Quick take:
- SuperRare token price spiked more than 55% earlier in the week before pulling back sharply.
- Render Token was among the best performing in the metaverse segment.
- Origin Protocol, Immutable X, CEEK VR and Starlink also posted significant spikes during the week.
In this edition of the weekly token boom report, the metaverse and NFTs & collectibles tokens fell to close relatively lower than they opened with only a few exceptions registering net gains after sharp spikes.
The industry continued to witness a significant inflow in venture funding despite the crypto downturn. Reciprocal Ventures closed $68.5 million for its Web3-focused fund, while OP Crypto reported to have secured $50 million for a $100 million venture fund that will invest in in gaming, NFTs and metaverse projects.
Metaverse tokens
Over the last seven days, the netaverse segment of the crypto market edged slightly lower to a market cap of about $12.28 billion to a value of $11.43 billion. While most of the tokens ended the week lower, some spiked earlier on and managed to hold on to significant portion of the gains despite experiencing pullbacks.
From an industry perspective, technology giants Siemens and Nvidia teamed up to redefine industrial metaverse, while Abu Dhabi’s Magnati launched the Meta-V platform to bring experiential commerce to the metaverse.
CEEK VR, Render Token and Starlink were among the top gainers during the 7-day period.
CEEK VR (CEEK/USDT)
CEEK VR a metaverse platform that allows music artists and creators to monetise their content using the $CEEK token. The platform is built on the Ethereum blockchain network.
The platform connects musicians and athletes with their fans, allowing the fans to own unique collectibles created by their favorite celebrities.
The $CEEK token gained 42% between June 29 and July 3 before extending the gains on Monday.
Technically, traders could target extended gains at about $0.31, or higher at $0.32. On the other hand, if the token pulls back after reaching overbought cnditions, it could find support at $0.29, or lower at $0.28.
Render Token (RNDR/USD)
Render Token is the utility token of the graphics processing unit rendering network, Render. The platform is built on the Ethereum blockchain to link artists and studios in need of GPU power with mining partners.
The $RNDR token is used to facilitate transactions between those looking to let GPU compute power and those looking to buy.
The token spiked nearly 51% earlier in the week before pulling back to trim the gains.
Technically, traders could target potential rebound profits at about $0.53, or higher at $0.55. On the other hand, $0.48 and $0.46 are crucial support zones.
Starlink (STARL/USDT)
Starlink is a metaverse ecosystem based in space. The platform allows users to visit various space stations where they can meet other users and trade NFTs. The platform also offers gaming opportunities to participants.
The $STARL token is the utility token of the Starlink metaverse, It is used to facilitate transactions in the ecosystem.
The token spiked 36% earlier in the week, before easing down the rest of the week to trim gains.
Technically, traders could target potential rebound profits at about $0.0000042, or higher at $0.0000044. On the other hand, $0.0000038 and $0.0000036 are crucial support zones.
NFTs and Collectibles tokens
NFTs and Collectibles tokens declined over the last seven days, with the total market cap falling to $18.15 billion down from $19.33 billion.
The industry is still benefitting from the NFT.NYC tailwinds, backed by the major announcements that happened during the week. The Premier League reaffirmed its plans to proceed with an NFT project despite the market downturn. On the other hand, the EU came up with a compromise for the industry after drafting new rules to govern the crypto market.
There were also several fundraisings within the space including Layer Three Ventures’ $30 million accelerator fund.
SuperRare, Immutable X and Origin Protocol were among the top gainers.
Origin Protocol (OGN/USD)
Origin Protocol is a blockchain platform created to make it easier for developers to launch NFTs and Defi projects. The platform wants to empower creators to launch Web3 platforms that can compete with their Web2-based counterparts.
The platform is powered by the $OGN token, which is used to facilitate transactions within its ecosystem.
The $OGN token spiked sharply during the weekend before extending gains on Monday.
Technically, traders could target extended gains at about $0.353, or higher at $0.363. On the other hand, $0.330 and $0.319 are crucial support zones.
Immutable X (IMX/USD)
Immutable X is an Ethereum Layer-2 scaling solution that allows developers to launch massive NFTs and decentralised app projects. Developers can create projects that offer NFT transactions at low gas fees and fast speeds.
The Immutable ecosystem is facilitated by the $IMX token, which is also used to vote for governance proposals for the project.
The token gained more than 28% between Monday and Friday, last week before pulling back to trim gains over the weekend.
Technically, traders could target potential rebound profits at about $0.94 or higher at $0.97. On the other hand, $0.89 and $0.86 are crucial support levels.
SuperRare (RARE/USD)
SuperRare is an NFT premium marketplace built on the Ethereum blockchain. The platform is community-centred, allowing users to launch storefronts that can curate art. Artists can also promote sales, run auctions, and collect commissions on their works.
The platform ecosystem is powered by ERC-20 tokens, but those looking to participate in governance voting must acquire the $RARE token.
The token spiked more than 55% between Monday and Tuesday last week before pulling back to trim the gains.
Technically, traders could target upward profits at about $0.238, or higher at $0.251. On the other hand, $0.212 and $0.197 are crucial support zones.
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