New Chain Unlocked
New Chain Unlocked
If you spend any time on crypto twitter, you’re probably with us when we say: our feeds have been taken over. #Canto is, as best said by Mugatu, “so hot right now” and is quite literally everywhere we look.
If you’re just catching up, here’s the basics: in early 2023, Canto tokens surged, shooting from just over $0.07 on Jan. 1 to over $0.46 — a rally of over 700% — a month later. Decrypt covered the spike in activity after venture fund Variant had invested in a position of unknown size in Canto.
Canto is a permissionless, layer-1 blockchain that runs the Ethereum Virtual Machine. It is part of the Cosmos network of blockchains, apps, and services and it offers a native stablecoin called NOTE.
Canto developers promote the ecosystem as “built to deliver on the promise of DeFi,” which it works to do by centering itself as a choice execution layer for original development work and by offering unique incentives for the development of DeFi protocols.
What it lacks in technical innovation (Canto is built with mainly ‘off-the-shelf’ open-source components) it makes up for in cultural and socioeconomic contributions, incentivizing funding for public goods and developer activity on the network. In support of its ethos, Canto’s decentralized exchange, lending market, and unit of account (NOTE) operate as public utility protocols or, free public infrastructure.
Web3 proponents have taken notice; the number of Canto users more than doubled between December 2022 and late January 2023. After marketplaces put Creators’ royalties in limbo for months, market participants got a real feel for the power that comes with centralization — and what that can do to their pockets.
NFTs and the web3 creator economy have undoubtedly unlocked numerous monetization opportunities for artists, musicians, and creators of all types, popularizing the sentiment that anyone can tap into new audiences and deliver utility, membership or even just delight to communities worldwide with some focused ambition and an internet connection.
But as we’ve seen, making money in web3 isn’t as easy as the bull market’s WAGMI threads led many to believe, citing ‘hard work’ and ‘good vibes’ as the recipe for success and tickets to financial freedom.
The combination of the bear market, rising inflation and a decrease in remote work opportunities as a result of loosening pandemic restrictions have taken Creators from
Pair that with marketplaces protecting their own bottom line to weather the market downturn, transforming into pro-trader paradises that limit both possibilities and protections for the group most capable of pushing web3 ahead: Creators.
Here’s the deal: Utility isn’t free.
Aspen is the new home for Creators looking to build and grow their revenue with industry-leading creation, marketing and distribution tools. And starting today, Creators can use Aspen to launch collections on Canto.
If you’re interested in launching a collection on Canto (or elsewhere) drop us a line and get in touch.