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BIC’s Video News Show: 5 NFT Altcoins for May 2021

Jessica Walker looks at BIC’s May picks for altcoins behind up-and-coming NFT platforms in this episode of the BeInCrypto video news show. We she’ll go over each platform in detail and look at recent price movements.

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Decentraland (MANA)

The Ethereum (ETH) blockchain powers Decentraland, a decentralized world. Users can buy property, build on it, and monetize it in this virtual world. They can also interact with the applications and content created by other users. It is distinguished by its decentralized existence.

MANA is the native token in this environment. It’s an ERC-20 coin, which means it’s based on the Ethereum blockchain. Users may use MANA to buy land and pay for goods and services in Decentraland right now. MANA tokens are available for purchase on a variety of centralized and decentralized exchanges, as well as swap services.

Looking at the graph, it shows how much NFTs and decentralized real estate have been in the news in recent months. In this scenario, MANA’s price has increased by 700% in the last few months.

https://lh3.googleusercontent.com/tRUAjKTjogrzXNr7ZLUF4R602VPYRXq8AAtVKV86toL9YLdoKHl4YBo35CsompHpLENzgKZDPsdUpvvEWOaaPMOJHjbV7juEmpOR9r4rIOd1DjlRfT2ZddtfIebs2krfuj6Gr5M-

However, momentum is slowing because the price did not surpass its recent peak of $1.63 last week. However, the general pattern continues. Despite the likelihood of a retest, the MANA token may benefit from the continued growth of Decentraland users.

BakerySwap (BAKE)

Centered on the Binance Smart Chain, BakerySwap is a decentralized automated market maker and NFT marketplace. The BAKE ecosystem, which began in September 2020, is driven by BAKE tokens.

Liquidity providers receive these tokens, which can then be used to collect a share of BakerySwap’s trading fees. They also take part in BakerySwap’s governance mechanism, which includes voting.

The chart shows that the price has approximately doubled every day and a half since lift-off on April 28.

https://lh4.googleusercontent.com/GnvswcW_qzMALWJNPSgGZ2_3hun1W0OeySgXuEvrs5nROxAYNGTxxBkNSsZKtrQxDBewIHSdSBnJOGENEjl-jC5vO6Lm0RzcwF2bxW5gueJNQjHZOrkUALLRf36bop3dN1Fcm2tX

After such a rapid rise, several coins experience a drop, and there has been one in the last day. However, the pattern has yet to be broken at the time of recording, so keep an eye on this one.

Chiliz (CHZ)

Chiliz created the Socios.com sports fan engagement platform with its CHZ token. Chiliz essentially offers blockchain-based resources to sports teams and entertainment companies to help them interact and monetize their audiences.

But what does this have to do with NFTs? This year, NFTs are scheduled to be released on the blockchain in the form of soccer trading cards. Similar to what NBA Top Shot has already accomplished with digital basketball trading cards. In this scenario, though, it will be for teams from a variety of sports that have entered the network.

The CHZ chart has only recently reflected the project’s success, rising 900 percent in less than two months.

https://lh5.googleusercontent.com/Vgqa8uO_Pyp3843zGWvGgp2iJrRcJP9xdzPyA1dLGpTW9DvzAqvt2IyXX9v7DfnocGwRfbPbtGup69AYzq7BOiuV_Gwj11lDH4WKb6FD0Q7067ztjgNGOo9fEAUzyo2vuqkhPFeN

We’re currently trading in a range, and with more people trading it, it appears that some profit taking has occurred. But Chiliz is gaining traction, and this may be just the start of the token’s success. One more thing to keep in mind if you’re trading CHZ: long green candles are always preceded by nearly identical drops the next day.

Trilium (TLM)

“Alien Worlds,” a virtual economy in which players complete tasks in order to win Trilium in exchange for a chance to discover unique NFTs. This can then be exchanged for real-world currencies. Economic competition and collaboration are encouraged and promoted among players in this metaverse. This is accomplished by enticing players to fight for a limited resource.

The first is a zoomed-in hourly chart from the previous ten or so days. It depicts a nice, steady climb with no sharp drops, as well as some of the levels to be aware of. However, it does not tell the whole tale.

https://lh6.googleusercontent.com/Cfg2gSumd17c1XySHlMaPlDVUmkVFBRLHVwpoEbGjaAIIeMiEY3gaurB9MWHA_sY2DrndFR8CI-R3ASVh5lyyFP1cho36A7FqjnvZ1xhk16deUEVSDkNF42w1D7nKQ_AI6oj_SXd

Take a look at the volume! In mid-April, TLM experienced a significant increase in volume. Much higher than when it was first published.

https://lh3.googleusercontent.com/AkdZT_9HY0iPaRLHptDW6zHBsG3DRIl99MOeaxqSqIzvXm2gLh6xGYJeXmNUy9PL0Wtc_HMsKddymj81Yao7o28Yvts9W34gXqd38DzY3UUPj9OtiYXAiMgqi8BK_LXVWVqxHa8m

As a result, what we’re seeing now might be a sign of real demand for both the cryptocurrency and the ecosystem, as the volume data we’ve circled confirms.

My Neighbor Alice (ALICE)

Anyone can buy and own virtual islands, as well as collect and create objects, in My Neighbor Alice. Which can then be substituted for NFTs. NFTs are used to represent land, buildings, plants, and animals.

It’s worth noting that the platform includes in-game features such as property rental. This is made possible by a smart contract that oversees all of the rental processes and specifications.

ALICE is the game’s native utility token and is the last of the top five picks for May. It is used as an in-game currency, and its price chart appears to be at a critical point.

https://lh4.googleusercontent.com/6hUG7VFJwpMGTa0FzsJBpvYmJaeAwd2aChEzeCzczTvWpj_pUPWz5wLxufKLTtiea5Oextm0MTR_l4BVv1vyagppb36O6CrUsBwTuUFZY5CmevHk5k3OQi_-AIxZ3HqX2CB7JBCj

Moving on to technical research, we’re seeing the price drop to $16.9, a level that proved to be too high a month ago. On the other hand, the last week’s uptrend is still going high. One of these powers will have to yield, and when the winner emerges, we should see a breakout.

ART & COLLECTABLES

In June, the volume of Ethereum NFT trading decreased by 70%, although sales remained stable

Although there is less money in NFTs, sales haven’t really slowed down.

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Despite the negative market, there is some good news regarding NFTs.

According to Nansen data, the overall amount of Ethereum NFT trades has decreased by 55% over the past month, falling from 1.3 million ETH to roughly 584,000 ETH. In terms of US dollars, that represents a decline of about 70% from just under $2.6 billion to about $672 million.

Over the past month, Ethereum’s price has decreased by around 43%. But because “blue chip” NFT prices haven’t increased to make up for it, fewer transactions are taking place.

Bored Ape Yacht Club NFT prices are still circling about 100 ETH among the top five listed NFT collections on OpenSea, with average ETH prices having essentially remained unchanged. The exception is CryptoPunks, whose buy-in floor pricing increased by 48 percent in part as a result of Christie’s head of digital sales taking over as the Punks’ new brand lead this month.

The unique blockchain tokens that represent ownership over digital art are still being bought and sold by NFT traders; they’re just purchasing less expensive tokens and “aping” into free mints like Goblintown, which launched a wave of free-to-mint NFT collections centered around bodily waste, nihilism, and memes.

According to data from CryptoSlam, the typical sale price for an Ethereum NFT dropped from $2,463 in May to barely $703, a 71% reduction. While a result, NFTs are often more expensive to buy as the crypto bear market persists.

OpenSea reported 1.478 million NFTs were sold on its platform in May. As of Wednesday, 1.476 million NFTs have been sold in June, thus it’s entirely probable that this month will see an increase in NFT sales over May. The Otherside NFTs from Yuga Labs, which saw $561 million traded in just one day, also significantly helped May’s results.

According to Dune data, the total number of registered users who have completed at least one transaction on OpenSea’s marketplace increased by a modest 6.5 percent. With a 16 percent drop from roughly 422,000 to 354,000, the number of active traders for Ethereum NFTs has only marginally decreased.

Nansen data show that there hasn’t been much of a reduction in the number of weekly active NFT projects that are seeing revenues. Three NFT collections—the same number as last month—have seen more than 10,000 sales. Only 30% fewer collections this month—from 109 to 76—saw more than a thousand sales in a given period. Therefore, NFT designers are still making sales, especially in collections with the biggest market caps.

Consequently, traders are still making trades even though overall volume may be down 55 to 70 percent in ETH and USD, respectively. Despite the fact that they are currently buying and selling for less, it appears that NFT aficionados still have hope.

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NFT

Users’ email addresses are massively exposed due to an OpenSea data breach

The NFT marketplace stated that it has informed law enforcement of the occurrence and that an investigation is in progress.

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The largest nonfungible tokens (NFT) marketplace in the world, OpenSea, has issued a warning to users after learning that a Customer.io employee may have sent the list of OpenSea users’ email addresses to a third party while working on the platform for managing email newsletters and campaigns.

All users who have provided their email addresses to the marketplace, whether it be for the platform or its newsletter, have been impacted by the incident. OpenSea warned consumers about potential phishing attempts after the hack.

On Thursday, the NFT market reported that it had spoken to law enforcement about the incident and that a probe was ongoing.

The most recent data breach is far from the only significant attack this year on OpenSea and its subscribers. The popular NFT marketplace’s Discord server was compromised in May, which sparked a flood of phishing attacks. Numerous user wallets were in fact abused. The platform experienced one of its most severe attacks to date in January, during which a vulnerability allowed attackers to sell NFTs without authorization. The market covered losses of $1.8 million.

Customer.io rival Hubspot was breached in March, exposing users’ usernames, contact information, and email addresses on BlockFi, Swan Bitcoin, NYDIG, and Circle. Names, phone numbers, and email addresses of users of various platforms were disclosed to an unidentified entity.

Hackers may try to contact OpenSea clients by sending emails from domains that resemble OpenSea.io or OpenSea.xyz, according to a warning from OpenSea. Spam calls, texts, and emails have all increased, according to Twitter users.

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NFT

The Future of NFT Gaming Doesn’t Rely on Big Capital Expenditures

Large game publishers typically oppose your ability to trade freely. The economic model used in popular games, where players purchase in-game cash or points in order to unlock more content and improve their experience, is at existential risk from NFTs (non-fungible tokens).

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If it were possible to regulate the flow of NFTs in a closed market, this would be a different story. Interoperability will be key in the future, according to industry upstarts, and digital assets represented by NFTs will be portable from one platform to another.

Large gaming companies generate billions of dollars from microtransactions, and a key factor in their success is their ability to retain players willing to pay money for in-game items. These businesses have developed systems that entirely exclude any legitimate third-party access to certain material or digital assets because they want their player base to invest a lot of money in the game.

NFTs have the potential to be revolutionary since they open the door for broad lending of these assets in addition to allowing speculators to profit. It’s no longer necessary for a player to put a significant number of money into the game in order to fully enjoy it by enabling investors to purchase an NFT and then loan it out to someone – either for a fee or a profit-split arrangement.

How play-to-earn is implemented

A fully developed gaming ecosystem will see the emergence of two different types of stakeholders. Investors who have a sizable portfolio of in-game NFTs are less likely to play the game in exchange for a daily return of $50. Then there are gamers from all over the world, who in certain circumstances would make significantly more money than the minimum wage under a profit-sharing system for lending.

The second category, who can have less money, is more worried about the short-term volatility and low liquidity of digital assets. They are unable to take the risk of accumulating NFTs in the hopes that they will be steadily profitable and hold or increase in value.

In the gaming industry, tradeable digital assets already exist. However, the practice of putting these assets on the blockchain is expanding; this was a general trend in 2021, when NFTs earned $8.4 billion in revenue. The logical next step for this sector is video games, and since more and more of these sales are shifting to blockchain gaming, there may soon be a noticeable increase in established companies moving in-game objects, characters, and skins on-chain.

As opposed to nominally belonging to the investor or player but really being at the mercy of a centralized gaming platform that can ban the user at any time, on-chain assets are designated as unique and belonging to one true owner. It’s more decentralized and provides users a lot more room to choose their own routes, especially when it comes to lending in-game items and lowering entrance barriers.

creating the framework for play-to-earn players to borrow If NFTs result in a rapid expansion of the player base in new markets, they can be extremely advantageous for game producers. Even before one considers how digital assets might be coded to meet cross-platform use cases or be employed in metaverses, making the industry more accessible irrevocably alters the entire landscape.

The compatibility of digital resources

The idea of full cross-metaverse employment of NFTs on a single digital identity raises a host of hitherto unimagined benefits. As a result, potential value is unlocked and speculation may be brought under control in a less erratic and more stable market.

The restrictions must be adjusted and will be based on the rarity of particular assets and what you may do with them. Can they be upgraded? Can you construct on NFT land to increase its value? Should players be able to own an entire mountain, or can they only purchase plots? It will be entirely community-driven if gamers own everything, but creators should have some voice and may feel the need to impose restrictions.

It is likely that a DAO (decentralized autonomous organization) operated system, in which the entire globe is owned by members and NFT holders, is now being developed. However, it is unclear whether this will be sustainable without a rigid set of regulations.

establishing NFT financing

When you attempt to transfer an actual NFT to another user’s digital wallet, problems happen. You would want the loanee to post collateral to secure the loan because there is a danger of the loanee defaulting. This creates a capital cost that acts as a barrier to entry for a sizable number of potential players.

A preferable approach would be one in which the NFT’s utility, or “wrapped,” is the sole thing rented out. An NFT holder can put the asset in a smart contract, specify the loan terms, post it for rent on the market, and let the free market function as it should.

The wrapped NFT is a newly created copy that has the same metadata, URLs, and other characteristics as the original and can be programmed to expire after a specific date. By doing so, the human-trust layer is removed, and the remarkable security that blockchains offer is provided. In essence, this wrapped NFT is only useful and cannot be spent.

It expires, returns to the smart contract at the maturity date, and is burnt as the result of a frictionless, risk-free, and collateral-free NFT lending system. Additionally, if the loanee improves a piece of land or gives a character a lot more playtime, the original NFT might appreciate as a result of the loan.

The blockchain will be updated with these changes as a direct result of the wrapped NFT’s experience. Most NFT projects and protocols are moving in the direction of this methodology in the wake of the infamous Axie Infinity hack, which cost $600 million.

The rumor about large developers

Popular game producers will find it more difficult to avoid presenting some sort of product if current trends continue and the NFT lending sector experiences significant expansion over the following few years.

Ubisoft and Epic Games are already testing, and it’s feasible that NFTs may follow the same trajectory as the idea of cryptocurrencies in general, where everyone will eventually use elements of distributed ledger technology. The notion is that this will become too alluring for businesses to ignore, or they may employ private chains or something similar.

The play-to-earn buzz is not something that traditional gamers like, and they frequently have a point. The overall quality of the market is now relatively low, and players just play these games to earn cryptocurrency, so there isn’t much to get excited about. This has a detrimental effect because it was once hailed as the new paradigm.

The problem of people quitting a project because the value of the rewards has declined due to a token price fall is still there.

Some time may pass before those seeking a better future in NFT gaming. The profitability of large developers’ existing strategies won’t be simply abandoned in favor of a more decentralized NFT-based economy because doing so would undermine their economic model. However, seasoned creators may begin experimenting with already-existing in-game assets as NFTs, and they may profit greatly in this fashion.

Unless their bottom line is in danger or a highly lucrative opportunity arises, multibillion-dollar corporations often adapt slowly. Maybe both of these elements will be crucial in bringing about a change in how we handle digital assets.

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