Co:Create is the flagship company in its field: the creation of cryptocurrencies backed by NFT projects. NFTs are disrupting many sectors such as fashion, art, musical and even the horse racing ! But today there are few cryptocurrencies related to NFT projects. We can note the ApeCoin token (APE) linked to the collection of NFT Bored Ape Yacht Club. Thus, Co:Create aims to help NFT collections to issue their own tokens. But why would we buy the token of an NFT collection? What are the uses of it?
A big fundraiser for Co:Create
The startup Co:Create recently completed a first round of funding of $ 25 million to help NFT collections launch their own tokens. This first round was led by Andreessen Horowitz (a16z) with the participation of Gary Vaynerchuk’s VaynerFund, Packy McCormick’s Not Boring Capital, Amy Wu and RTFKT. This fundraising will allow the company to develop and recruit new talents in order to develop their services. The startup uses its own protocol to generate customizable 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 focused on three fundamental pillars. The first is to help the projects develop their community. Indeed, by decentralizing the governance of the NFT project through a fungible token, it would make it possible to use the token as a way to expand this community. Thus, by issuing a token associated with the NFT collection, it will allow the creation of decentralized collections generating enthusiasm. Secondly, Co:Create aims to encourage the participation of the NFT project community. For example, the company implements reward programs. Thus, developers external to the NFT collection may be encouraged to create games centered on this collection in exchange for an allocation of tokens from this project. Ultimately, the third area of interest of Co:Create is governance. The limited tools available to NFT projects today have resulted in a high degree of centralization. A particular group or subset of contributors to a DAO (decentralized autonomous organization) largely directs the key decisions regarding the project. Associating a token with a collection of NFTs will therefore allow better decentralization.
Co:Create, a project that does not want to be the champion of a single blockchain
The most well-known NFT projects, such as BAYC, tend to live on the Ethereum blockchain. However, competitors have quickly attracted new projects to their ecosystems by promising greater efficiency and reduced costs (such as Solana), or a smaller ecological footprint (such as Polygon). Co:Create does not only collaborate with NFT projects on the Ethereum blockchain. This means that Co:Create supports NFT projects built on Solana, Tezos or Polygon blockchains, for example. The promotion of token-linked NFTs follows the continued success of ApeCoin (APE). The AepCoin (APE) is the token linked to the collections of NFT Bored Ape Yacht Club and Mutant Ape Yacht Club from Yuga Labs. After some price volatility at the beginning, the token now has a market capitalization of almost 2 billion euros. In the end, Co:Create said that it is already in talks with several leading NFT collections that participated in the round and are planning to launch their own tokens.
New NFTs are constantly being born every day. And Co:create brings real innovation to this sector. We are eager to discover the next collections of NFTs who will decide to launch their own governance token!
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and present unprecedented opportunities.