In this episode of the BeInCrypto video news show, host Jessica Walker takes a look at our May picks for the altcoins behind up-and-coming NFT platforms. We will introduce each platform and analyze recent price movements.
Decentraland (MANA)
Decentraland is a decentralized world powered by the Ethereum (ETH) blockchain. In this virtual world, users can purchase land, build it, as well as monetize it. They can also immerse themselves into the applications and content built by other users. Its decentralized nature is what distinguishes it.
The native token in this environment is called MANA. It is an ERC-20 token powered by the Ethereum blockchain. Users can currently use MANA to purchase land, and also pay for goods and services in Decentraland. MANA tokens can be purchased from various centralized exchanges, decentralized exchanges, and swap services.
Reviewing the chart, it reflects how often NFTs and decentralized real estate have been making the headlines in the last couple of months. In this case, MANA’s price has shot up 700% in the last couple of months.
Momentum is slowing down however, because last week’s price didn’t reach its recent high of $1.63. But the overall trend is still intact. Despite a likely retest, the continued growth of Decentraland user numbers could provide some fresh fuel for the MANA token.
BakerySwap (BAKE)
BakerySwap is both a decentralized automated market maker and NFT marketplace that is based on the Binance Smart Chain. BAKE tokens fuel the ecosystem that launched in September 2020.
These tokens are awarded to liquidity providers and can then be used to earn a share of BakerySwap’s trading fees. They also participate in voting as part of BakerySwap’s governance process.
The chart shows that lift-off was on April 28 and the price has roughly doubled every day and a half.
Many coins experience a drop after such a sharp ascent and there has been a dip in the past day. But at the time of recording the trend still hasn’t been broken, so we’re definitely keeping our eyes on this one.
Chiliz (CHZ)
Chiliz, with its token called CHZ, developed the Socios.com sports fan engagement platform. Essentially, Chiliz provides sports teams and entertainment entities with blockchain-based tools to help them engage and monetize their audiences.
But how does this relate to NFTs? The blockchain is expected to release NFTs in the form of soccer trading cards this year. Similar to what NBA Top Shot has already established with digital trading cards for basketball. However, in this case it would be for teams from multiple sports that have joined the platform.
The CHZ chart has only recently reflected the success of the project and is up 900% in about two months.
Right now we’re trading in a bit of a range and with more people trading it, it seems there has been some profit taking here and there. But Chiliz is definitely making inroads and this could just be the beginning for this token’s popularity. One more tip — if you’re trading CHZ take note of the long green candles — they’re always followed by almost equal drops on the following day.
Trilium (TLM)
“Alien Worlds,” which is a simulated economy where players complete tasks to earn Trilium for a chance of finding rare NFTs. Which in turn, can be sold for real world currency. In this metaverse, economic competition and collaboration are encouraged and promoted between players. This is done by incentivizing players to compete for the scarce resource.
First is a zoomed in hourly chart from the last ten days or so. It shows a nice, steady climb, without any sharp drops and you can also see some of the levels you need to watch. But it doesn’t tell the whole story.
Look at that volume! TLM had a great surge in volume in mid April. Far higher than the time when it was launched.
So, what we’re seeing now could be a sign of real demand for both the cryptocurrency and the ecosystem, which is also confirmed by the volume data we’ve circled.
My Neighbor Alice (ALICE)
In My Neighbor Alice, anyone can buy and own virtual islands, collect and build items. Which, in turn, can be exchanged as NFTs. Land, houses, plants, animals are all presented in the form of NFTs.
What’s interesting is that the platform offers in-game features such as renting property. This is possible through a special smart contract that manages all the renting processes and requirements.
ALICE is the last token of our top five selection for May and it is the games’ native utility token. It is used as an in-game currency and it seems to be at a critical level on its price chart.
Moving on to the technical analysis side, we are seeing the price come back down to $16.9, a level that proved too much a month ago. On the other hand, we see an uptrend from the last week still going strong. One of these forces will have to give in and we should see a breakout when the winner prevails.
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