Following the crypto crash of 2022, the market is in a state of disarray. Losses have crossed the two trillion mark, and users are considering their future in the cryptocurrency market. How did such a dramatic downturn materialize, and what does the future hold for cryptocurrencies?
The answer to the first question is easier to answer. When inflation increased, the stock markets lost hundreds of points. Then, cryptocurrency trading was frozen by Celsius, a platform for buying and selling tokens.
Once trading stopped, the cryptocurrency market was in a frenzy. Users became increasingly apprehensive and were unwilling to put their money into cryptocurrencies. As more money was withdrawn from the market, the capitalization of tokens fell drastically overnight.
Answering the second question, which is what the future of cryptocurrency will be, is less straightforward. Cryptocurrency has never followed a linear path, less of an exact science and more of a free wheeling alchemy. We will examine specific cryptocurrencies to see how well the market fares.
The TNT of Cryptocurrency – BNB (BNB)
One of the biggest cryptocurrencies on the market right now is BNB (BNB). BNB ranks at number five and a market cap of 49.1 billion dollars; both have decreased 3.4% in the last day, at the time of writing.
In the same twenty-four-hour span, the volume of BNB tokens traded is 956 million, a fall of 5.6%. The crypto crash has influenced BNB’s numbers. Since it launched in 2017, BNB has become the biggest token exchange platform in the world (based on daily trading volume). Besides, BNB has an extensive ecosystem consisting of Binance Smart Chain, Binance Academy, Trust Wallet, Binance Chain, and more.
The variety of options that BNB (BNB) offers users is why it has cemented its place in the top ten. BNB employs blockchain technology, and its developers aim to bring blockchain and cryptocurrency to the forefront of the financial industry.
We’ve discussed how a well-established token is doing; we will look into a new one called Klangaverse (KLG). Like most emerging tokens, KLG is designed to solve a legitimate concern: revenue sharing.
The music industry generates revenues of more than forty-three billion dollars annually. Artists, however, only receive 12% of these funds, which hardly seems fair. To add insult to injury, artists have little or no control over the dissemination and streaming of their music.
Klangaverse will solve these issues by allocating adequate compensation to artists and content creators, removing intermediaries like YouTube and Facebook. Technically speaking, KLG is a fully decentralized streaming platform built using Binance Smart Chain (BSC). It boasts a public blockchain infrastructure.
In terms of the actual process, KLG will give the power back to the artists, who can utilize Non-Fungible Tokens (NFTs), and the payments they receive from fans will go directly into their wallets.
Typically, the blockchain smart contract gathers hashes of the stats of minted songs in the shape of NFTs, which are used to calculate revenues for every artist. Details of the revenue generated by each content creator are open to the public and may be validated by comparing transactional history.
In addition, the makers of Klangaverse (KLG) will introduce governance protocols like the Klangaverse DAO (decentralized autonomous organization) to empower token holders to vote on matters like new attributes, artists’ revenue sharing, and other prospective implementations to the platform.
Ultimately, KLG will bridge the gap between music creation, distribution, and payment. The team behind Klangaverse is also aiming to streamline the music listening and management experience for users.
If you want to buy Klangaverse (KLG) tokens, you’re in luck! If you buy KLG with BNB, you’ll receive an excellent 25% bonus. If you invest in stage 1 of the presale, you’ll get a 9% bonus; if you wait till stage 2, that will drop down to a 6% bonus.
Finally, stage 3 will only give you a 3% bonus, which is why you should buy KLG with BNB or make sure you purchase during stage 1.