Crypto Market Daily Highlights – ETH Leads the Top Ten into the Red

Key Insights:

  • It is a bearish start to August for the crypto top ten, with Ethereum (ETH) leading the way down.
  • A lack of cues from the crypto market leaves investors to stew over a string of weak US economic indicators.
  • The bearish session sees the total crypto market cap heading for a third consecutive loss, with $16.4 billion coming off the table.

It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) failed to visit the $24,000 handle for the first time in four sessions. The bearish start to August sees ADA and SOL also struggle.

There were no cues for the crypto market, leaving investors to consider weak US economic indicators.

On Monday, the ISM Manufacturing PMI fell from 53.0 to 52.8, with the Markit survey-based PMI falling from 52.7 to 52.2.

Following Q2 GDP numbers from last week, investors are getting jittery ahead of this week’s nonfarm payrolls.

The NASDAQ 100 slipped by 0.18%, with the NASDAQ already baking in the prospects of a recession.

NASDAQ correlation remains firm
Total Market Cap – NASDAQ – 020822 5 Min Chart

The Total Crypto Market Cap Starts August on a Bearish Footing

On Monday, the total crypto market cap rose to an early high of $1,070 billion before sliding to a low of $1,037 billion.

Finding late support, the market cap currently stands at $1,043 billion, down $16.4 billion for the session.

Total crypto market cap falls on recession jitters
Total Market Cap 020822 Daily Chart

There were no cues from the crypto market to weigh on investor sentiment. Following a bearish Sunday, a modest NASDAQ 100 fall over recession jitters sent the crypto market into the red.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bearish start to the month for the crypto top ten.

With two hours of the session to go, ETH (-3.34%) is leading the way down, with ADA (-1.55%) and SOL (-2.89%) also struggling.

BNB (-0.85%), BTC (-1.14%), DOGE (-0.32%), and XRP (-0.57%) are seeing relatively modest losses.

From the CoinMarketCap top 100, it is a mixed session.

Hive (HIVE) leads the way, surging by 67%, with Chiliz (CHZ) and Gala (GALA) up by 15.71% and 7.23%, respectively.

However, at the other end of the table, Filecoin (FIL) led the way, sliding by 17%. Arweave (AR) and Ethereum Classic (ETC) are also in the deep red, falling by 12% and 11%, respectively.

Total Crypto Liquidations Highlight Bearish Start to August

Late in the Monday session, 24-hour liquidations have risen, while market conditions have improved with two hours left to go.

At the time of writing, 24-hour liquidations stood at $163 million, up from $133 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 72,497 versus 62,484 on Monday morning.

However, the one and four-hour liquidations reflect improving market conditions.

Crypto liquidations rise over 24-hours
Total Crypto Liquidations 020822

According to Coinglass, four-hour liquidations stand at $12.96 million, down from $35.37 million on Monday morning. One-hour liquidations are $1.28 million, down from $4.81 million (see hourly crypto market cap chart below).

Crypto market steadies
Total Market Cap 020822 Hourly Chart

Daily News Highlights

  • Binance.US announced Amp (AMP) delisting in response to SEC security tag.
  • Kadena launched the first gas-free decentralized exchange (DEX) called Kaddex.
  • Tiffany goes NFT with 250 CryptoPunk NFT necklaces.
  • Research shows that Metaverse and Gaming are weathering the crypto winter.

Crypto Price Analysis July 21: CRV, ETC, GALA, EGLD, ICP

Key Insights:

  • Elrond was one of the biggest losers of the day, declining by 9%.
  • Curve Finance’s token countered this bearishness with 17.36%.
  • Bitcoin declined slightly today, trading at $22.9k, while Ethereum stood still at $1.5k.

As some of the altcoins noted depreciation today, most of the other cryptocurrencies rallied ahead instead. This kept the entire crypto market capitalization unchanged at $1.022 Trillion.

Ethereum followed the broader market cues changing hands at $1.5k, while Bitcoin dipped slightly, trading at $22.9K.

Curve DAO (CRV)

CRV led the altcoins, which continue rising today against the broader market bearishness. Rising by 17.36%, CRV could be seen trading at $1.35, bringing the altcoin’s recovery from its lows to 133.47%.

The Awesome Oscillator is still highlighting bullishness for the altcoin, which has been beneficial for the altcoin in recovering from the June crash of almost 58%.

Ethereum Classic (ETC)

The Ethereum hard fork has been one of the top gainers this week, rising by 80.19%. Today’s 6.7% rise invalidated yesterday’s drop, keeping ETC at $24.94.

The Bollinger Bands divergence does indicate high volatility, but since the candlestick is above the basis, the price swing will be positive.

Gala (GALA)

The altcoin is one of the only few cryptocurrencies that haven’t recovered at all in over a month. Still trading at the same lows it was at in June, GALA is serving no incentive for investors right now.

Although the fluctuation noted on the Chaikin Money Flow does indicate an uptick, in actuality, there haven’t been many inflows recently.

Elrond (EGLD)

Elrond fell by 9% today amid mixed market cues, which brought the coin down to $56.05, the consolidation level it has been stuck at since mid-June.

Although the altcoin hasn’t made any significant recovery yet, the MACD continues to remain bullish, which is vital for EGLD to recover the June dip of 51.74%.

Internet Computer (ICP)

Following EGLD’s lead, ICP also sunk by 8.5% over the last 24 hours to trade at $6.848. Although the altcoin was on track to recover its 45.58% June losses, today’s dip might delay the same.

The Relative Strength Index (RSI) is still somehow above the neutral line in the bullish zone, which is a positive sign for ICP going forward.

Crypto Price Analysis July 14:SNX, MATIC, UNI, GALA, MKR

Key Insights:

  • Synthetix was one of the best performing coins of the day, rising by 10.64%.
  • Gala dealt with the bearishness of the market, falling by 3.42%.
  • Bitcoin and Ethereum continued oscillating at $19k and $1k.

The crypto market made day traders happy yesterday as it shot up by 4.4% recovering $37.7 billion, with the help of the altcoins.

But the king coin and the altcoin king made no contribution as they remained consolidated at $19,727 and $1,080, respectively.

Synthetix (SNX)

As one of the leaders of the rally for today, SNX marked a 10.64% rise to trade at $2.56. However, this doesn’t do much for the altcoin, which is yet to recover the losses it witnessed in June.

The Awesome Oscillator, however, does not seem to be supporting a further rise with the bullishness dominating the indicator, which could keep SNX consolidated.

Polygon (MATIC)

The DeFi chain’s native token had a similar albeit better day noting a 17.64% growth in the last 24 hours despite observing a red candle today.

Trading at $0.63, MATIC still has room for growth given the diverging Bollinger Bands highlighting rising volatility in the upwards direction as the candlestick stands above the bias.

Uniswap (UNI)

The Decentralised Exchange’s token fared well despite the bearishness rising by 13.3%. This rally helped UNI recover almost all of its 14.33% depreciation this week.

The Chaikin Money Flow indicates that the current rally is organic, with inflows coming from investors, as is visible with the uptick.

Gala (GALA)

GALA, trading at $0.047, is 3.42% below yesterday’s opening price, but on a larger scale, it is still in a downtrend. Having lost the $0.05 mark, GALA is now looking at $0.04 as its next critical support.

And there are fair chances that the altcoin might end up reaching it since the MACD is highlighting the beginning of a bearish crossover on the charts.

Maker (MKR)

MKR has been stuck in the bearish zone for more than three months now, as visible on the Relative Strength Index (RSI) since the selling pressure has been dominating the altcoin.

Trading at $827, MKR is inching farther away from the $1000 mark, thanks to the 17.12% fall over the past four days.

Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s price faced strong resistance at the $31,000, while altcoins made attempts to recover. 
  • BTC’s recovery above the $27,000 mark pushed certain altcoins towards a short-term recovery.
  • BNB, TRX, MANA, and MKR were among the coins that got a decent upswing.

Bitcoin’s price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC’s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.

The world’s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC’s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support/resistance levels.

Altcoins short-term price surge

Certain altcoins that performed well over the last week in tandem with BTC’s recovery above the $27,000 mark were binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins called Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly gains despite the widespread crypto meltdown.

The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.

On the other hand, Hong Kong-based futures exchange platform’s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE were briefly in the green zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA saw close to 50% gains over the last week.

BNB, TRX, MANA, and MKR see short-term price gains

Binance Coin’s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.

FXempire, BNB, Crypto
BNB Price Action | Source: FXEmpire

If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC’s price pullback to the $28,900 mark brought BNB’s price down to the $279.36 level.

BNB’s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.

Apart from BNB, Tron’s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX’s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

While TRX’s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn’t fall below the key support zone at the $0.065 mark which was noteworthy.

Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland’s MANA gained up to 50% as the market saw a short-term recovery.

Maker Protocol’s MKR token recovered from the last week’s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.

On a weekly chart, MKR’s price made a higher high for the last four days.

FXempire, MKR, Crypto
MKR Price Action | Source: FXEmpire

At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.

FXempire, BTC, Crypto, Altcoins
Source: Coin Market Cap

The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA’s price recovery above the $1.13 mark has instilled positive momentum for the coin.

FXempire, MANA, Crypto
MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital also highlighted that for ‘BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.’ However, a BTC weekly close below the $28600 mark would be bearish.

China Identifies Metaverse Risks and Scams

The Chinese Banking and Insurance Regulatory Commission has issued a subtle warning to the public on the risks of frauds and scams associated with the burgeoning Metaverse space.

China Warns Against Metaverse Scams

The warning details how the niche has become a new home for bad actors to perpetrate illicit activities to illegally raise money, duping unsuspecting individuals of their hard-earned money. 

While highlighting the various methods that scammers use in the metaverse business, the official warning mentioned projects promising high high-tech integration, such as artificial intelligence and virtual reality support, saying they only come to lure investors into robbing them.

The warning identified that metaverse scams could also come in the form of play-to-earn projects, which often promise participants huge returns on their investment.

It stated that once such a project reaches a specific target, they abandon the project and run with people’s investments.

It further added that metaverse scams could also take the form of hype. In this situation, scammers will regularly talk about the metaverse project to give it false popularity and importance and force people to invest. An example of this case is the level of hype surrounding metaverse real-estate.

A translated version of the Office of Inter-Ministerial Joint Conference on Disposal of Illegal Fund Raising statement urged the public to be wary of such projects and report any suspicious activity to necessary authorities:

The fraudulent activities under the banner of “Metaverse,” which is more attractive and deceptive, and participants are prone to property damage. The public is requested to enhance their awareness of risk prevention and identification capabilities, and beware of being deceived.

China Anti-crypto Crusade

This is not the first time the Chinese government will be warning against the metaverse. Sometime in December, the country’s state media issued a warning on virtual property sales, arguing they are risky in terms of volatility, fraud, illegal fundraising, and money laundering.

Notably, we recently reported that the Chinese authorities arrested eight people involved in a crypto scam and seized digital assets, houses, cars, and other expensive items gotten through the scam.

China in 2021 greatly cracked down on the entire cryptocurrency industry. The country banned crypto mining activities and later declared crypto trading illegal with the threat of sanctioning defaulters.

Shiba Inu Scores Second Listing in Brazil With Foxbit

Shiba Inu has scored its second big listing on a Brazilian exchange after Foxbit started trading it. 

The listing doesn’t come as a surprise, given that the exchange announced a few days ago that it’d be listing the meme coin on February 16. 

Foxbit Lists Shiba Inu, Others

However, Shiba Inu wasn’t the only coin listed. The crypto exchange also listed Gala’s ecosystem native token (GALA), Fantom (FTM), and the native token of fast-rising NFT marketplace, LooksRare, (LOOKS).

Foxbit crypto exchange is based in São Paulo, Brazil, and has been in existence since 2014. The exchange has almost one million registered customers making it one of the biggest in the region. 

With the listing, Shiba Inu is now available for trading on two Brazilian exchanges. Brazil’s biggest exchange, Mercado Bitcoin, added Shiba Inu to its platform in December. Other crypto exchanges in Latin America like Bitso have also listed Shiba Inu. 

The listing had significant impacts on the cryptocurrency’s price action when it was first announced on February 09.

After Foxbit tweeted the news, Shiba Inu was the 4th most traded cryptocurrency 24 hours after that. This followed an almost 70% rally in the week leading to that.

Shiba Inu Price Drops by Over 2% in 24 Hours

But the actual listing doesn’t appear to have impacted Shiba Inu’s price. In the last 24 hours, the value has dropped by 2.3% to $0.00003047. Its seven-day price action isn’t also that encouraging, its value has declined by 2.3% within that period too. 

This is in line with the general trend in the market where most crypto assets have dropped slightly in value. Presently, the overall market cap has fallen by 1.4%

However, this doesn’t necessarily mean the listing could not later positively affect the price. Generally, token listing on a new exchange means more people will have access to it, boosting its trading volume. 

While its prices might be down, over 435 million Shiba Inu tokens have been burnt in the last 24 hours. This is part of the Shib burn pledge by several businesses using Shib. 

Steven Cooper, the CEO of Bigger Entertainment, one of the companies part of the burn pledge, said that about 1 billion SHIB tokens would be burnt this week.

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.

Binance Signs Partnership for Blockchain Gaming and NFT Ecosystem

The largest crypto exchange by trading, Binance, is further expanding its offerings into the non-fungible token (NFT) space. 

Today, the leading crypto firm announced that it had signed a Memorandum of Understanding (MoU) to develop a global Play to Earn (P2E) and offer NFTs. The deal was signed with Netmarble F&C, a subsidiary of Netmarble Corp. 

Binance and Netmarble Signs MoU

These developments will further improve Binance Smart Chain gaming infrastructure. Netmarble will have a private chain on BSC Application Side Chain (BAS) to develop p2e and GameFi projects.

Netmarble is a top game developer that has established itself as a major player in the gaming and entertainment scene with several PC and video games. Some of its popular games include Blade & Soul Revolution and The Seven Deadly Sins: Grand Cross.

Just recently, it purchased ITAM CUBE, a GameFi project on BSC, signaling its intent to enter into the blockchain gaming scene.

Netmarble Eyes a Place on Binance NFT marketplace

Beyond the gaming solutions this partnership offers, the two firms would also consider an Initial Game Offering  (IGO) on the Binance NFT marketplace. 

This will allow the gaming company to sell its NFT on the crypto exchange NFT platform and, at the same time, further help it cement itself in the ecosystem.

This move aligns with the gaming company’s statement about its plans to incorporate blockchain, metaverse, and NFT into its products.

According to Netmarble’s CEO Seo woo-won, who also heads the Metaverse Entertainment unit, this MoU starts an extensive partnership with Binance.

Per his statement, the two firms would be “bringing blockchain entertainment to the mainstream and realizing borderless joy and fun – together.”

Centralized Exchanges are Making Moves into NFT

For Binance, this partnership is a great way to maintain its prominent position among crypto exchanges. The increasing popularity of NFTs has led to several other centralized exchanges like Coinbase and FTX making strategic moves into the space.

Thus, helping a known name in the video gaming space pivot into the blockchain gaming scene could help it further cement its lead over its rivals

Already, a number of gaming blockchains like Gala ecosystem and The Sandbox have recorded varying degrees of success in recent weeks.

As of press time, BNB is trading for $423.60 after rising by 1.9% in the last 24 hours.

Shiba Inu (SHIB) Enters the Metaverse, What’s Next?

A larger market recovery, followed by a so-called meme token recovery as whales accumulated Dogecoin, and now comes the time for meme tokens venturing the Metaverse. Shiba Inu, the Doge-killer is set to enter the metaverse space with a new project called Shiba Lands

The Dog In the Metaverse

Shiba Inu developers recently made the announcement of a new project called Shiba Lands which will allow purchasing digital real estate that will become available for sale ‘really soon.’

Users will now be able to own virtual pieces of land in the Shiba Inu Metaverse. The development will aid SHIB’s ecosystem expansion and allow token-holders to own land and be a part of the dog-themed Metaverse.

But the catch is that there would be a queue system for bidding on the properties and first priority will be given to Leash holders to stay ahead of the line.

This comes after Shiba’s January Metaverse announcement about the ‘Shiberse.’  On 24 January 2022, Shiba Inu decided to launch its own ‘Shiberse,’ which is supposed to be an immersive experience for its ecosystem and the Metaverse space.

Following the announcement of Shiberse, the official Twitter handle of SHIB recently released its first-ever update regarding Shiberse in the form of the Shiba Lands. 

Leash and Bone HODLers are set to gain added advantage as all major developments, including Shibarium and Doggy DAO are seeing Bone and Leash being the primary token for transactions. 

SHIB Metaverse Evolving

Shiba Inu’s Metaverse is called ‘Shiberse’ and stands in direct competition with Decentraland, Sandbox, Gala Games and Axie Infinity, and other Metaverse ecosystems. Even though Shiba is a newcomer to the Metaverse-sphere, Shiba Inu has already gained investor attention. 

Retail crowds have already flocked to SHIB due to the high occasional gains the coin presented over the last year. The queue system for its land release aims to prevent high gas fees which happened during the Shiboshi NFT launch in 2021.

In a blog by the team, they said that the queue system ‘will make the process something fair and smooth for our community worldwide.’ 

Notably, in tandem with the announcement, Doge Killer (LEASH) saw a close to a 40% spike in price. Furthermore, the Shiba Inu team has also hinted at new partnerships in a recent blog post:

“We have already been negotiating and meeting with some TOP partnershibs about this project. All for this exciting new environment to be welcomed with great energy and the way it’s intended to.”

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.

Disney Shows NFT Interest With Latest Job Vacancy

Almost every brand has an NFT plan in the background, and Disney has finally revealed its own. 

The media and entertainment company announced this with a job posting for a new business development manager. The hire would be in charge of the Digital Experiences team at the company.

Disney Wants to Hire NFT Expert

The job description posted on January 30 states that part of the role of business manager would be to lead Disney efforts in the NFT space. This will include monitoring the dynamic marketplace, determining strategy, and managing partners.

With more than about ten responsibilities, Disney is focused on getting an experienced hand. Its requirements include a minimum of 5 years of experience with licensing and/or business development. It also requires knowledge and passion for Digital and NFT categories.

This won’t be the first time talks about NFT will involve Disney, but this is the clearest the company has been about its intention. In a recent interview with New York Times, former Disney chairman Bob Iger dropped hints about the company’s move into NFT and Metaverse.

Disney’s Metaverse Efforts

As a media company, Disney is well-positioned to take advantage of the growing industry because it already has assets to help its drive. 

Recently, journalists uncovered a virtual world simulator patent for Disney. The United States Patent and Trademark Office (USPTO) approved the patent last December. 

This was after the CEO, Bob Chapek, said during its November earnings call that the company is ready for its own metaverse.

The media giant also has a partnership with NFT marketplace Veve. The partnership was for the Gochain based platform to promote Disney streaming service Disney+ using the “Golden Moments” collection of digital tokens.

All of these point to a strategic plan by a leading company to become a relevant force in the NFT space. But it’ll find lots of competition with other media brands like YouTube, Meta, and Netflix, also exploring similar ideas.

Furthermore, many companies like Nike, Mercedes Benz, Coca-Cola, and more have already entered the NFT space with their own collections, partnerships, and patents. 

Like Twitter, Reddit to Introduce NFT Profile Picture

Reddit is the latest social media platform to indicate interest in testing NFT profile pictures for its users. This is coming only a week after Twitter announced the same feature.

Reddit to Experiment with NFT Profile Picture Feature

Reddit spokesperson Tim Rathschmidt made this known in an interview with TechCrunch. According to him, the social media platform is testing the ability to use NFTs for profile pictures and verify ownership. 

Rathschmidt claimed that this was just an experiment on creating more value for users and communities. However, he added that this is an internal test with no decision on whether it’ll expand and roll out the product.

Before officially confirming the development, someone tweeted a Reddit banner promoting the NFT features earlier in the week. This suggests that the small internal test might be more advanced than official sources admit.

This is not the first time Reddit is experimenting with crypto. The platform has a dedicated NFT page and apart from that, it introduced the BRICKS and MOON tokens for its /r/Fortnite and /r/cryptocurrency subreddits in 2020.

Thus, this latest move is another step forward in its adoption of blockchain-based technology.

Twitter’s new NFT Feature Draws Criticism

Last week, Twitter launched NFT profile pictures for iOS subscribers of Twitter Blue. It claimed that the feature came after several demands for it by users. But not everyone is pleased with this development.

The launch of NFT profile pictures by Twitter met backlash from various quarters. A day after the launch, a GitHub contributor shared a browser extension that blocks any Twitter account using NFT profile pictures. Elon Musk also described the feature as annoying and referred to NFT as bs.

However, the backlash is unlikely to stop the massive adoption of NFTs by brands. With the metaverse concept becoming a major driving force for tech brands, NFTs have become more important. There are rumors that Meta is developing a marketplace for NFTs.

In the past few months, several NFT oriented projects like GALA, SAND, and MANA have emerged as strong performers along with their tokens. 

Ahead of Virtual Lands Presale, GALA Value Rises by 14%

Gala games ecosystem has partnered with Kung Fu Factory to develop a strategic play-to-earn game where players can own virtual lands that can be monetized.

Gala Games Offer Virtual Lands for Sale

According to a press statement issued by the team, the virtual lands would be bought in its first collectible card game tagged Legends Reborn. The blockchain gaming ecosystem will have its venue presale today, Wednesday, 26 January 2022. 

It was revealed that the venues would serve as hosting grounds for matches, and owners will be able to earn commission from the rewards generated from the matches on their lands. 

As a play-to-earn game, owning the land isn’t enough. Owners have to properly maintain and upgrade it from time to time to increase their level of earnings. It should be noted that 50% of the available venues will be on sale in this round, making this the best time to buy. 

There are six venue categories with prices ranging from $1,800 to $105,000 at base price. Prices will increase with each 10% supply sold.

GALA is the native token of the Gala ecosystem. The blockchain gaming platform was one of the best performing play-to-earn platforms last year. It was initially built on Ethereum blockchain, but it was transferred to the Binance Smart Chain, where it currently records over 1 million monthly users

Notably, it is not the first NFT gaming platform to offer virtual lands for sale. Decentraland is built around this idea and offers non-fungible LAND tokens for sale. The growing interest in the metaverse has helped these platforms become more popular and valuable.

GALA Price Spikes by 14% in 24 Hours

The value of the GALA token has risen significantly in the past 24 hours following the announcement of its first venue presale. 

In the past 24 hours, the token has seen a 14% spike in price to $0.2. This is exceptional even within a market where most cryptocurrencies have finally seen an upswing in value after they massively crashed last week

Its recent rise goes against the trend from the past few weeks. It had lost over 60% of its value in the last 30 days and about 24% over the previous seven days when it traded for as low as $0.157.