Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

Key Insights:

  • Trust Wallet Token emerged as one of the best performers with a 15.6% rise.
  • Fantom followed closely with an almost 9% rise.
  • Although, Bitcoin and Ethereum ended up declining to $22.6k and $1.6k today.

The crypto market did not gain today as most of the altcoins ended up leaning towards the bears. However, there were still some coins that managed to close in green and mark significant rallies.

The king coin and the altcoin king sadly were not part of that cohort as they both fell to $22,682 and $1,616, respectively.

Trust Wallet Token (TWT)

The altcoin shot up by 15.65%, leading some altcoins to successfully save the market cap from falling significantly.

TWT already has the support of all three Simple Moving Averages (SMA), which will keep this rally intact.

Fantom (FTM)

Fantom, up by almost 9%, could be seen trading above $0.35, a level that has been acting as resistance for a while now.

While the Parabolic SAR indicates an active uptrend for the coin, this rally won’t be repeated, causing the coin to consolidate here.

Enjin Coin (ENJ)

Enjin was among the few coins to perform well as it rose by 11.83%. The coin, however, is yet to recover the 50.92% losses of May.

The Awesome Oscillator’s mixed signals indicated by the presence of green and red bars will not be of help here.

Ravencoin (RVN)

Ravencoin acted as one of the leaders of the downtrending tokens as it slipped by 8.19% in 24 hours to trade at $0.03.

The MACD is highlighting a bearish crossover imminent for the altcoin, which might not be a good sign for RVN as it might lose a chunk of the rally it just closed a week ago.

Oasis Network (ROSE)

ROSE was a surprise token to enter the top 100 cryptocurrency list this month after the 80.39% rally it registered in a week.

The 8.21% drop in the last 24 hours ago, although it isn’t a matter of concern as it was the effect of a cooldown after the indicator hit the overbought zone towards the end of June.

Crypto Price Analysis July 20: FLOW, ENJ, VET, SOL, AAVE

Key Insights:

  • FLOW turned out to be one of the best-performing assets today, rising by 12.3%.
  • Other altcoins such as AAVE did not support the broader market’s rally.
  • Bitcoin and Ethereum also continued trading at $23k and $1.5k, respectively.

Most of the altcoins were still keeping their rallies intact, rising further by the hour, however, their bullishness was countered by the assets that consolidated today.

But a decline in the market cap is primarily out of the question as both Bitcoin and Ethereum maintained their $23k and $1.5k price levels.

Flow (FLOW)

FLOW led the few altcoins that traded in the green, with the altcoin marking a 12.32% growth over the last 24 hours despite the intraday decline of 2.5%.

But with the Awesome Oscillator indicating rising bullishness for the altcoin, this instance might act as a bounce-off to push FLOW towards recovering its 52.23% June losses.

Enjin Coin (ENJ)

ENJ was in the same pickle as FLOW as the altcoin did not observe any rise today, but the rally from yesterday kept its 24-hour movement positive.

Trading at $0.6, ENJ still has room to grow as the diverging Bollinger Bands indicate rising volatility with the basis acting as support.

VeChain (VET)

VET at the time of writing did not move at all but, with the help of yesterday’s 5.24% growth, continued highlighting bullishness.

Although the Chaikin Money Flow does exhibit a downtick, it is mostly an inaccurate fluctuation as most of the investors are still investing in the asset, pushing it to recover its almost 32% crash of June.

Solana (SOL)

Unlike other altcoins, Solana did note some downfall today, declining by 5.28% during the trading hours, but kept its 33.65% rise throughout the week intact.

The MACD at the moment is noting some bullishness thanks to the bullish crossover, which will support it in rising further.

Aave (AAVE)

Although AAVE did not have some depreciation in the last three days, on the macro, it is maintaining its 90.13% rise from the lows, which will is crucial for the altcoin to rise above the $100 mark.

The Parabolic SAR’s white dots do exhibit an uptrend for the asset, which can assist AAVE in recovering the 57.81% dip of June.

Crypto Price Analysis June 23: CRV, MATIC, ENJ, SOL, COMP

Key Insights:

  • Bitcoin and Ethereum make no significant growth for the eighth day.
  • Most altcoins closed in green, led by Curve DAO token.
  • The ones to mark a decline also limited their fall to 2-3%.

The broader crypto market continues to drag its value at $900 billion as most of the altcoins in the market marked a rally today.

With the king coin, Bitcoin, and altcoin king Ethereum consolidating this week, the entire market might be blocked from sustaining the recent rallies.

Curve DAO (CRV)

As one of the best-performing assets of the day, CRV managed to mark an almost 17% rally in a single day yesterday, adding to the week-long rise of 39.79%.

Although the altcoin is still far away from recovering the losses it witnessed this month, trading at $0.8, yesterday’s rise brought it closer to achieving it.

The MACD continues to exhibit a bullish crossover at the time of writing, with green bars taking over the helm.

Polygon (MATIC)

Following in the footsteps of CRV. MATIC too registered a 20.37% growth in the last 24 hours after Polygon announced its achievement of Carbon Neutrality for this year.

The news was enough to not only push the coin beyond $0.5 but also help it escape the bearish zone.

The Relative Strenght Index (RSI) pulled out of the bearish zone after more than two months furthering MATIC’s efforts to reclaim its 45.46% losses.

Enjin (ENJ)

After noting no significant growth in the last few days, ENJ rallied by 11.02% in 24 hours to note a 24.67% rise in 4 days, bringing the altcoin to the mark of $0.5.

This will reinstate investors’ confidence in the asset, and at the same time, inflows could return to ENJ.

After the 11-day-long decline of 36.69%, ENJ lost a lot of the inflows from its holders, which recovered during the last few days. And a rise as such will only further it.

Solana (SOL)

One of the top 10 cryptocurrencies in the world, SOL joined the list of the best-performing assets as it shot up 11.21% in the span of a day. This added to SOL’s 32.76% rise bringing the altcoin closer to invalidating the 32.36% losses of June.

Being one of the few altcoins to begin recovery this soon, SOL has already reclaimed the bias of the Bollinger Bands.

Although the volatility has not come to an end for the altcoin, the bias acting as support will only push the price upwards during price swings.

Compound (COMP)

After a 9.61% rise yesterday, COMP crossed the $40 mark to trade at $43.24 at the time of writing.

Even though the DeFi token is observing receding bearishness on the Awesome Oscillator, it still has a long way to go before turning its 50.87% recovery into a bullish rally.

Once the bars flip up and rise from thereon, COMP will be in a good spot to mark a solid rally.

Here’s a Complete Guide to Investing in the Metaverse

Key Insights:

  • A massive boom in metaverse’s popularity was witnessed in October 2021. 
  • Global revenue opportunity from the metaverse could approach $800 billion by 2024. 
  • NFTs, metaverse tokens, and virtual land are ways in which one can invest in the crypto space. 

Metaverse and NFTs were the buzzwords of 2021 as both sectors saw a massive rise in market capitalization and general interest.

A massive boom in metaverse’s popularity was witnessed in October 2021, when Facebook made big news by changing its name to Meta. However, there’s much more to the metaverse than Mark Zuckerberg or the social media.

Over the last years, curiosity about the investment opportunities in the metaverse has often crossed traders’ and investors’ minds. However, before investing in the metaverse, it is crucial to know more about the virtual world that investors and institutions are so excited about.

The Metaverse and its Growth

According to many, metaverse technology is the next big tech as it has managed to attract social networks, online game makers, and various technology leaders globally.

In a more general sense, the metaverse can include virtual reality – characterized by usually purposeful virtual worlds that continue to exist. It also has augmented reality that combines aspects of the digital and physical worlds.

Terms like social, shared, virtual, and persistently 3D are used to describe the metaverse technology. According to many, metaverse technology is the convergence of the digital and physical worlds within the evolution of the internet and social networks. Additionally, the metaverse also makes use of real-time 3D software.

Over the last couple of years, mainstream organizations have started to jump on the metaverse bandwagon as customer demand for the technology rises. The idea of the metaverse revolves around an online space where people get to connect and interact with each other.

In fact, the metaverse mania is so immense that in January this year the Tennis Australia partnered with Decentraland to host the Australian Open (AO), which was the first official tennis grand slam in the metaverse.

Likewise, in March 2022, presenters, performers, and nominees, at the Grammys had a virtual reality experience in the metaverse via CEEK. More recently, in April this year, another project partnered with Decentraland to introduce for people to marrying in the metaverse.

Metaverse-centric organizations such as Decentraland, Meta, The Sandbox, and others are also building promising metaverse platforms and projects. Prophecy Market Insights predicted that the Global Metaverse Market accounted for $337.23 million in 2020 and is estimated to be $1003.06 million by 2030. The sector is anticipated to register a CAGR of 11.50% over the years.

A Citibank report highlighted that the metaverse economy could be valued between $8 trillion and $13 trillion by 2030.

So, for a market growing at such a high pace, what are the ways in which one can invest in the space? This article will highlight how one can, directly and indirectly, invest in the metaverse.

Investing in Metaverse for Beginners

A Bloomberg report presented that the global revenue opportunity from the metaverse could approach $800 billion by 2024. With investment opportunities in the metaverse on the rise, it could be a good space for beginners to explore. However, the crypto and metaverse market is a tricky sector that often leaves new investors overwhelmed.

Much like cryptocurrencies, the metaverse allows almost anyone to invest and earn from the space. It’s essential to note that investing in metaverse is not limited to buying crypto-assets infact one can also invest or trade-in stocks of metaverse firms.

There are quite a few publicly traded companies from the metaverse space. Furthermore, beginners can choose from different industries in the metaverse space, including real estate, video games, and entertainment.

Decentraland is one firm that offers users the opportunities to buy virtual land in the metaverse. On the other hand, Meta is one traditional finance firm offering investments in the growing space.

That said, some ways a newcomer can invest in the metaverse include purchasing virtual land and prefabricated metaverse properties. Investors can also look at buying metaverse crypto, which offers a decent exposure, especially to beginners.

More seasoned investors can also look at investing in a metaverse ETF which is often considered to be a lot safer and less volatile. Furthermore, one can look at buying metaverse stocks and creating and flipping NFTs.

Directly Investing in the Metaverse

While investing in metaverse can be done indirectly, too, directly investing in metaverse projects has lured many investors. Over the last year and a half, investing in cryptocurrencies and the metaverse has been one of the most exciting areas in the finance space.

Even though many new investors think of investing in cryptocurrencies like bitcoin and ether as similar to investing in the metaverse, it isn’t always mutually exclusive. In fact, one can invest in cryptocurrencies and the metaverse by taking various approaches.

One way of directly investing in the metaverse can be via cryptocurrencies and digital assets like NFTs in the metaverse space. Another way could be by investing or trading metaverse cryptocurrencies like Decentraland (MANA), The Sandbox (SAND), and Enjin Coin (ENJ).

These metaverse cryptocurrencies can be bought or traded directly from any major crypto exchange like Binance or Coinbase. Multiple assets across the metaverse can be used for buying products and services.

One can also invest in metaverse stocks from prominent firms such as Meta Platforms, Roblox, Microsoft Corporation, NVIDIA, and the Boeing Company, among others. Metaverse real estate is another industry that has seen tremendous growth over the last year.

Market reports have estimated that real estate sales in the metaverse could double in the year 2022. New investors and traders play a huge role in pumping the metaverse space by paying millions of dollars to buy real estate in the metaverse.

One can buy lands on the metaverse with cryptocurrencies like ether, SAND, and MANA. AXS, MANA, THETA, and ENJ are some of the most popular metaverse cryptocurrencies in use. Thus, buying one of these crypto-assets could be the first step to owning land on the metaverse.

As the metaverse technology gains more traction, entrepreneurs and business leaders stand to gain by looking into the space and investing in virtual real estate. Platforms like Decentraland and Otherside offer exciting opportunities in the virtual real estate market.

Staying Safe is the Key

While investing in cryptocurrencies and the metaverse is often seen as a glamorous, get-rich quick scheme investing in projects for their value, ecosystem, market cap, and macro growth is one thing that needs to be kept in mind.

That said, one of the most crucial things in the space is to stay safe and make informed decisions. Most importantly, it is vital to do your research in the market and assess the volatility of this growing space well.

Bitcoin and ETH Could Resume Decline, NEAR Reaches Key Juncture

Key Insights:

  • Bitcoin struggled to clear $44,000 and declined.
  • Ether (ETH) failed to clear $3,300 and is now showing bearish signs.
  • NEAR rallied over 20%, but it might face hurdles near $20.00.

Bitcoin

Recently, bitcoin price started a minor upside correction above the $43,200 level. The price was able to move above the $43,600 level and the 21 simple moving average (H1).

However, it faced a strong resistance near the $44,000 level. There is also a key bearish trend line forming with resistance near $43,800 on the hourly chart. The price is now trading below $43,500 and the 21 simple moving average (H1).

Bitcoin

An immediate support is near the $42,750 level. The first key support is near the $42,550 level. If the price fails to stay above $42,550, it could extend decline towards the $41,650 support zone. On the upside, the price must clear $44,000 and the 21 simple moving average (H1) to start a recovery wave.

Ethereum (ETH)

ETH recovered above the $3,240 and $3,250 resistance levels. However, it faced a strong resistance near the $3,295 and $3,300 levels.

There was another decline and the price traded below $3,250 and the 21 simple moving average (H1). It tested a key bullish trend line with support near $3,230 on the hourly chart. If there is a downside break below the trend line and $3,200, the price could resume decline.

Ethereum (ETH)

An immediate support is near the $3,145 level. The next key support is near the $3,100 level, below which there is a risk of a larger decline.

NEAR Protocol

NEAR remained well supported near the $14.20 level. The price started major increase and there was a clear move above the $15.50 and $17.20 levels.

The price even settled well above the $17.20 level and the 21-day simple moving average. It seems like the bulls are now aiming the main resistance on the upside at $20.00. If they manage to push the price above the $20.00 resistance zone, the price could start a major increase.

NEAR Protocol

The next major resistance could be near the $21.50 level. If not, the price might correct lower below $18.00. On the downside, there is a crucial support forming near the $15.00 level and a bullish trend line on the daily chart.

ADA, BNB, and DOT price

Cardano (ADA) is showing bearish signs below the $1.10 level. If the price breaks the $1.05 support, it could even move below the $1.00 level.

Binance Coin (BNB) failed to clear the $440 level and started a fresh decline. It seems like the price might revisit the $420 support.

Polkadot (DOT) is down 3% and there was a break below the $20.00 level. The next major support is near $19.50, below which the price might test $18.80.

A few trending coins are ZEC, CVX, and ENJ. Out of these, ENJ is gaining pace above the $1.65 resistance level.

Japanese E-commerce Giant Rakuten Launches NFT Marketplace

Key Insights

  • Rakuten Group has announced the launch of its NFT marketplace.
  • With this move, the Japanese e-commerce giant aims to capitalize on the growing NFT adoption in Japan
  • The firm intends to provide peer-to-peer listing and sales in 2023 or later.  

Japanese e-commerce firm Rakuten announced the launch of its nonfungible token (NFT) trading platform, Rakuten NFT.

Rakuten To Capitalize on Growing NFT Adoption

Rakuten Group Inc, the Japanese firm behind the popular online shopping platform Rakuten, on Friday announced that it had launched its NFT marketplace. 

Rakuten’s NFT marketplace will let users purchase NFTs, as well as peer-to-peer buying and selling of NFTs. The marketplace will offer NFTs in various areas such as sports and entertainment, including music and anime, a company press release revealed. 

Furthermore, the marketplace will also feature a unique, one-stop platform that enables IP holders to build their website for issuing and selling NFTs. The firm intends to provide peer-to-peer listing and sales in 2023 or later.  

That said, the firm had initially revealed its plans to launch a proprietary NFT marketplace in 2021 amid the growing popularity of nonfungible tokens. 

Rakuten’s first NFT drop occurred on February 25 and included digital assets from an anime called Ultraman and the horse-racing-themed comic Kurogane Hiroshi G1 Gekitoshi (2010 Series). 

Rakuten is a Japanese e-commerce store that sells goods and services across various sectors like books, fintech, cosmetics, digital content, and more. As per reports, the firm earned over 26.9 trillion yen, equivalent to $232.7 billion in the fiscal year of 2021. 

NFT Boom in Japan

Over the last year, the global NFT space saw a significant boom in popularity and adoption. After a record rise in trade volumes, major players across various sectors began dealing in NFTs. That said, of late, celebrities and sportspersons have been keen on jumping on the NFT bandwagon too. The most recent highlight in the NFT space was the speculation around Elon Musk buying the Bored Ape NFT. 

With the NFT space growing, more and more marketplaces are coming up as interest in NFTs has increased in Japan. Notably, in March last year, a Japanese crypto exchange, Coincheck debuted a dedicated NFT marketplace, while in July, early cryptocurrency evangelist Mai Fujimoto, also known as ‘Miss Bitcoin,’ teamed up with Enjin to create an NFT charity program in Japan.

Exclusible Private Islands Sold Out in The Sandbox

Exclusible, a marketplace for luxury NFTs and metaverse real estate, recently announced that it has sold out all 25 of its Private Islands on The Sandbox.

Eminent buyers of the Metaverse properties included eToro, Paris Saint-Germain FC star Marco Verratti, former Victoria’s Secret model Sara Sampaio, FC Bayern Munich’s Kingsley Coman, Serbian tennis star Ana Ivanovic, Swiss tennis player Stanislas ‘Stan’ Wawrinka, and FC Basel Shareholder and entrepreneur Dan Holzmann. 

Private Island on The Sandbox

The Exclusible Private Islands are located strategically adjacent to one of the primary Sandbox lands. These Metaverse islands comprise four different sizes with a variety of attributes, including options for helipads, a private harbor, furniture or assets, and possible interior and exterior customization. 

The sale of these exotic islands was limited to only 25 private islands, with the last purchases limited to personalities with at least 1 million social media followers. The total sum of sales stood at a staggering 910 ETH, which is equivalent to $2.9 million as of February 9. 

Leading social investing network eToro, PSG player Marco Verratti and Entrepreneur Dan Holzmann are among the notable buyers of the virtual land. That said, recently, Exclusible also sold all of its 150 villas in the Exclusible Luxury District, a ‘high-end neighborhood the metaverse’ established in The Sandbox.

As the villa sale began, 75 of the villas amounting to 4 ETH each were sold out within 48 hours during the pre-sale, and another 75 villas costing 6 ETH each were sold out within 5 hours during the public sale. The total value of the villas came to 750 ETH, or approximately $1.6 million. 

With the Metaverse activity picking up, fashion giant Gucci bought LAND in the Sandbox ahead of a virtual fashion week in March.

The Growing Metaverse Craze

With the Metaverse craze taking over, Metaverse tokens have enjoyed decent social attention over the last few months. At press time, however, The Sandbox traded at $4.24 noting 11% weekly losses. 

Decentraland (MANA) exchanged hands at $3.30 noting 4.34% daily gains, while Enjin Coin sat at $1.97 noting 3.80% gains in 24-hours. That said, just a couple of days back, The Sandbox announced that users can now stake its native currency, SAND, on Polygon, this pumped both the tokens’ prices by close to 10% in one day.

GALA Coin Skyrockets 20% Amid News of $5 Billion NFT Expansion

Gala Games platform’s GALA token, surged over 20% in the last day, overshadowing gains of other major metaverse tokens as well as Meta’s stock.

This spike in price came in tandem with Gala Games’ announcement about plans to deploy $5 billion within the next year to bolster its non-fungible token (NFT) offerings by buying intellectual property rights and building a theme park.

GALA in Limelight

Gala Games (GALA) is a blockchain-based, play-to-earn (P2E) gaming ecosystem that enables players to earn their GALA tokens for in-game achievements. It also offers the creation and trade of NFTs on exchanges or in the game itself.

In the last year, the token saw a price jump of over 50,829% soaring to its all-time high price of $0.841, as the coin surpassed other eminent metaverse projects including Axie Infinity, The Sandbox, and Decentraland

Reportedly, Gala is set to spend $2 billion on gaming, $1 billion on movies, $1 billion on music, and the remaining $1 billion to construct a theme park, in efforts to expand its NFT and Metaverse presence. 

That said, the project was recently in the limelight after rapper Snoop Dogg signed a promotional deal with Gala to create loot boxes to promote his new album, ‘B.O.D.R. (Bacc on Death Row).’

Notably, there will be 1,470 NFTs minted for each song and the NFTs do not confer any sort of IP rights.

Furthermore, Gala also announced another Galaverse festival set for June in Copenhagen. The blockchain-based gaming platform held the previous Galaverse event, in December in Las Vegas.

The event generated considerable social attention as it was deemed as one of the first major concerts to occur post-COVID-19.

Metaverse Tokens Soar

While GALA’s recent gains were commendable, the token still traded at an almost 50% discount from its top. The same could be seen as an attractive entry point to invest in the metaverse token for participants. 

FXempire, Gala, Crypto, metaverse
Source: FXEmpire

Last year, in November, GALA registered over 95% gains in just a fortnight making a new ATH on November 26. For now, other major metaverse tokens such as MANA, ENJ, and SAND also noted decent gains, possibly on the back of the recent BTC gains.

As per data from Coin Market Cap, MANA was up close to 10% in a day, while SAND posted gains of 7%. On the other hand, Enjin Coin noted close to 8% gains as the total crypto market cap seemed to head towards the $2 Trillion mark once again.

How Will SHIB’s Entry Into the Metaverse Affect MANA, AXS & SAND?

The one thing that the crypto-verse had been expecting for quite a bit was a doggy-themed Metaverse. Shiba Inu, the most popular Dogekiller in the market acted upon the same and announced its grand entry in the Metaverse space. 

Developers behind the meme coin stated that the protocol would soon offer plots of virtual lands called ‘Shiba Lands’ in an upcoming, but unnamed metaverse.

The same caused a considerable price uptick for both SHIB and LEASH tokens, as presented in a previous article

Shiba’s Metaverse Saga Begins…

In 2020, the Metaverse was worth approximately $47.69 Billion with coins like Decentraland (MANA), Axie Infinity (AXS), and The Sandbox (SAND) leading the market. After Facebook’s Meta rebrand, MANA was the first to rally followed by Enjin Coin (ENJ) and SAND. 

In the blog post shared by Shiba Inu developers, they said:

“The Metaverse is set to be one of the biggest areas within crypto for many to enjoy, while others will produce content and developers will set up shops within using it as another great resource to offer crypto communities incentivization, content, and regular royalties.”

Just like Sandbox and Decentraland introduced virtual real estate, Shiba Inu came up with its own Metaverse real estate called ‘Shiba Lands’.

These “lands” are set to be found inside the Shiberse and will be available for purchase/auction ‘really soon,’ as stated by the blog

The involvement of Doge Killer (LEASH), since the LEASH token gives priority and exclusive access to the first selling phase of the land plots has pushed the token’s price up by 40.05% over the last day.

While SHIB and LEASH saw decent pumps, what will be the fate of top Metaverse tokens like MANA, AXS, ENJ, SAND, and others?

SHIB to Challenge Metaverse Tokens?

Shiba Inu, for now, ranks 13 by market cap noting an over 60.22% gain in the last week. Interestingly, Shiba’s market cap is higher than most of the Metaverse tokens. Even the top Metaverse token, MANA, at press time ranked 30 (more than 15 positions behind SHIB) noting a 29.71% gain over the last week. 

While due to the larger market momentum most of the altcoins including Metaverse tokens seemed to rally, the question of the hour was whether SHIB could challenge the monopoly of major Metaverse tokens. 

As per data by WhaleStats, SHIB was back on the top 10 purchased tokens list and was also the topmost used smart contract by 1000 biggest ETH whales in the last 24hrs. 

For now, SHIB’s higher market cap and better social media outreach in terms of followers and positive sentiment seemed like it could threaten the monopoly of top Metaverse tokens.

However, it should be kept in mind that SHIB’s narrative as a meme token would act as a drawback. Furthermore, SHIB’s highly volatile price action and larger downtrend in the last year could act as a hindrance for its larger narrative. 

That said, it is also notable that when talking about Metaverse developments, external news always pumps prices of Metaverse tokens in general. On the other hand, ecosystem-centric developments and collab or partnership news pump Metaverse tokens individually.

For now, looking at the rise in the price of the Metaverse tokens, it seems like their prices reacted positively to SHIB’s Metaverse news.

As of now, the name of the Shiba Inu Metaverse remains undecided but some decent pump in SHIB prices could be expected after the same is announced.

GALA Coin Value Spikes by Over 70% in Seven Days

One of the highest growing tokens last year, GALA appears to have picked up from where it stopped with an increase of almost 80% over the previous seven days as it is now trading for $0.36.

The cryptocurrency, which is the native token of the Gala Games ecosystem, has now recovered from its drop earlier this year.

GALA’s Recent Spate of Partnerships

GALA token broke into public consciousness last year after a massive spike that saw its price go up by more than 1000% in the space of a few weeks. Since then, the blockchain gaming ecosystem has been building on its performance to attract more users.

We reported that it recently partnered with Kungfu Factory to develop a card collectibles game named Legends Reborn. The game recently had a venue presale where users can own gaming arenas that they can rent out and monetize later on,

But Gala games isn’t resting on their oars. Based on Binance Smart Chain, the platform is also working on several games, including Spider Tank, Mirandus, Town Star, Echoes of Empire, and Fortified.

These developments have been a catalyst for its rising prices over the past few weeks.

Beyond the dozens of games it has or currently working on, the platform also has a built-in marketplace for game items. This makes it possible for users to buy non-fungible characters and objects to improve their gaming experience. 

Other NFT Tokens are on the Rise Too

The integration of NFTs into play-to-earn games has boosted the profile of related tokens in recent months. Apart from GALA, tokens of Metaverse focused, and play-to-earn platforms such as Decentraland, The Sandbox, Axie Infinity, and Enjin have also been performing well.

Available data shows that Decentraland (MANA) has grown by 24% in the last seven days, the Sandbox (SAND) has increased by 15%, Axie Infinity (AXS) has risen by 19%, and (Enjin Coin) is up by 12%. 

Notably, GALA appears to have recorded the most significant growth in the past seven days, with a 75.8% increase in value.

This growth follows a pattern in its price action, which has been positive for a month now. In the past 30 days, the token increased by 9.9% and continued with 91.6% in the last fourteen days. Growth remains positive today, with a 6.4% rise in 24 hours.

Nintendo Could Be Next to Jump on The NFT and Metaverse Train

After the Meta rebrand of the social media giant Facebook, the Metaverse space has received considerable attention both in terms of social interest and institutional interest.

Media conglomerates like Twitter and YouTube too joined in on the NFT mania soon enough. Now jumping on the bandwagon is the Japanese multinational video game company Nintendo. 

Nintendo Could Explore NFTs and Metaverse

During Nintendo’s recent financial results, in a Q&A session, the company addressed questions surrounding NFTs and the metaverse space.

It was further highlighted by David Gibson, a senior analyst at MST Financial, that Nintendo hinted at its interest in the Metaverse space and could see ‘the potential’ it had for the company. 

Statements from the company said:

“We do have interest in this area, we feel the potential in this area, but we wonder what joy we can provide in this area and this is difficult to define right now.” 

However, in a follow-up Tweet, Gibson claimed that Nintendo’s interest and response were ‘mainly focused on metaverse.’ 

Gaming Firms Exploring the Metaverse

Not just Nintendo but South Korea’s largest mobile game developer, Netmarble, too recently revealed plans to release games for the metaverse following the creation of its new development unit last year.

The gaming giant further said it was developing a sequel to its monopoly-styled board game titled ‘Everybody’s Marble: Metaworld’ under its subsidiary Netmarble F&C.

Notably, metaverse tokens like Decentraland (MANA), The Sandbox (SAND), and Enjin Coin (ENJ) saw a good pump at the time of Facebook’s rebrand announcement last year. 

Developments in the Metaverse space tend to push the prices of the aforementioned coins. For now, however, with Bitcoin above the $40K mark most altcoins were noting a nice price rise. Of the Metaverse tokens at press time Enjijn Coin (ENJ) noted the highest gains of over 9% trading at $1.81. 

Grayscale’s First Equity ETF Tracks Companies Building ‘Digital Economy’

Crypto asset manager Grayscale Investments, which has $38.2 billion in assets under management, began trading its first equity ETF.

GFOF ETF Is Listed on NYSE Arca

Announced Wednesday, the exchange-traded fund — the Grayscale Future of Finance ETF, will track the Bloomberg Grayscale Future of Finance Index. Trading under the ticker GFOF, the fund aims to invest in companies working for the advancement of the ‘digital economy.’

The index aims to track 22 companies associated with several crypto-linked equities as well as other financial institutions in the fintech space, the company announced in January.

The fund will be administered by the U.S. Bank and Foreside Fund Services will act as the Grayscale ETF’s distributor. The ETF is available on the NYSE Arca, starting today.

Dave LaValle, the firm’s global head of ETFs, calls the fund the “first step” in a  strategic expansion of Grayscale’s investment offerings.

“Through GFOF, investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system,” LaValle said in a company release.

The Bloomberg Grayscale Future of Finance Index comprises asset managers, exchanges and brokerages, crypto mining companies and firms involved in energy management, to name a few.

Future of Finance Index Means Revenue Growth for Cryptos

The Bloomberg Intelligence strategists projected the securities within the index in order to drive growth within the space. The fund will also play a major role in revenue growth for digital assets in the near future.

Some of the companies under the Bloomberg Grayscale Future of Finance Index include Paypal (PYPL), Coinbase Global (COIN), Block Inc (SQ), Silvergate Capital (SI) among others, a January report stated.

Grayscale has diversified its offer to remain a leader in the smart money domain. The investment giant recently added 25 new digital assets to its “under consideration” list. This includes tokens for a number of DeFi, metaverse, and NFT projects, such as Algorand (ALGO), The Sandbox (SAND), Axie Infinity (AXS), and Enjin (ENJ).

This follows the company’s application to the U.S. Securities and Exchange Commission (SEC) in October 2021, asking to convert Grayscale Bitcoin Trust (GBTC) into an ETF, but regulators have delayed a decision on a spot Bitcoin proposal from Grayscale.

Apple Stock Jumps after CEO Hints at Metaverse Investment

The Metaverse mania and primarily Facebook’s Meta rebrand were key in pushing the space to mainstream attention in the last year.

Since then institutional interest in the Metaverse space has kept attracting eyeballs and stirring the narrative for Metaverse tokens. The newest institution to jump on the Metaverse razzmatazz is Apple

Apple Embraces the Metaverse

On Thursday after Apple CEO Tim Cook talked about expansion of the company’s augmented reality apps, teasing metaverse ambitions, the same prompted a strong investor response that pushed Apple stocks. 

Apple’s stock price jumped in after-hours trading after Cook during the company’s Q1 2022 earnings call said that he sees considerable potential in the Metaverse space. Notably Apple stock jumped by close to 5% in after-hours trading on January 27. 

Cook further added:

“We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”

APPL had dropped about 3% to $159.22 during day trading hours, however, post the announcement it saw a close to 8% jump and traded at $167.23 in after-hours trading. 

Furthermore, during the company’s Q1 2022 earnings call Cook also said that metaverse developments are related to the company’s current AR/VR endeavors. Adding to that the Apple CEO said that the company is in the ‘business of innovation’ and has ‘over 14,000 AR apps in the App Store.’

AppleInsider also reported that Cook pointed out that apps designed using ARKit could help users gain access to the Metaverse.

For now, while Meta is tilting towards using the Oculus headset to immerse users into the Metaverse, Apple is placing its bets on AR technology. Notably, an Apple headset was scheduled for release in 2022, but it may be delayed for now due to hardware and software challenges. 

In the last few months, some of the biggest tech companies like Meta and Microsoft, have taken steps to move forward with public plans to develop in the Metaverse space. 

Metaverse Interest Could Trigger Token Growth

After Facebook’s Meta rebrand considerable amount of interest poured into the space which pumped Metaverse tokens to their new ATHs amid rising curiosity about the space.

Decentraland (MANA) a decentralized 3-D virtual reality platform supported by the Ethereum blockchain, saw its native token MANA soar to an all-time high of $4.11 on 31 October amid the Meta rebrand mania. Furthermore, metaverse tokens like Enjin Coin, The Sandbox, and others considerable surge in price too. 

FXempire, Metaverse, Crypto, MANA, SAND, AXS
Source: CoinMarketCap

Likewise, if the tech giant Apple explores a way to enter the Metaverse space in the future the same could aid price rallies for the aforementioned tokens in the future. That said, Apple’s plans to enter the Metaverse space aided Metaverse tokens’ price uptick at press time.

Notably, MANA was up almost 4% over the last day while SAND saw close to 10% price appreciation in the last 24-hours, while trading volume saw a considerable jump too. 

Grayscale Investments Includes 25 New Cryptos Under Its Radar

Grayscale Investments, which manages cryptocurrency investment funds and a subsidiary of the Digital Currency Group, has added 25 new digital assets to its “under consideration” list.

The crypto investment giant said Monday that the addition is a part of the “exploration” of the crypto sector. These “assets under consideration” include tokens for a number of DeFi, metaverse, and NFT projects.

Some of the digital assets include Algorand (ALGO) and Convex (CVX) for DeFi projects, The Sandbox (SAND), Axie Infinity (AXS), and Enjin (ENJ) for metaverse protocols.

Some of these assets would either join the range of single-asset products like Grayscale Bitcoin Trust or the Grayscale Ethereum Trust, or the multi-asset product Grayscale Digital Large Cap Fund.

Grayscale views the addition of new digital assets as its “responsibility to introduce investors to the diversity in this space.”

“Assets under consideration lists some digital assets that are not currently included in a Grayscale investment product, but that has come to our attention as part of our exploration of this sector,” the company announcement noted.

Earlier this month, Grayscale rebalanced its DeFi fund quarterly, adding the Flexa’s amp (AMP) token and excluding Universal Market Access (UMA) and Bancor (BNT).

Assets Currently Active

Grayscale already lists an array of 23 cryptocurrencies under its “Grayscale’s Product Family.” This includes Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Solana, Cardano, among other digital assets.

Despite a more complicated market, Grayscale’s desire – to diversify its offer and remain a leader in the smart money segment – remains unchanged.

The asset manager has clearly indicated that the new addition of crypto assets are only hypotheses under study and that Grayscale will not integrate every asset under consideration into its product catalog.

“Grayscale may explore additional assets other than those included in the Assets Under Consideration table for inclusion in Grayscale Products. Similarly, assets could be included in the Grayscale Product family without first being listed on this table,” the firm added.

Grayscale Tiptoes Into Crypto Space

Grayscale Investments announced last week, its partnership with Bloomberg to launch a new crypto-based index dubbed – Bloomberg Grayscale Future of Finance Index (BGFOF).

The index aims to track 22 companies associated with several crypto-linked equities as well as other financial institutions in the fintech space.

Grayscale Investments applied to the Securities and Exchange Commission (SEC) in October, asking to convert GBTC into an ETF, but regulators have delayed a decision on a spot bitcoin exchange-traded fund (ETF) proposal from Grayscale.

This followed a written letter from Grayscale to the SEC, saying that the regulator is “breaking the law”. In the letter, Grayscale lawyers argued that the SEC’s preference for BTC futures ETFs over a Bitcoin spot ETF seems to be “arbitrary and capricious.”

Despite Bearish Crypto Market, OpenSea Trading Volume Continues to Gallop

The crypto market might be down, but the non-fungible tokens space remains a hot cake. That’s what the transaction volume of OpenSea reveals. 

The NFT marketplace has seen $2.1 billion in NFT sales within the first ten days of the year, more than half of its record trading volume of $3.5 billion in August 2021.

OpenSea Transaction Volume Could Reach $6 Billion This January

While several major cryptocurrencies have been losing a substantial part of their value in the last 30 days, NFT sales appear to be going higher. On January 2, 2022, OpenSea had sales worth $243 million. That was more than the $124 million it made on the first day of the year and $170 million in sales on December 31.

At this pace, analysts have projected that the NFT marketplace could record over $6 billion in trading volume for this month.

In 2021, OpenSea had a trading volume of almost $14 billion. This is far ahead of the previous year when it traded only $21.7 million worth of assets. The 646% surge in trading volume shows how much the NFT sector has matured within a year.

OpenSea has established itself as the prime place to buy NFTs. It accounts for close to 60% of the market sales, leaving its competitors far behind. The nearest platform, Rarible, recorded $260 million in its transaction volume for 2021.

PhantaBear, Bored Apes Record Huge Sales in Last Seven Days

The dominance of OpenSea isn’t surprising given the collection of NFTs on it. The marketplace features the biggest NFT collections such as Bored Ape Yacht Club, CryptoPunks, etc. However, the current trading streak is driven by the rising interest in the PhantaBear collection, Bored Apes, and Doodles collections.

Per data from the platform, Jay Chou’s PhantaBear collection leads the sales volume with over $53 million, while Bored Apes has recorded around $51.5 million within the last seven days.

What makes this trading streak even more interesting is how it negates the overall situation of the crypto market. As the crypto market pullback continues, several tokens have dropped substantially in value. Even NFT tokens such as MANA, ENJ, SAND, and AXS have lost at least 10% of their value in the last seven days.

However, the trading volume isn’t that surprising. Interest in NFTs continues to grow as more people see value in the space. Recently, legendary rapper Eminem bought a Bored Ape NFT. Just as celebrities buy NFTs, tech companies like Samsung and LG have revealed plans to integrate them into their latest products.

New NFT Marketplace LooksRare Launches, Suffers DDoS Attack

A new NFT Marketplace, LooksRare, has been launched. The platform claims it’s a community-oriented marketplace and plans to index all NFTs on Ethereum blockchain.

With over $20 billion in trading volume last year, the NFT space has grown into a major market. But it has been primarily dominated by OpenSea, which accounted for almost $14 billion of last year’s sales. LooksRare appears intent on changing that.

LooksRare Targets OpenSea Users

The new marketplace, which has two anonymous co-founders and a team of 9 engineers, has already launched its attack plan. It intends to attract users with its LOOKS native token. The token went live yesterday and is already trading on Uniswap.

It plans to attract big NFT spenders from OpenSea by giving them LOOKS for free. Anyone that has traded over 3 ETH on OpenSea between June 16 and December 16, 2021, can claim the tokens. 

This poaching of existing users is called a vampire attack in crypto, and LooksRare isn’t the first to try it on OpenSea. Another NFT marketplace, Infinity, also tried it after launching in October 2021.

Beyond enticing existing OpenSea users, LooksRare plans to reward users whenever they trade an NFT. It will also reward those who stake the LOOKS token and promise a 30,400% APR. It also looks to entice more users with its lower 2% standard fee.

LooksRare Suffers DDoS Attack

Hours after its launch, the LooksRare website was inaccessible because it suffered a distributed denial of service (DDoS) attack. Some users revealed that they could not connect their wallets and list their NFTs. 

The team soon had the site back online though it was revealed that the wallet issue persists, with some users still coming up with other tethering problems.

NFT Tokens Lost 3.5% of Market Cap in 24 Hours

While the trading volume on OpenSea has risen above $2 billion in the first ten days of this new year, the growing interest and trading volume of NFTs hasn’t translated to a green run for NFT tokens.

According to available data on Coingecko, only Ecomi’s OMI token saw a price rise of less than 1% amongst the top 10 NFT tokens in the last 24 hours.

Top NFT tokens like AXS, SAND, GALA, ENJ and MANA lost between 2-6% of their values within the same period.

Aside from that, the market cap of tokens in the space lost close to 4% of its value within the last 24 hours too.

3 NFT Tokens Tipped to Rise in 2022

Since Non-fungible token (NFT) was first created in 2015, the market has been steadily growing to new highs.

However, 2021 proved to be a landmark year for the NFT sector. Compared to 2020, when the industry generated less than $100 million, the nascent sector had a trading volume of more than $23 billion by the end of the year.

It’s on this backdrop that we enter 2022, and as more firms turn to the space, the future for the NFT market is very positive. According to Chainalysis, the NFT market, now worth about $27 billion, would skyrocket in 2022. 

What Are NFTS? 

NFTs are digital tokens of tangible and intangible items that can be transacted on the blockchain. 

They can be digitized art, code, tweets or tickets, or collectible cards.  While there are hundreds of NFT projects, only a few are truly outstanding. Here are some of the best NFT tokens to look out for in 2022.

  1. The Sandbox (SAND)
  2. Axie Infinity (AXS
  3. Enjin (ENJ)

The Sandbox

The Sandbox is a gaming ecosystem based on the Ethereum blockchain. It’s an earn-as-you-play gaming platform based in Hong Kong, China. It was co-founded by Sebastien Borget.  

The online gaming community is a multiverse that combines blockchain technology, NFT, and decentralised finance in a virtual metaverse.

Players can choose their avatars and develop them across various games. Just think of GTA, but as an online, virtual multiplayer, allowing you to transact in real-time.  

Venture capital group Softbank recently took part in a $93 million funding round for Sandbox, which positively influenced its price.

The coin has risen by over 14,000%, and as more people get on the Sandbox gaming platform, there is still room for much increase. Sandbox sells around the $5 mark presently. It has a market cap of $4.67 billion.

Axie Infinity

Just like Sandbox, Axie Infinity is also a play-to-earn community-based network. Axie is simply an online world, having its own economy, landscape and politics. 

On Axie, the fun is unlimited. Players interact with one another and can build complete lives. They also can buy, collect or breed digital companions called “Axies” and also buy “small love potions” (SLP). 

Axies are somewhat of a digital pet; you can buy Axies or win them from other players. And, if you want, you can breed them from scratch. 

When they are grown, you can sell them to other players to earn AXS, the native token of the platform. AXS can also be used to generate real income if they are sold outside of the Axie infinity network.

Gamers can enter into the metaverse by converting their assets into AXS. Axie Infinity is based on the Ethereum blockchain and was founded by Sky Mavis, a company based in Vietnam. 

AXS is currently in a top 3 NFT tokens, and while it has surged by over 10000% within the last year, many analysts still tip the asset’s value to go higher.

Due to the current bearish nature of the market, its value recently dropped to around $68 from a high of $95 seen last week. Its market cap stands at around $5.83 billion.

Enjin

Enjin started as a community gaming platform in 2009  when it was created by Witek Radomski and Maxim Blagov.

The project had somehow been able to evade the public’s attention until 2017, when it launched an initial coin offering (ICO) through which it raised around $19 billion through the sales of ENJ tokens.

The Enjin blockchain powers a social platform based on the Ethereum network. Participants can create groups and chat and form forums on the platform. They can also play games, host communities, and sell merchandise. 

There are various gaming groups on the platform, and it has millions of gamers on its platform. Its growth has made it one of the closest rivals to the Axie and Sandbox gaming communities. 

With the chance for gamers to tokenize their items, in-game purchases are possible, and that has contributed to its growth. 

The platform is also looking to draw in more users with a recently launched Effinity Metaverse Fund, projected to rise to $100 million. 

The Enjin coin is one of the top 70 digital assets and has a market cap of over $2 billion.

Why These NFTS Would Rise

NFT-based projects are undeniably the darling of the crypto-sphere in recent times, especially since Facebook revealed that it was changing its name to Meta. This move by the social media giant has led to the rise in the adoption of these tokens and, at the same time, the growth of the space.

Thus, with many traditional firms investing in NFTs by buying these digital tokens and also making strategic moves in the space, one can be sure that these assets would witness an uptrend in their values throughout this year too.

Crypto Inspiration Boosts GameStop Stock by Over 20%

The shares of video game retailer GameStop saw a 27% rise on extended trading yesterday. This came after news that the company is launching a division to develop a Non-fungible token (NFT) Marketplace and establish cryptocurrency partnerships.

GameStop to Launch an NFT Marketplace 

Although the company refused to comment, a source close to the matter confirms this saying it is part of the massive restructuring currently ongoing at the company. This is in a bid to turn GameStop to eCommerce after years as a brick-and-mortar business.

Apparently, an NFT marketplace is an important part of this plan. According to Wall Street Journal, which first reported the news, the company is already working with some game developers and publishers who’ll list their NFTs on the marketplace.

The company got a lot of attention during the meme stock rally as the price of GME went through the roof last year. But it has since dropped to more conservative levels. 

Now, an NFT marketplace appears to be the perfect catalyst the company needs for its shares to rebound. GameStop launched an NFT website last year for creators to join the platform and also announced that it would be accepting popular meme coins, Dogecoin and Shiba Inu.

With the company already hiring over 20 people to work on the project, the marketplace might be a reality soon. Per WSJ, the marketplace will be a virtual space for people to trade NFTs of virtual video games collectibles.

GameStop’s interest in NFT isn’t surprising, especially with the digital asset’s mainstream attention in recent months. You’ll recall that we reported the acquisition of an NFT by popular football star Mario Gotze. We also reported that a leading sporting event, Australian Open, is also incorporating NFTs into its tournament.

Also, two of the leading electronics makers in the world, Samsung and LG electronics have announced that they would be adding NFT features to their new smart TVs.

NFT-related Tokens are in red Despite Public Interest

According to data from Coingecko, the top 5 NFT tokens by market cap have lost between 2% to 25% of their values in the last seven days.

In fact, Axie Infinity’s AXS token, for example, is one of the biggest losers as it lost over 20% of its value within the last 7 days despite the growing interest by top companies like Adidas and others. Other top losers include GALA and SAND with losses in double digits too.

However, it should be noted that the entire crypto market is currently bearish.

Projects like Decentraland, Enjin Coin, and others went on a bull run that culminated in their native tokens rising to new heights last year.

ENJ up 5% After Announcing First Collectible Drop of the Year

The cryptocurrency market has started the new year the same way it ended in 2021. The prices of some of the leading cryptocurrencies are still in the red zone, while some altcoins are performing excellently.

Enjin Releases First Collectible of the Year

The Enjin team announced the launch of its first collectible drop of the year over the weekend. The team gave away free NFTs to its followers after posting the link and QR code to the NFT. The Enjin team added that it would be rewarding ten lucky winners who collected all three holiday drops with 22 ENJ tokens.

 

Enjin is an Ethereum-based cryptocurrency used to directly back the value of some blockchain assets. The team wants the coin to be the gold standard for digital assets. Enjin is credited with creating the open-source ERC-1155 token standard. This token standard allows game editors to convert a wide range of assets like digital art, real estate and currency into tokens that can be used in blockchain applications.

Some of the use cases for Enjin’s ERC-1155 tokens include certification of ownership and several others.

ENJ Rallies Following the NFT Drop

The price of ENJ, Enjin’s native token, has been rallying since the team announced the NFT drop a few hours ago. Over the past 24, the value of ENJ has increased by more than 5%, outperforming numerous coins in the market. At press time, ENJ is trading at $2.86 per token.

ENJ is trading below its 50-day EMA. Source: FXEMPIRE

The technical indicators show that the ENJ token is performing well but could struggle to maintain its current momentum. ENJ is still trading below the 50-day moving average of $3.01. Failure to break past the 50-day EMA could see ENJ’s price drop lower over the coming hours.

The MACD line currently stays around the neutral zone following days of negative performance. Meanwhile, the 14-day RSI of 48 shows that ENJ is just getting out of the oversold region.

If the rally can be sustained, then ENJ could break past the 50-day EMA and rally towards the first major resistance point at $3.2. However, ENJ would need the support of the broader market if it intends to reach the second major resistance level above $3.6.

Metaverse And Cryptos: Top Tokens To Watch Amid Hype

Metaverse is on the air, and the tech and cryptocurrency sectors are discussing its potential, pros, and cons.

Although the concept has been in the talks since a long time ago, Facebook’s announcement via its CEO, Mark Zuckerberg, about rebranding the company to ‘Meta’ and unveiling its plans to launch a metaverse for the social media network’s users.

In the case of the cryptocurrency industry, some projects are working around this concept and trying to assess how to extract the best of this relatively-new world. But, what is the metaverse?

Metaverse Definition

The concept can be defined as a confluence of humans’ physical and digital lives via augmented reality, extended reality, and virtual reality. Its potential at least is huge, considering that the technology had advanced at giant steps in a matter of years. Artificial intelligence is also another front that comes to play a role and has seen a huge boom across tech companies’ business lines.

Bloomberg recently stated that the metaverse’s market size could reach $800 billion in valuation by the end of 2024, which suggests a golden egg or mine is around the corner, as the industry has the potential to skyrocket further in terms of adoption once it gets developed significantly.

As NFTs and the hype around it are also bolstering discussions on how it can be compatible with the metaverse, the fact is that some crypto firms and projects have already joined the metaverse’s bandwagon via the development of related tokens.

Top Three Metaverse Tokens To Watch

Axie Infinity (AXS) is an NFT-based online video game that relies on its in-house token to reward users via the play-to-earn concept. But not only is it about being rewarded with crypto tokens and participating in the game’s governance – having an active voice in the development of the video game. Its total supply is 270 million.

On the other hand, Enjin Coin (ENJ) arrived with a token that makes the work easy and simple for individuals and firms to deal with NFTs, which can be minted within the Enjin’s environment. Moreover, the project had grown significantly, even raising some funding that helped develop the network and the usage of its tokens.

The last on the list, but not the least, is The Sandbox (SAND), which is another token with high potential within the metaverse’s front because its players can monetize and own their gaming experience. The token is built on ERC-20 and runs through the Ethereum blockchain.