Zeniq is touted as a blockchain network that seeks to tokenize real-world assets (RWAs), powered by the ZENIQ token.
Today, we will be taking a closer look at the relatively new crypto project to see if it is real or fake.
So, sit back, relax, and read through the article to know all there is to know about Zeniq.
What is Zeniq?
Zeniq is a Dubai-based cryptocurrency and blockchain project that aims to tokenize any available real-world asset.
According to its developers, Zeniq will establish non-fungible token (NFT) platforms for real estate, gold, precious metals, gemstones, and digital art.
The blockchain is powered by its native ZENIQ token, which acts as the network’s utility and governance crypto.
At present, Zeniq is operating the ZENIQ Art NFT, which is a marketplace where artists, buyers, collectors, and dealers can trade digital artworks globally.
How Does Zeniq Work?
Zeniq is a blockchain protocol that its founders say is designed from the ground up to be fast, highly scalable, and secure. One of its features is the ability to tokenize assets by leveraging fractional ownership and creating custom tokenization rules.
To tokenize an asset on Zeniq, the user must first send in a tokenization request to the network. This request will specify the nature of the asset that is being tokenized, the rules for its ownership, and the number of tokens that will be created.
Once approved, the asset will be tokenized on the blockchain and it will be distributed to the user who made the request.
Zeniq can be used to tokenize physical assets such as real estate, art, and collectibles; intellectual property such as patents, copyrights, and trademarks; and services such as access to digital content or membership to a loyalty program.
What is the ZENIQ Token?
ZENIQ is an ERC-20 standard token deployed on the Ethereum blockchain, despite claiming that the project has its blockchain. Hence, for the time being, ZENIQ is an Ethereum-based token.
The token cannot be found on centralized exchanges as it is not listed. However, a wrapped version of ZENIQ can be traded on the decentralized exchange Uniswap.
ZENIQ is currently trading at $0.0240 – down 4% in the last 24 hours. The cryptocurrency has had a trading volume of just $81,024 in the past day. With a total supply of 88.5 million tokens, the fully diluted valuation of ZENIQ is just $2.19 million
ZENIQ hit an all-time high of $0.194 in March 2023 and recorded an all-time low of $0.019 in August of last year.
Is Zeniq a Legit Crypto Project?
The first red flag of Zeniq was its native token being an ERC-20 asset on the Ethereum network, despite claiming to have its blockchain. Secondly, there was no whitepaper to be found describing the goals, strategy, concerns, and timeline for implementing various features on Zeniq.
All that the Zeniq website provides is a few milestones, which isn’t enough. Furthermore, the project claims to be registered as a Limited Liability Company in the Dubai International Financial Centre (DIFC) free. However, upon closer inspection, it is revealed that Zeniq is listed as a non-regulated company.
A non-regulated license is often given to companies that do not provide any financial services. Zeniq is listed in DIFC as a consultancy service.
These factors point to a cryptocurrency project that is possibly a rug pull or scam. Therefore, I highly recommend that you do not invest your money in Zeniq.
Related Topics: Raptoreum (RTM): Is It Legit Or A Scam?
Conclusion
This article has proven the case of Zeniq being a fake cryptocurrency project. Likewise, there are many other crypto projects out there that could be looking for their next victim and that could be you.
This is why I suggest that you do your research when it comes to making any financial or investment decision. Always remember that the crypto market is a highly volatile sector and only invest money that you can afford to lose in a worst-case scenario.
