Quick take:
In this edition of the weekly token boom report, NFTs and collectibles tokens edged slightly lower, dropping by about 1% while metaverse tokens fell by a larger margin.
The industry, however, continued to attract significant venture capital activity with Gunzilla Games raising $46 million in a round led by Republic Capital and backed by Animoca Brands among others, while NFT distribution platform Pinata raised $21.5 million in a Series A round.
Invisible Universe and Web3 startup Lysto each raised $12 million for various gaming ventures. FTX and BITKRAFT backed Nerdystar’s $10.8 million funding round, while CoinFund Led Datawisp’s $3.6 million round.
Elsewhere, Polygon dived deeper into the blockchain gaming world after launching a new gaming platform, Intella X in partnership with Neowiz. Yesports launched an NFT-based membership plan to onboard 30 million esports fans to Web3.
Last week, metaverse tokens edged slightly lower to a market cap of about $14.66 billion down from the previous week’s equivalent of $14.9 billion.
From an industry perspective, the industry remains a hot prospect for venture capitalists judging by the continued flow of funding.
As a result, not all metaverse tokens lost value. Those ending the week on the positive side of the chart included UFO Gaming, Radio CACA, and Ontology, among others.
UFO Gaming is a web3 gaming ecosystem offering play-to-earn games, non-fungible tokens (NFTs) and decentralised finance (DeFi). The gaming ecosystem is governed by the $UFO token, which facilitates transactions involving in-game items and NFTs.
Last week, UFO Gaming announced its partnership with Neo Blockchain after gaining approval to join Neo Global Development’s $200 million grant program. The company also kicked off a new round of staking on Friday triggering a sharp spike in the $UFO price.
🛸Neo X UFO Gaming🛸
🎉 We are excited to announce a strategic partnership with @Neo_Blockchain — an open-source, community-driven blockchain platform.
🤝 UFO Gaming has been approved for Neo Global Development’s (NGD) EcoBoost program.
📚Learn More: https://t.co/Wb1XbKQF1W pic.twitter.com/p1kZfmuu3S
The announcement sparked a significant rally in the price of the $UFO token, gaining more than 130% before pulling back later in the week.
Technically, the $UFO token seems to have pulled back to create another opportunity for a rebound. Therefore, traders could target profits at about $0.0000047, or higher at $0.0000054, while $0.0000041 and $0.0000034 are crucial support zones.
Radio Caca is a metaverse platform offering multiple web3 products, including regular NFT drops and blockchain game characters. The project is backed by some of the leading web3 investment companies, including OKX Blockdream Ventures and Tachyon accelerator by Consensys Mesh.
Last week, Radio Caca’s ecosystem token $RACA spiked sharply on Sunday before trimming gains on Monday.
Therefore, traders could target potential rebound profits at about $0.00046, or higher at $0.00048. On the other hand, if the pullback continues $RACA could find support at $0.00043, or lower at $0.00041.
Ontology Network is a protocol designed to enhance security on web3 projects. The platform’s Ethereum Virtual Machine (EVM) enables other blockchains to easily connect to the Ethereum blockchain leveraging the security protocols of the network.
Last week, Ontology announced its partnership with Multichain (previously Anyswap), unlocking the platform’s cross-chain interoperability.
👋Sup Multichainer?
We are a step closer to unlocking more possibilities in cross-chain interoperability!
We're incredibly proud to announce our upcoming integration with @OntologyNetwork to deliver fast+simple+safe bridge services that you need in #Web3. Stay tuned! $ONT $ONG pic.twitter.com/Y498GKBtVV
The Ontology ecosystem token $ONT rallied 14.7% following the announcement, before pulling back to trim the gains later in the week.
Technically, traders could target potential rebound profits at about $0.29, or higher at $0.30. On the other hand, $0.28 and $0.27 are crucial support levels.
Last week, NFTs and Collectibles tokens edged lower by about 0.42% falling to a market cap of $23.92 billion down from the previous week’s equivalent of $24.34 billion. On the other hand, the transaction volume for the period plunged by more than 42% to $148.4 million, down from the previous week’s volume of $259.5 million.
Nonetheless, not all NFTs and collectibles tokens experienced declines, with Socios.com’s parent, Chiliz and Proton posting significant gains.
Chiliz $CHZ is the ecosystem token powering Socios.com, a platform that provides sports teams with fan tokens to engage with their communities via web3. Last week, Orpheus Media acquired 24.5% of Barca Studios, renaming the audiovisual subsidiary of the La Liga club Barca Digital & Entertainment.
The acquisition came barely a week following Socios.com’s acquisition of a 24.5% in the studio to bring fan tokens to Barca fans.
Breaking: Orpheus Media 🇪🇸 acquires 24.5% of Barca Studios for 100M Eur. The company will be renamed "Barca Digital & Entertainment" (BDE) and will focus on Web3 growth, powered by @FCBarcelona Fan Token ($BAR) x @socios x @chiliz ($CHZ) blockchain.
The $CHZ token rallied more than 30% following the announcement, before extending gains on Monday.
Technically, traders could target extended gains at about $0.21, or higher at $0.23. On the other hand, if the $CHZ token pulls back, it could find support at about $0.20, or lower at $0.19.
Proton is a public blockchain designed to support both consumer-focused decentralised apps and peer-to-peer payments. The platform allows users looking to invest in blockchain-based products to directly link their fiat accounts to their Web3 identities without compromising their privacy.
The platform is powered by the $XPR token, which is used to facilitate transactions in the ecosystem.
Last week, $XPR rallied more than 68% before trimming gains towards the end of the week.
Therefore, with the $XPR token far from recovery, traders could target potential rebounds at about $0.0043, or higher at $0.0046. On the other hand, $0.0038 and $0.0034 are crucial support levels.
Phantasma is an interoperable blockchain platform offering smartNFTs to community builders and gaming ecosystems. The platform utilises an innovative staking mechanism, and a dual token system to offer sustainable tokenomics models to developers.
Its eco-friendly smartNFTs can be used in digital goods & services for communications, entertainment, as well as, in on-chain storage solutions.
Last week, Phantasma’s ecosystem token $SOUL gained more than 25%, exhibiting a choppy pattern formation, before pulling back over the weekend.
Technically, traders could target potential rebound profits at about $0.35, or higher at $0.37. On the other hand, $0.33 and $0.31 are crucial support levels.
Last week saw the median prices of several blue-chip NFT collections drop to new 2-month lows, with transaction volumes also declining significantly. There were barely any gainers in terms of the floor price. The data below has been filtered to include NFT collections that realised a transaction volume of at least 100 ETH over the last seven days.
The Women Ape Yacht Club NFT collection led the rebound to recover from the previous seven days’ decline with a 188% increase in the floor price, while Rare Apepe YC added 7.22% over the last seven days.
The Krapopolis Krap Chickens NFT collection topped the list of decliners with at least 100 ETH in transaction volume after its floor price fell by more than 60%. It was followed closely by Ugly Duck WTF which declined 55.82% to sum up a bad week for NFT projects with poultry connotations.
Some of the largest collections in terms of market cap that featured in the decliners list include Doodles, which saw its floor price fall by 27%, while BEANZ fell by 36%. Invisible Friends and Goblintown WTF also registered significant declines.
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