Key takeaways
- Pi (PI) has now been used in exchange for real-world items, with a South Korean token holder using his tokens to buy a piece of artwork near the current IOU value
- Pi Network has still yet to launch, and the beta version of the blockchain does not support the transfer of PI tokens to exchanges or other blockchain ecosystems
- After a 65% price increase in the past 3 months and more than 47 million active users on the network, the CoinCodex algorithm expects further upside for PI
PI, now the second-largest crypto in South Korea, begins to be used as currency
Pi Network (PI) has revealed that one of its community members has purchased a piece of artwork using PI tokens. The art was sold to a buyer in South Korea at an exchange rate of $37.59 per PI, which is almost equal to the IOU value that can be found on select exchanges.
According to community reports: The painting tagged by @PiCoreTeam was sold in South Korea for 50,000 won per Pi coin, or $37.59 per Pi coin.?️#Blockchain #Crypto #PiNetwork https://t.co/V3CdrDqjSl pic.twitter.com/y9HgRBgAeF
— Pi News (@PiNewsMedia) September 17, 2023
PI tokens have yet to launch as tradeable assets on cryptocurrency exchanges, which means that the only way to acquire them is by mining on the Pi Network using a mobile phone.
The exchange rate for PI is typically denominated in an IOU because the asset is not available on the free market yet. The way the IOU system works is that some exchanges will trade future PI tokens at the current IOU value before the blockchain enters its open network phase.
With more than 47 million users already, there are a growing number of people around the world who are bullish on the future of PI. The South Korean user who purchased a painting using PI was able to transfer the tokens directly to the artist. As of today, Pi Network is the second-most-owned cryptocurrency in South Korea behind only Bitcoin (BTC).
PI’s IOU value rises 65% in past 3 months, algorithm expects further upside
PI surged 142% in the space of two weeks during August, and currently finds itself 65% up in terms of its IOU value. Speculators have been watching PI’s developments with a keen eye, as the full mainnet launch of the Turing complete, mobile-first chain looks set to cause some major movements to the upside.
This will be the first time that PI is made available on the open market, meaning that traders will be able to buy and sell the asset freely on exchanges. With demand for the token already brewing in the background, the PI price prediction algorithm expects Pi Coin to climb 433.72% over the next year. During this timeframe, the real PI token could be launched on the open market.
1-Year price prediction for PI.
Bottom line: Pi Network continues to grow despite it still being in beta
The rapid growth of Pi Network is a testament to its highly accessible DeFi ecosystem. The mobile-first mining system enables anyone to secure the network infrastructure with minimal barriers to entry, which has led to a growing level of adoption despite the fact that PI is yet to launch.
The recent sale of a piece of artwork to a user in South Korea is a testament to the project’s astounding progress. PI tokens being used as currency in exchange for real-world items reflect that both counterparties in the P2P transaction were happy to accept the IOU value. This shows real, tangible belief in the future of the network from its community members.
You can learn more about how Pi Network works by reading our article here.
