Today, crypto markets saw significant price gains as Bitcoin and Ethereum saw bullish momentum. This means that many smaller projects are seeing even more substantial price hikes. Today we’re taking a look at Stripto, an NFT/Metaverse crypto coin gaining over 32% since it was listed on CoinMarketCap two hours ago.
What Is Stripto (STRIP)?
Launched on February 4th, 2022, Stripto is the world’s first NFT marketplace with a dynamic pricing protocol. This project aims to revolutionize the traditional mechanism of buying and selling NFTs.
Dubbed “strip the price,” the protocol is a dynamic pricing system developed by the Stripto team. Stripto’s dynamic pricing protocol is powered by the STRIP token, increasing utility and demand for the underlying asset.
Every product on the Stripto marketplace has two buying options, a regular listed price and a hidden price. If users want to unlock the hidden cost, they can spend STRIP tokens and unlock the lower price for ten seconds. When a user spends a token, the price of the product drops.
The value of the NFT drops because the protocol deducts the value of the STRIP token from the original price, enabling users to purchase it for a lower price. During the ten seconds that the product is shown, it will only be available to the user that unlocked it, making it fair for every user.
Stripto offers an exclusive opportunity to purchase NFT products at the lowest guaranteed prices with their protocol. While the project is still in development, users can check out the demo version of their NFT marketplace to see how their “strip the price” protocol works.
Some plans for Stripto include a liquidity import protocol integration to keep the marketplace liquid, along with a Launchpad and Metaverse (Striptoverse) integration.
Stripto In-Depth Look
Stripto features a comprehensive whitepaper along with a CERTIK audit dated January 28th. While Stripto doesn’t have a Minimum Viable Product, they do offer a brief demo of how the marketplace will operate, along with an explanatory video that showcases exactly how their “strip the price” protocol works.
Looking at the BEP-20 contract address of the token, we can see the top address holding the most amount of STRIP tokens accounts for over 40% of the total supply of the tokens.
The good news is that the top holder is a contract address, which means the chances that these tokens will end up on the market anytime soon is relatively low.
The second and third largest holders are the PinkSale liquidity lock and PacnakeSwap V2, accounting for 39% of the total supply.
Overall, the token distribution for Stripto is relatively fair. The only address of concern is the top contract address with over 40% of the circulating supply.
Looking at the charts, Stripto’s current valuation is $3.5 million with a 24-hour volume of $690k. These numbers are exceptional and signal a healthy market for a project that was only released a few hours ago.
Stripto’s idea of dynamically prices NFTs is unique and can provide real utility to the token. The current market cap of $3 million is relatively undervalued, and besides the address holding over 40% of the tokens’ supply, the sentiment for this project is bullish.
You can purchase STRIP on PancakeSwap.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!
Image Source: isak55/Shutterstock.com