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Trace Network Raises Over $1.6 Million in Strategic Investment from Leading Blockchain Investors

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Trace Network, the NFT-based corporate DeFi protocol, has begun the launch of its native TRACE token alongside its up-and-coming Bling NFT marketplace for luxury and lifestyle products. Trace Network has successfully collected more than $1.6 million from industry key investors, which will be used to fund the construction of a full-fledged ecosystem.

Trace Network is rethinking the product life cycle and maintaining traceability across the supply chain and into the hands of the end-user thanks to the effective deployment of blockchain technology. The project’s added value has attracted the attention of mainstream industry, which has encouraged them to participate actively in Trace Network’s development by giving early finance and indirect market penetration and outreach help.

As the project develops, Trace Network’s overall offerings include Bling – a one-of-a-kind limited-edition luxury goods NFT Marketplace; a virtual business network that acts as a data exchange to enable sustainability and traceability; and proof of business transactions from virtual business networks that powers DeFi capabilities for businesses.

Bling is unique in that it bridges the gap between limited-edition luxury items and blockchain assets by allowing producers to generate NFTs that reflect their products and sell or auction them on the Bling marketplace. Meanwhile, users can browse the inventory, select the item they want, and complete the transaction. They gain possession of the limited-edition premium goods that the NFT represents once they purchase it. They have the option of keeping the NFT, trading it, or placing an order to have the physical thing delivered to their door.

Meanwhile, Trace Network has received strategic funding from AU21 Capital, NGC Ventures, OKEx Blockchain Dream Ventures, LD Capital, Spark Capital, Morningstar Ventures, Inclusion Capital, Lotus Capital, and Spart Digital Capital, among others. Moonrock Capital, Blocksync Ventures, 18.ventures, DAO Maker, Acheron Trading, EthDesign, Genblock Capital, Master Ventures, GBV Capital, Black Edge Capital, and Moonwhale Ventures, as well as angel investors such as Sandeep Nailwal, Polygon’s COO and co-founder.

Bling and the platform have also teamed with Trace Network to provide end-to-end gasless transactions.

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SAND, FLOW, and AUDIO — NFT Tokens Start Moving Upward

FLOW (FLOW) and The Sandbox (SAND) have broken out of a long-term declining resistance line.

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The $0.87 horizontal support area has been regained by Audius (AUDIO).

All three of these NFTs have shown the ability to resume their upward movements in the direction of their nearest resistances.

SAND

Since March 27, SAND has been falling alongside a declining resistance line. It broke out above this line on July 3 and achieved a high of $0.692 on July 17. Just above the 0.618 Fib retracement resistance line, the high was set.

After generating a long upper wick, SAND was unable to maintain the upward movement and decreased.

Technical indications are still positive despite the decline. The RSI and MACD are both above zero. Although the Stochastic oscillator is rising, it has yet to make a bearish cross.

The coin has already completed a five-wave bullish structure (orange) with an extended fifth wave, according to the shorter-term 4-hour chart (black).

It then bounced after retracing all the way to the $0.35-$0.38 support region. The 0.618 Fib retracement support level and a horizontal support area form the support.

SAND must remain above the $0.35-$0.38 support region for the upward trend to continue. It is anticipated to break out from the 0.618 Fib retracement resistance level at $0.61 and advance towards $0.90 if successful.

Summary

  • SAND broke out from a descending resistance line.
  • Short-term indicators are bullish.

FLOW

Since reaching a low of $6.01 on June 22, FLOW has been steadily rising. It broke out of a declining resistance line that has been there since April on July 7.

The coin continued to rise until it hit the 0.382 Fib retracement resistance level at $20, where it was rejected.

Technical indicators are still bullish despite the decrease, as the MACD is positive and the RSI is above 50.

The 0.618 Fib retracement resistance level at $20.80 is the next barrier.

A completed bullish impulse and subsequent A-B-C corrective structure can be seen on the shorter-term six-hour chart (black).

SAND’s decline slowed as it hit the 0.618 Fib retracement support level at $11.51. Since then, the token has been steadily increasing in value.

Both the MACD and the RSI are growing, indicating that the upward trend will continue.

As a result, FLOW will probably seek to break out above $20 again, possibly increasing to $28.80.

Summary

  • FLOW has broken out from a descending resistance line.
  • It is facing resistance at $20 and $28.80

AUDIO

The price of FLOW has broken through a declining resistance line.
Since March 27, when it hit an all-time high of $4.99, AUDIO has been declining. The declining trend continued until June 22, when the price hit a low of $0.59. This has resulted in a breakdown from the $0.87 horizontal support level (red icon).

The price of FLOW has broken through a declining resistance line.
However, the token quickly reclaimed the level and has now confirmed it as support (green icon). If the upward trend continues, the nearest point of resistance will be at $2.05.

Technical indications, on the other hand, are quite neutral. The RSI is at 50, and the MACD is barely below 0 on the chart. Furthermore, even if it has not yet made a bearish cross, the Stochastic oscillator is going downwards.

AUDIO has broken down from a rising support line and is currently validating it as resistance on the two-hour chart.

The token must regain this line for the short-term trend to be considered bullish.

Summary

  • AUDIO has reclaimed the $0.87 support area.
  • It has broken down from an ascending support line.

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DeFine, a Social NFT Platform, Has Raised $5 Million From Asian Investors

In Asia, the market for nonfungible tokens appears to be expanding. DeFine has received funding from a number of companies and venture capital funds in order to offer NFTs to a wider audience.

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DeFine, a socially conscious nonfungible token platform has raised $5 million in strategic funding as part of a larger drive to bring more businesses into the NFT space.

Huobi Ventures, Abyss, an eSports entertainment firm, and PearlAbyss, a global game developer, lead the round, the company revealed Tuesday. Draper Dragon, NGC Ventures, and SevenX Ventures were among the Asian blockchain funds that attended.

DeFine’s worldwide operations lead, Myoung Hoon Kang, said, “It is my joy to have these significant gaming and entertainment organizations in Asia as key investors. Through strategic investment and collaboration, we will be able to establish new market potential in a variety of industries jointly.”

Investors will receive direct support from DeFine in connecting to the NFT market as part of their strategic investment. The company’s ambition is to build Asia’s largest NFT ecosystem. One of its key goals is to introduce NFTs to the general public, starting with the gaming and entertainment industries.

DeFine bills itself as a social NFT platform for artists, musicians, gamers, influencers, and athletes. Users of the platform have NFT-based social profiles that showcase their accomplishments and contributions to the network.

According to DappRadar data, the sale of NFTs increased by $2.5 billion in the first half of 2021. Gaming and entertainment are two of the most common NFT applications. This trend has been noticed by venture capitalists, who have spent millions of dollars into NFT-focused firms this year alone.

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NFT Marketplace Based on Tron APENFT Burns $2.52 Million in NFT: Details

On Tron, the largest token burn incident in the history of the digital collectibles market occurred.

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On the Tron (TRX) blockchain, APENFT is a pioneering ecosystem for non-fungible tokens. It recently revealed the details of a large token burn event.

NFT Tokens Worth $2.52 Million Were Destroyed

On July 16, 2021, 1.03 trillion of APENFT’s core native NFT assets were destroyed, according to an official notice made on social media by the APENFT team.

This huge quantity was equivalent to $2,520,000 at the moment of the token burn. As a result, this is the most significant increase in scarcity since the APENFT marketplace was launched.

The tokens were sent to T9yD14Nj9j7xAB4dbGeiX9h8unkKLxmGkn, an all-zero Tron (TRX) account, where they were destroyed for good. Therefore, this large batch of tokens has been removed from the NFT circulating supply.

The vast figure is the same as the price of Andy Warhol’s Three Self-Portraits, which APENFT recently purchased on the newly created Binance NFT marketplace.

APENFT Collaborates With Well-known Art Markets

Because NFT is both a governance and a utility token in the APENFT ecosystem, token burn events are exclusively decided by the NFT holders.

On July 7, a community referendum was held, and the proposal was approved on July 10.

Christie’s and Sotheby’s, two famed auction houses, have already joined with APENFT, the first-ever NFT marketplace on Tron. In addition, it has formed a partnership with Beeple and Nifty Gateway, two digital collectibles legends.

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