Quick take:
- Vulcan Forged gained 66% last week, before extending gains on Monday.
- Wilder World rallied more than 80% and it seems set to extend those gains this week.
- The HUSL rocketed nearly 100% while LooksRare advanced by 62%.
In this edition of the weekly token boom report, the metaverse and NFTs and collectibles tokens bounced back from two consecutive weeks of declines amid the crypto market rebound.
The industry also received a major boost from the mainstream after global entertainment giant, Disney launched an accelerator program for Web3 companies, naming Polygon among those enlisted for the program.
Meanwhile, Gamestop NFT made its debut, whizzing past Coinbase NFT’s all-time transaction volume in 48 hours. Elsewhere, the Cryptopunks NFT collection continued to experience increased trading activity with two blue chips changing hands in multi-million dollar trades.
Multicoin Capital led venture capital activity after launching a $430 million fund to invest in Web3 projects that focus on creator monetization and DAOs, among other segments.
Metaverse tokens
Over the last seven days, metaverse tokens rallied to a market cap of $12.8 billion up from the previous week’s equivalent of $11.27 billion.
The industry continued to attract more mainstream companies with Korean banking institution KEB Hana and lifestyle and entertainment company Playboy teaming up with The Sandbox on various metaverse projects.
Leading technology company Samsung also accelerated its metaverse campaign with a virtual hub on Roblox, while Disney launched a startup accelerator program for Web3 companies including those focused on virtual experiences and AI.
Overall, Vulcan Forged, Wilder World and Decentral Games registered significant gains during the week.
Vulcan Forged (PYR/USD)
The PYR token is the utility token of Vulcan Forged, a metaverse gaming studio. The company also offers an NFT marketplace where users can mint NFTs free of gas fee for all Vulcan Forged games.
Last week, the $PYR token rallied more than 66% through Sunday, before extending gains on Monday.
Therefore, traders could target extended gains at about $4.65, or higher at $4.87. On the other hand, $4.33 and $4.13 are crucial support zones.
Wilder World (WILD/USD)
The $WILD token is the native token of Wilder World, a metaverse platform built on Ethereum. Wilder World describes itself as a “5D immersive platform”. The platform is built using the latest gaming technology Unreal Engine 5.
The $WILD token is also used as the governance token for the platform’s DAO (decentralised autonomous organisation) to vote on various mechanisms for the expansion of the gaming metaverse.
The $WILD token last week spiked more than 80% before extending gains on Monday.
Technically, traders could target extended gains at about $0.386, or higher at $0.402. On the other hand, $0.355 and $0.337 are crucial support levels.
Decentral Games
The $DG token is the governance token for Decentral Games Treasury, a gaming ecosystem that builds free-to-play games in the metaverse. Some of the platform’s most popular games include Decentral Games’ play-to-earn metaverse poker game (ICE Poker).
The game generates revenue for Decentral Games Treasury through NFT mints and secondary sale royalties among other verticals.
Last week, the $DG token rallied more than 60% before extending gains on Monday.
Therefore, traders could target extended gains at about $0.070, or higher at $0.072. On the other hand, if the $DG token pulls back, it could find support at $0.064, or lower at $0.062.
NFTs and Collectibles tokens
Over the last past week, NFTs and collectibles tokens bounced off two consecutive weeks of declines to reach a market cap of $20 billion. In the previous week, the segment had a market cap of $19.09 billion.
The rally in the segment was led by NFT marketplace LooksRare and The HUSL, while NFTX also registered significant gains.
LooksRare (LOOKS/USD)
LooksRare is a highly incentivised NFT marketplace. The platform has overtaken OpenSea in terms of average volume per trade over the last 30 days, despite the crypto downturn.
The $LOOKS token rallied 57% last week before extending gains on Monday morning.
However, after pulling back later, traders can target potential rebound profits at about $0.464, or higher at $0.487. On the other hand, $0.424 and $0.393 are crucial support levels.
The HUSL (HUSL/USDT)
The HUSL is an NFT platform developed with musicians in focus. The platform allows music makers to engage with their fans using NFTs and blockchain technology, thus optimising their revenue streams.
The $HUSL token is the utility token used to facilitate transactions including staking and community voting in the ecosystem.
Last week, the token spiked nearly 100% before pulling back to create another opportunity for buyers.
Traders could target potential rebound profits at about 40.179, or higher at $0.186. On the other hand, $0.160 and $0.150 are crucial support levels.
NFTX (NFTX/USD)
NFTX is a community-centred protocol for creating NFT-backed ERC-20 tokens. The platform is built on the Ethereum blockchain and has been adopted in some of the leading NFT projects in the industry including CryptoKitties and CypherPunks, among others.
Last week, the $NFTX token gained 14% before extending gains on Monday.
Therefore, traders could target more gains at about $2.70. On the other hand, $2.60 and $2.54 are crucial support zones.
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