Quick take:
- Gods Unchained spiked more than 90% on Sunday before pulling back on Monday.
- Chiliz led gains in NFTs and collectibles tokens after rallying 38%.
- Azuki, Cool Cats and Bored Ape Kennel Club were among the top NFT floor price gainers over the last 7 days.
In this edition of the weekly token boom report, the metaverse, NFTs and collectibles tokens edged lower with only a select few closing higher than they opened on Monday. On the contrary, a majority of NFT collections witnessed a significant gain in floor prices boosting the NFT transaction volume.
The industry continued to witness significant inflow in venture funding, with former Citadel executives launching a $50 million web3 fund.
Elsewhere, Starbucks teamed up with Polygon to launch its NFT loyalty program, while Disney unveiled its perceived future of the metaverse with technology that will revolutionise storytelling in the entertainment industry.
Metaverse tokens
Over the last seven days, metaverse token prices fell significantly pushing the total market cap to $11.27 billion, down from the previous week’s equivalent of $12.58 billion.
However, the industry continued to experience optimism from venture capital investors with UK venture firm Northzone raising $1 billion to invest in web3 startups.
Elsewhere NEAR Foundation launched a $100 million fund to invest in web3 startups, which Japanese gaming and entertainment giant Square Enix teamed up with Oasys to build web3 games.
Overall, Gods Unchained and Apecoin registered significant gains in the metaverse tokens segment whereas Enjin Coin closed lower than it opened.
Gods Unchained (GODS/USD)
Gods Unchained is a free-to-play tactical NFT card game that gives players an opportunity to claim true ownership of in-game items.
The blockchain game developer on Sep 15 announced a partnership with video game retailer Gamestop that will help onboard the next generation of gamers to web3.
The $GODS token price spiked later in the week, gaining more than 90% before pulling back on Monday.
Technically, traders could target potential rebound profits at about $0.448 or higher at $0.500. On the other hand, if the $GODS token price continues to fall, it could find support at about $0.375 or lower at $0.311.
ApeCoin token (APE/USD)
ApeCoin is the native token of ApeDAO, the organisation behind Yuga Labs’ portfolio of web3 projects, which include the Bored Ape Yacht Club, Cryptopunks, Meebits, Mutant Ape Yacht Club, and Kennel Club Yacht Club NFTs, as well as, Otherdeeds NFTs by Otherside Metaverse, among others.
Last week, Yuga Labs announced the appointment of its first chief gaming officer, Spencer Tucker, to oversee the company’s gaming initiatives and Otherside metaverse. The new hire signals progress in the company’s plans to bring its popular NFT characters to life in the metaverse.
The token spiked by more than 27% on Friday, before pulling back slightly during the weekend. However, it has since added to last week’s gains rallying to trade above $5.70.
Technically, traders could target extended gains at about $5.92 or higher at $6.20. On the other hand, if the $APE token price pulls back it could find support at $5.50 or lower at $5.24.
Enjin Coin token (ENJ/USD)
Enjin Coin is the utility token of Enjin, a blockchain gaming infrastructure company that offers a variety of products including Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.
Last week, the company announced that its partnership with MyMetaverse officially kicked off after the first playable NFT was minted on Effinity blockchain.
The $ENJ token price plummeted for the remainder of the week, before extending declines on Monday.
Technically, traders could target potential rebound profits at about $0.498 or lower at $0.513. On the other hand, if the decline continues, the $ENJ token price could find support at $0.471 or lower at $0.456.
NFTs and Collectibles tokens
Over the last seven days, NFTs and collectibles token prices edged slightly higher to a market cap of 9.61 million ETH (~$22.08 billion), up from the previous week’s equivalent of 9.29 million ETH (~$16.09 billion).
The industry continued to witness significant optimism from the mainstream with leading companies extending their foray into web3. Aptos Labs entered into a strategic partnership with Binance, valuing the venture capital firm at $4 billion, while Starbucks partnered with Polygon to launch an NFT-based loyalty program.
North Island Ventures launched a $125 million venture fund to invest in NFTs, DeFi and related web3 products.
Overall, Chiliz and Battle World were among the leading gainers, while LooksRare’s native token experienced declines.
Chiliz token (CHZ/USD)
Chiliz $CHZ is the native token of the fan token platform Socios. Last week, Chiliz announced its partnership with ByBit and MIBR sparking a 38% rally in the $CHZ token.
The token price extended gains later in the week and again on Monday before pulling back slightly.
Fan tokens have become more popular amid the return of the football (soccer) season in Europe’s top five leagues.
Technically, traders could target potential rebound profits at about $0.249 or higher at $0.256. On the other hand, if the pullback continues, the $CHZ token price could find support at about $0.235 or lower at $0.227.
Battle World token (BWO/USDT)
Battle World is a blockchain-based battle royale gaming metaverse built on Polygon. The platform consists of worlds inspired by famous global locations and towns.
Players earn NFTs and crypto by battling against each other, looting and annihilating their competition. The $BWO token rallied more than 35% last week, before pulling back slightly on Monday.
Therefore, traders could target potential rebound profits at about $0.323 or higher at $0.333. However, if the pullback continues, the $BWO token could find support at about $0.306 or lower at $2.96.
LooksRare token (LOOKS/USD)
LooksRare is a highly incentivised NFT marketplace launched in January 2022. The platform initially capitalised on poaching collectors and creators from rival platforms like OpenSea by offering them volume-based rewards and an opportunity to become part owners of the platform by staking $LOOKS tokens.
The $LOOKS token plunged by more than 35% last week ahead of Ethereum merge to PoS after announcing plans to go into maintenance mode during the merge.
Technically, the $LOOKS token has yet to recover from the downward movement despite the resumption of trading activity on the platform.
Therefore, traders could target potential rebound profits at about $0.226 or higher at $0.234. On the other hand, if the $LOOKS token price continues to fall, it could find support at about $0.211 or lower at $0.202.
On-Chain NFT Floor Price Top Gainers
Over the last seven days, NFT floor prices seem to have experienced a significant surge post the ETH merge. Of all NFT collections with a transaction volume of at least 100 ETH, Kanpai Pandas was the biggest gainer with its floor price rising 224% over the 7-day period.
Azuki was the most popular NFT collection in the list of top gainers after seeing its floor price increase by 63%, while BEANZ registered a $63.6% rise.
Cool Cats, Rare Apepe NFT and Bored Ape Kennel Club were also among the gainers with 39.6%, 33.9%, and 21.5% respectively.
On-Chain NFT Floor Price Top Decliners
The Astrobot Society NFT collection led floor price declines among NFT projects with at least 100 ETH in transaction volume over the past seven days. The floor price fell by more than 43%.
Akyllers and Genuine Undead registered floor price declines of 19.25% and 18.35%, respectively, while Tykes fell by 13.14%.
Elsewhere, CryptoDickbutts saw its floor price decrease by 11.97% whereas grumpls declined by 10.74%.
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