Satozhi (SATOZ), a Proof-of-Burn (PoB)-based blockchain technology that was built to realize the value of digital assets, has announced the launch of its Virtual Machine Token (VMT) marketplace. According to the firm, the Virtual Machine Token (VMT) marketplace will enable VMT creators to sell their artworks and also gain rewards from it as a lifetime mining reward.
Notably, the SATOZ coin was developed in such a way to enable users to realize profits by holding. Moreover, the system burns the coins in circulating supply and mints fewer coins as a reward per block.
According to market analytics provided by CoinGecko, the SATOZ coin was trading around $0.814307 having dropped approximately 15% in the past 24-hours. However, the asset is up over 960% in the past 30-day, and up over 500% in the past two weeks.
The number of SATOZ coins in circulation had not yet been documented by both CoinGecko and Coinmarketcap. However, the total number of SATOZ coins to ever exist has been set at 21 million.
In a bid to add utility other than token burn to give its ecosystem value, the platform has developed a next-level non-fungible tokens (NFT) marketplace. Furthermore, the NFT market has been a significant player in cryptocurrency adoption. Traditional auction houses and also modern ones have leveraged blockchain technology and the cryptocurrency market to reach a larger global market. Mind you, blockchain technology offers a decentralized platform free from third-party trust issues and restrictions.
The Satozhi developers tweaked the NFT concept to come up with the VMT token system for artists and art collectors to trade. On one hand, NFTs are a digital smart contract that is created to store unique ownership of assets. After an NFT holder opts to sell the product to liquidate the asset, the information is stored as a copy in the ledger, thus a chain of ownership recorded for reference purposes.
On the other hand, VMT or the virtual minting tool is a digital smart contract innovation whose identity of assets, tokens, and ownership are all unique from one another. Additionally, the assets are managed by the blockchain, thereby making it a trustless protocol.
“Besides being able to be traded on a decentralized market like an NFT, VMT assets can also be mined at any time as a personal asset. If a creator does not want to sell it, they can keep the VMT as a collection, for which they will get the results of VMT minting assets every time,” the firm noted in a press release.