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ICP Crypto: Is it Possible for ICP to Survive and Succeed if It Adopts NFTs?

The significant announcement on Internet Computer's NFT platform serves as a catalyst.

To say that Internet Computer's (ICP-USD) beginnings were turbulent is an understatement. The ICP cryptocurrency was tipped to be the next big thing in crypto, bringing blockchain technology up to internet speeds. Regrettably, the coin did not achieve the level of popularity predicted. However, the project has made a significant turnaround in recent months and has began a lengthy push back toward the world's largest projects. Is a fresh pivot into non-fungible tokens (NFTs) capable of assisting it in accomplishing this goal?

ICP Daily Chart

Internet Computer is a relatively new cryptocurrency venture, having launched only last year. The layer-1 network generated considerable excitement in the run-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, following Bitcoin (BTC-USD) and Ethereum (ETH-USD), which significantly expanded the phenomenon's potential through decentralized applications and smart contracts.

The Internet Computer's claim to fame is its scalability and speed. Internet Computer's developers hail it as the world's first "infinitely scalable" blockchain network, enabling it to perform an infinite amount of transactions at internet speeds. It intends to use this scaling to establish itself as the Web 3.0's "global computer"; with unlimited scalability, it can support the world's internet demands and establish itself as a household name in technology.

With such a large promise and significant funding from Dfinity, the ICP generated considerable buzz prior to its unveiling. Indeed, when the coin launched, the network was so widely anticipated that it opened at a price of more than $400 dollars. However, nearly as swiftly as it began, the ICP cryptography broke. Prices plummeted from an all-time high of $750 to barely $30 per pair.

ICP Crypto Attempts a Resurrection, Beginning with Gigaverse Labs Minting

Since the network's dramatic decline, it has been looking for methods to reorganize and reclaim its previous glory. Now, the ICP cryptocurrency is attempting to do so via the burgeoning NFT market, courtesy of its own Gigaverse Labs minting launch.

Gigaverse Labs is the Internet Computer network's first official NFT marketplace. The platform enables users can create, purchase, and sell tokens on the ICP. Additionally, it is the network's first NFT bridge. It enables the transfer of NFTs from the Ethereum network to the Internet Computer.

Gigaverse made its debut in September of last year. That is when the first Internet Computer NFT collection, ICPunks, was launched. The 10,000 clown-themed NFTs sold out in minutes, demonstrating the network's potential in the space.

The platform has since launched several other collections, but this week marks a new catalyst. Gigaverse Labs is launching NFT minting on its platform tomorrow. Users will be able to create and sell their own Internet Computer-native NFTs. This is an exciting development; artists and creatives can now use the platform to produce their own coins. Not only will this let these creatives to earn money from their work, but it will also significantly increase Gigaverse's NFT offers.

Prior to the launch, ICP is trading sideways, with prices remaining stable. This is due to the market-wide sluggishness investors are currently experiencing. Meanwhile, trading volume continues to increase; $379 million worth of ICP is changing hands today, up 100% from yesterday.

With such a lofty goal and significant funding from Dfinity, the ICP generated much excitement prior to its introduction. Indeed, when the was first launched, it commanded an opening price of more than $400 dollars. However, the ICP crypto collapsed nearly as rapidly as it began. Prices plummeted from an all-time high of $750 to as little as $30 per piece.

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