Hi guys. This is Nick, welcome to NFT Daily. I hope you guys are having a great day. First I will do a quick crypto recap before jumping into the NFT markets. ETH today did reach $3500 before taking the market down and Bitcoin helped as well. However, DogeCoin has been killing it thanks to Elon Musk. From now on we will discuss Ethereum and Binance prices since they are strongly tied to the NFT market and Binance pretty soon will be launching its own NFT platform around June. Today both ETH and BNB coins have been holding up pretty strong.
And moving on to the top 5 NFT ecosystems for today by Market Cap we have Theta, Chiliz, Decentralized, Enjin Coin, and DigiByte. They are all down a bit. On average they have dropped around 7% which is normal for this market especially if you have been in this space for a while.
All right so let me discuss what is going with each of these ecosystems. I will first start with Enjin Coin. You can now trade with 10x leverage on crypto.com. In my opinion, unless you are a professional trader, I would avoid leverage trading. They are risky and those markets are made to wipe you out. However, these opportunities will help provide more liquidity and a stable price for Enjin in the long run.
The next news is Decentraland. This is one of my favorite projects. You can now use their centralized token called MANA to book flights on Travala.com which is pretty cool for those of you who like to travel. And you also gain access to purchase more than three million travel products. For folks who don’t know about Decentraland, it is simply a virtual 3D platform. You can interact with people in that environment and also transact with the currency called MANA. But now that the MANA token is being supported by Travala this gives the MANA token more liquidity and visibility. Overall this is a good thing for Decentraland long-term. And Travala also has their own token called AVA which happened to do pretty this year. It has gained more than a 200% since the start of this year.
Next, we turn our focus over to Chiliz. They are partnered with the UFC to release blockchain fan tokens. So for any UFC fan out there, this is pretty exciting. If the UFC team plans their tokenomics around this NFT the right way, along with price, and scarcity in consideration, then this NFT will do pretty well. The UFC has a very strong market and loyal audience, so they better not mess this one up and get too greedy.
Now let’s see what Theta coin is doing. Coming soon they will have the first release of World Poker Tour moments as an NFT. This collection might be interesting and I think I will take a look further into it next week. Both Theta and the WPT team have to manage this project right. If they keep the supply as low as possible and not pollute the brand at this point, they should be okay. If they come up with the first release and then second, third, fourth, fifth, and so on….obviously, I would think the first release would be the most valuable in this collection. Now I am not asking you guys to go out and buy any of these products. If the overall crypto-asset market takes a dive, then most of these NFTs will lose significant value. It will be a painful price discovery moment for the next several years but that correction will be healthy as well because it will separate the good NFTs from the bad. In addition, a hard correction will provide me and you good buying opportunities at crazy insane discounts.
Last on my list is DigitByte. Every time I look at the Digibyte ecosystem they are all over the place. They just don’t stop. There is always a competition, and they have been doing this sort of thing in the bear market just to stay relevant at around the top 50 spots. I don't have anything bad to say about this ecosystem.
Okay, guys that is all I have for today. If you have any questions please post them in the comments section. We will answer every single one. Also please like and subscribe to our channel. Have a great day.
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Nick is a content creator for Sobuka with a background in programming, information technology, finance, and digital forensics.
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The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.
Sources
1.The first release of World Poker Tour #NFT moments have been minted! (2021, May). Theta Drop. https://twitter.com/ThetaDrop/status/1388686292922224640
2.Feldman, J. (2021, April). UFC to Release Blockchain Fan Tokens. Yahoo Sports. https://sports.yahoo.com/ufc-release-blockchain-fan-tokens-143641195.html
3.ENJUSD, LINKUSD & UNIUSD Perpetual Contracts are Now Available on the Crypto.com Exchange. (2021, April). blog crypto. https://blog.crypto.com/enjusd-linkusd-uniusd-perpetual-contracts-are-now-available-on-the-crypto-com-exchange/
4.travala. (2021, April). Welcome to @decentraland & $Mana which lands soon at http://Travala.com. https://twitter.com/travalacom/status/1387757915579289608