Quick take:
- The Sandbox token rallied more than 65% while YGG rocketed 130% during NFT.NYC week.
- SuperRare gained nearly 82% in the NFTs and collectibles segment while Enjin coin advanced 45%.
- CEEK VR and STEPN were also among the top gainers during the week.
In this edition of the weekly token boom report the metaverse, NFTs and collectibles tokens extended last week’s rebound a the overall crypto industry bounced back. The industry also received a significant boost from major partnerships, and most of all, the NFT.NYC grand event.
The Sandbox teamed up with TIME to bring Time Square to the metaverse while the world’s leading technology companies including Microsoft, Meta and others teamed up to deliberate on creating an interoperable open metaverse.
1confirmation launched a $100 million Web3 fund while KPMG also made a deeper dive into the metaverse.
Notably, eBay bought NFT marketplace KnownOrigin to further its campaign in the NFT space, while UniSwap bought NFT aggregator platform Genie. Even Binance sought to boost its traction by teaming up with celebrated footballing legend Cristiano Ronaldo.
Metaverse tokens
The metaverse continued to receive more mainstream players with Israeli gaming technology company BUFF becoming the latest entrant via a partnership with MonkeyLeague. KPMG also made its grand entry while leading technology companies held a forum about creating an interoperable open metaverse.
Overall, this boosted the total metaverse market capitalisation to about $12.28 billion, up from $10.1 billion in the previous week.
The Sandbox led the rally while Yield Guild Games and CEEK VR also posted significant gains.
The Sandbox (SAND/USD)
The Sandbox reported multiple partnerships including its deal with TIME to bring Time Square to the metaverse. The blockchain gaming platform also benefitted from last week’s NFT.NYC events through its multiple partnerships with NFT projects.
The $SAND token spiked 65% during the week before pulling back slightly on Monday to trim the gains.
Therefore, traders could target potential rebound profits at about $1.2579, or higher at $1.3475. On the other hand, 1.1280 and 1.0477 are crucial support zones.
Yield Guild Games (YGG/USD)
Yield Guild Games is one of the world’s NFT gaming guilds. The Philippines-based project received a boost last week after Axi Infinity owner Sky Mavis revealed plans to reimburse victims of the March 2022 hack from June 28.
The company also said it will be ore-opening Ronin, the bridging protocol that was breached during the attack.
Axie Infinity is one of YGG’s leading gaming platforms in terms of the number of gamers signed to the guild.
The $YGG token rose gradually between Monday and Friday, before spinning on Saturday. However, it pulled back on Sunday and Monday, creating another opportunity to buy.
Technically, the $YGG token seems to have recently pulled back. Therefore, traders could target potential rebounds at about $0.69, or higher at $0.74. On the other hand, $0.62 and $0.56 are crucial support levels.
CEEK VR (CEEK/USDT)
CEEK VR is a content monetisation platform that allows creators to monetize their videos in a fully immersive space. The platform often collaborates with creators looking to offer virtual concerts in the metaverse.
The $CEEK token price rocketed more than 138% last week before pulling back slightly towards the end.
Therefore, traders could target extended gains at about $0.24, or higher at $0.28. On the other hand, $0.21 and $0.18 are crucial support levels.
NFTs and Collectibles tokens
NFTs and collectibles tokens ended the week on the higher side after rallying to a market cap of $19.33 billion up from the previous week’s equivalent of $16.1 billion.
The rally was primarily driven by the NFT.NYC event, which saw several Web3 startups promote their projects while others held exciting meetups with their communities.
Moreover, venture funding continued to flow in after Solana-based Magic Eden raised $130 million at a valuation of $1.6 billion to expand its product offerings to other blockchains.
UniSwap and eBay also made key acquisitions in the NFT space, indicating that there is still a lot of optimism in the market.
SuperRare, Enjin and STEPn were among the best performing NFTs and collectibles tokens in a relatively bullish week.
SuperRare (RARE/USD)
SuperRare is an NFT marketplace that specialises in NFT art. The platform recently widened its reach after launching a platform that targets NFT communities.
SuperRare is building an NFT marketplace that will be governed by the community as part of its grand strategy of computing with industry giants like OpenSea.
The $RARE token rallied more than 80% last week before pulling back towards the end.
However, after spiking again on Monday, traders will be targeting extended gains at about $0.223, or higher at $0.238. On the other hand, $0.199 and $0.185 are crucial support zones.
Enjin (ENJ/USD)
Enjin Coin is a product of Enjin, which is an ecosystem of interconnected blockchains for gaming platforms. The $ENJ is the native token used as the underlying currency for blockchain items like non-fungible tokens (NFTs) offered within the ecosystem.
The token rallied more than 45% last week before pulling back slightly on Monday.
Therefore, traders could target potential rebounds at about $0.595, or higher at $0.613. On the other hand, if the pullback continues, the $ENJ token could find support at $0.553, or lower at $0.527.
STEPn (GMT/USD)
STEPn is one of the leading move-to-earn blockchain games. It is created to encourage people to be more active and make money as they improve their lives.
STEPn claims to have rapidly grown its daily active users over a short period of time, making it one of the fastest-growing games in the NFT space.
The $GMT is the utility token used for among other things staking for yield. Last week it spike more than 55% after rising sharply towards the end of the week. However, it has since pulled back creating an opportunity for a rebound.
Therefore, traders could target potential rebound profits at about $1.000, or higher at $1.046. On other hand, $0.925 and $0.873 are crucial support levels.
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