- The Sandbox and Wemix were among the top gainers in metaverse tokens.
- Immutable X and VIMWorld topped led NFTs and Collectibles token.
- But overall, both segments closed lower than they opened the week.
In this edition of the weekly token boom report, the metaverse and NFTs & Collectibles tokens pulled back slightly to trim gains made during the previous week.
The Metaverse and NFTs market continued to attract venture capital activity led by Andreessen Horowitz’s massive $4.5 billion fundraising with the venture capital firm looking to go all-in on blockchain games and NFTs.
The World Economic Forum and the National Football League (NFL) also dived into the metaverse craze with a Virtual Global Collaboration Village and a blockchain game NFL Rival, respectively.
Over the last seven days, the metaverse tokens market capitalisation fell to about $14.3 billion down from the previous week’s market value of $15.3 billion.
From a segment perspective, the blockchain gaming sector received a major venture capital injection after leading VC firm Andreessen Horowitz announced a $4.5 billion Web3 fund to invest in gaming, NFTs and the metaverse.
Elsewhere, StepN, one of the most popular move-to-earn games launched “Realm” enabling users to explore different cultures for varying experiences.
The Sandbox (SAND/USD)
The Sandbox is one of the leading metaverse games. Its ecosystem consists of two tokens, $SAND, the native token for in-game items and $LAND for digital real estate.
In the past week, the $SAND token was listed on the Coinbase crypto exchange platform, adding another top tier listing to a growing list that includes FTX and Binance, among others.
The token spiked more than 22% on Wednesday upon the listing before pulling back the following day. However, it has since bounced back to trim the losses attributed to the post-listing pullback.
Therefore, traders could target extended rebound profits at about $1.44 or higher at $1.48. On the other hand, $1.37 and $1.34 are crucial support levels.
Wemix is a blockchain infrastructure platform for Web3 gaming and decentralised apps. The platform has become a preferred option for blockchain game developers because of lower gas fees and fast transaction speeds.
Wemix used a hybrid blockchain mechanism, utilising the proof-of-contribution concept to offer scalability, thus overcoming the drawbacks of using the popular proof-of-work blockchains like Ethereum. The $WEMIX token spiked 57% between Tuesday and Thursday, before pulling back slightly over the weekend.
Technically, traders can target extended gains at about $4.58, or higher at $4.74, while $4.20 and $4.01 are crucial support levels.
Chromia is a layer-1 (L1) blockchain and an Ethereum Virtual Machine (EVM) Layer-2 enhancement solution compatible with the BNB Chain and Ethereum.
Chromia acts as a scaling solution for existing decentralised apps on proof-of-work blockchains, whilst also offering developers a platform to create next-generation dApps, including metaverse gaming and NFTs.
The Chromia utility token is $CHR and is used to facilitate transactions within its blockchain. The $CHR is used to pay for transaction fees or be staked to reserve computational power.
The token plunged by nearly 20% earlier in the week, before recovering in the latter stages of the week to recoup losses.
Technically, traders can target extended gains at about $0.242, or higher at $0.249. On the other hand, the $CHR token could find support at about $0.225, or lower at $0.218 in the event of another pullback.
NFTs and Collectibles Tokens
Over the last seven days, NFTs and collectibles tokens pulled back from the previous week’s rebound to a market value of about $24.4 billion down from a market cap of $25.3 billion. The segment was boosted by Immutable X and Kongregate’s joint $40 million crypto fund launch to build blockchain games.
On the other hand, the Terra-based NFT marketplace became the first beneficiary of Polygon’s un-capped fund for projects affected by the LUNA/UST collapse. NGC Ventures also raised $100 million for blockchain games and NFTs, further providing a source of optimism for NFT enthusiasts.
Immutable X (IMX/USD)
Immutable X is a layer 2 ethereum scaling solution used by developers to build blockchain games and launch non-fungible token (NFT) projects. The platform allows developers to provide transactions at low gas fees and fast transaction speeds.
Immutable’s and Kongregate’s $40 million join crypto fund triggered the current bull-run following the announcement on Thursday.
The $IMX token rose $more than 30% through Sunday, before extending the gains on Monday.
Technically, traders can target extended gains at about $1.14, or higher at $1.18. On the other hand, if the $IMX token pulls back, it could find support at about $1.07, or lower at $1.03.
VIMworld is a new blockchain ecosystem that blends NFTs, IoT and a new generation of smart toys and collectibles.
The team behind the project is dedicated to creating a powerful ecosystem that promotes social engagement and experiences that can be shared with each other in the community.
The $VEED token rallied nearly 60% between Thursday and Saturday before pulling back on Sunday and Monday to trim the gains.
Technically, traders can target potential rebound profits at about $0.0035, or higher at $0.0037. On the other hand, $0.0031 and $0.0029 are crucial support levels.
BabySwap is an automated market maker platform for newly launched NFT projects on the BNB Chain. The platform offers users a friendlier trading ecosystem and support as they try to capitalise on projects with potential rather than relying on the more expensive tried and tested offers.
The $BABY is the ecosystem token for the automated market-making platform. It spiked more than 68% on Friday before pulling back slightly during the weekend.
Therefore, traders could target potential rebound profits at about $0.199, or higher at $0.210. On the other hand, if the pullback continues, the $BABY token could find support at about $0.178, or lower at $0.164.
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