Flow Rallied 70% After Teaming Up with Instagram to Roll Out NFTs Globally

In this week’s token boom, $CUBEled metaverse tokens and $FLOW rode the Instagram partnership tailwinds, while CryptoDickButts grabbed headlines in volume and floor piece changes.
Token Boom Series

Quick take: 

  • Flow token gained more than 70% after teaming up with Meta to bring NFTs to 100 countries.
  • Somnium Space spiked 98%, while Mask Network and Theta Network were also among the top gainers.
  • Cryptodickbutts floor price rocketed more than 90% with transaction volume soaring 376%.

In this edition of the token boom report, the metaverse, NFTs and collectibles tokens extended gains from the last week, as market optimism continues to grow. Generally, cryptocurrency prices maintained a steady recovery with bitcoin rallying to trade above $24k while Ethereum topped $1,800.

This was partly because the July US jobs data was more than double the consensus forecast. Investors are also encouraged by the US Senate’s passing of the $750 billion inflation reduction bill.

From a segment-specific view, the NFTs and metaverse market continued to attract significant venture capital activity with former Sequoia Capital partner Yinglan Tan’s Insignia Ventures raising $516 million to invest in Web3 and other exciting tech startups. Leading Web3 startups Chiliz’s subsidiary Socios invested €100 million in FC Barcelona. 

Elsewhere, Magic Eden accelerated its strategy for the NFT space clear with the expansion to the Ethereum blockchain, essentially declaring a head-on competition with the leading NFT marketplace OpenSea.

Meta also made its long-awaited play, expanding its NFT feature on Instagram to 100 countries.

Metaverse tokens

Over the last seven days, the total market value for metaverse tokens increased to $14.9 billion up from $13.5 billion registered in the previous week.

Mobile technology brand OnePlus launched a virtual theme park on Roblox as part of its Web3 strategy.

Overall, Somnium Space, Mask Network and Bloktopia registered significant gains, boosting the overall market cap of the metaverse segment.

Somnium Space (CUBE/USD)

Somnium Space is a metaverse world offering NFTs and ERC-20 NFTs as part of a gaming ecosystem. Users can interact in the blockchain-based platform through gaming and virtual reality experiences that include education and entertainment.

The gaming economy is supported by the $CUBE token, which is used to facilitate transactions for various in-game items.

Last week, the toke spiked nearly 100% before pulling back substantially during the weekend.

Therefore, traders could target potential rebound profits at about $2.14, or higher at $2.31. On the other hand, $1.79 and $1.66 are crucial support levels.

Bloktopia (BLOK/USDT)

Bloktopia is a metaverse platform built on the L2 ethereum scaling protocol Polygon. The virtual world features a skyscraper with 21 levels, created in recognition of the 21 million bitcoin. 

The platform allows users to participate in various metaverse-based economies including owning digital land, playing games and building networks.

The platform’s native token $BLOK is used to facilitate transactions. Last week, the $BLOK token rallied more than 64%, before pulling back slightly during the weekend.

Technically, traders could target upward profits at about $0.0054, or higher at $0.0055. On the other hand, if the pullback continues, the $BLOK token could find support at about $0.0050, or lower at $0.0049.

Mask Network (MASK/USD)

Mask Network is a bridging protocol between Web2 and Web3 networks, which allows users to send encrypted messages on social networks like Facebook and Twitter. 

The platform allows users to use decentralised apps, including DeFi, decentralised storage, eCommerce and NFTs, together with decentralised networks. One of its proven use cases is allowing users to fund Gitcoin grants directly on Twitter.

Last week, Mask Network advanced 23% before pulling back sharply on Monday.

Therefore, traders could target potential rebound profits at about $1.86, or higher at $1.90. On the other hand, if the $MASK token extends the downward movement, it could find support at $1.78, or lower at $1.74.

NFTs and Collectibles tokens

NFTs and Collectibles tokens added to last week’s gains, rallying to $24.34 billion up from $24.32 billion as market optimism continued to build up. The total trading volume for the 7-day period edged slightly lower to $259.50 million down from $259.75 million.

Source: nftgo.io

The segment received a major boost after Meta rolled out NFTs in 100 countries via Instagram. Magic Eden’s highly awaited expansion to the Ethereum blockchain was announced, with the move seen as a direct challenge to OpenSea.

Flow token was among the biggest after Meta picked it to be one of the supported blockchain ecosystems via Dapper Wallet. Theta token and Boson Protocol also advanced during the week.

Flow token (FLOW/USDT

Flow token $FLOW last week received a major boost after Meta teamed up with Dapper Labs to allow Instagram users to buy NFTs using Dapper Wallet.

Flow is a proof-of-stake blockchain ecosystem that has been adopted for NFTs, DAOs and blockchain games, among others.

The $FLOW token rallied more than 70%  before pulling back slightly on Monday.

Therefore, traders could target extended gains at about $3.12, or higher at $3.33, while $2.78 and $2.61 are crucial support zones.

Theta Token (THETA/USD)

Theta token $THETA is the utility token of Theta Network. The blockchain network is built for video streaming and has an NFT platform called Theta Drop that features video NFTs.

Users can share bandwidth and computing power on a peer-to-peer basis, where the $THETA token is used to facilitate transactions.

The token advanced more than 30% last week before pulling back on Monday.

Therefore, traders could target potential rebounds at about $1.70, or higher at $1.65. On the other hand, if the pullback continues, the $THETA token could find support at about $1.58, or lower at $1.54.

Boson Protocol (BOSON/USDT)

Boson Protocol is a decentralised e-commerce platform that utilises NFT technology to offer tokenised futures contracts for real-life assets.

The platform is powered by $BOSON, its native token, which is also used to facilitate transactions within the platform. The $BOSON token is also used to govern the Boson Protocol ecosystem, allowing holders to vote on various matters about the project.

Last week, the $BOSON token rallied more than 50% before extending gains over the weekend. However, the token has since pulled back, creating another opportunity for a rebound.

Technically, traders could target potential upward profits at about $0.396, or higher at $0.408. On the other hand, $0.370 and $0.356 are crucial support levels.

On-Chain NFT Highlights

Although total NFT sales edged slightly lower last week, some experiences significant gains both in volume and the floor price. There were also some notable decliners. The data in the tables below have been filtered to include NFT collections that registered at least 100 ETH in volume.

Biggest NFT floor price gainers

Source: raritysniper.com

CryptoDickButts registered the highest increase in the floor price, which rose 90.7% in the past 7 days, also registering a 379% increase in the transaction volume according to data by RaritySniper.

The Saudis and Bored Kennel Club also made the top six, after adding 35.7% and 14%, respectively, to their floor prices.

Biggest NFT floor price decliners

Source: raritysniper.com

Goblintwon was among last week’s biggest decliners, with its floor price falling 16.78%, World Ape Yacht Club, IlluminatiNFT and Mfers also registered substantial declines, while Stickmen Toys topped the list with a 32.46% decline in the floor price.

On the other hand, BEANZ lost 16.5%, despite registering a 24.6% increase in the transaction volume.

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