rolling out NFT minting on its platform. Users themselves will be able to craft their very own Internet Computer-native NFTs to sell on the marketplace. This presents a great opportunity; now, artists and creatives can leverage the platform to create their own tokens. Not only will this allow these creatives to earn income on their work but also it will vastly expand Gigaverse’s NFT offerings.

Ahead of the launch, the ICP crypto is trading sideways, with prices stagnating. This can be attributed to the market-wide sluggishness investors are witnessing today. Meanwhile, trading volume continues to rise; $379 million in ICP is swapping hands today, a 100% gain over yesterday.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.