Co: Create is the leading company in its field: the creation of cryptocurrencies supported by NFT projects. NFTs disrupt many sectors such as fashion, art, the music and even Horse racing ! But today, there are few cryptocurrencies associated with NFT projects. We can note the ApeCoin token (APE) attached to the collection of the NFT Bored Ape Yacht Club. Co: Create thus has the ambition to help NFT collections issue their own tokens. But why should we buy the token from an NFT collection? What are its uses?
A great collection for Co: Create
Startup Co: Create recently completed a first $ 25 million round of funding to help NFT Collections launch their own tokens. This first round was led by Andreessen Horowitz (a16z) with participation from VaynerFund by Gary Vaynerchuk, Not Boring Capital by Packy McCormick, Amy Wu and RTFKT. This fundraising will allow the company to develop and recruit new talent to develop their services. The startup uses its own protocol to generate custom tokens and rewards for participating NFT projects. This process makes it possible to pay royalties with tokens issued on a decentralized exchange (DEX).
A project based on three pillars
Co: Create is based on three basic pillars. The first is to help projects develop their community. By decentralizing the management of the NFT project through a fungible token, this would actually make it possible to use the token as a means of expanding this community. Thus, by issuing a token in connection with the collection of NFTs, it will allow the creation of decentralized collections that arouse enthusiasm. Second, Co: Create aims to encourage community participation in the NFT project. For example, the company implements reward programs. Developers outside the NFT collection can thus be encouraged to create games centered around this collection in exchange for an allocation of tokens from this project. Ultimately, Co: Creates’ third focus area is governance. The limited tools available for NFT projects today have resulted in a high degree of centralization. A particular group or subgroup of contributors to a DAO (Decentralized Autonomous Organization) largely drives key decisions about the project. Attaching a token to a collection of NFTs will therefore allow for better decentralization.
Co: Create, a project that does not claim to be the champion of a single blockchain
Most well-known NFT projects, such as BAYC, tend to live on the Ethereum blockchain. However, competitors quickly attracted new projects to their ecosystems by promising greater efficiency and reduced costs (like Solana) or a smaller ecological footprint (like Polygon). Co: Create does not only collaborate with NFT projects on the Ethereum blockchain. This means that Co: Create supports NFT projects built on, for example, Solana, Tezos or Polygon blockchains. The promotion of token-linked NFTs follows the continued success of ApeCoins (APE). AepCoin (APE) is the token associated with Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections. Following some early price volatility, the token now has a market value of almost € 2 billion. In fine, Co: Create said it is already in negotiations with several prominent NFT collections that participated in the round and plan to launch their own tokens.
New NFTs keep popping up every day. And Co: create brings real innovation to this sector. We can not wait to discover the next collections of NFTs who will decide to launch their own governance token!
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Students who are passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.