Nonfungible Tokens (NFTs) Rise Sharply in 24-Hours as Bitcoin (BTC) Price Dropped to US$32,000 Level
In the last 24-hours, the Bitcoin price dropped to the US$32,000 level (US$31,763.72 at press time) and the altcoins fell by anywhere from 2-to-5%. At the time when the cryptocurrency market witnessed significant correction in the last 24-hours, the Nonfungible Tokens (NFTs) sector witnessed significant gains. The top 3 gainers in the NFT sector are Audius (AUDIO), Axie Infinity (AXS), and Small Love Potion (SLP). Audius and Axie Infinity increased by +31.85% and +25.14%.
The main strength of the NFT sector is the multifaceted use cases and applications of nonfungible tokens. These tokens open door to earn revenue from different sources including sales of art, music, and gameplay.
This NFT token is climbing the list in the last few days, especially after popular brands such as Wheezer started cosying up to this decentralized music-sharing and streaming protocol. Before its recent jump in price, the first ever bullish outlook for AUDIO was detected on July 9, 2021. The price of Audius increased by 55% over the next two days after July 9, 2021.
Axie Infinity (AXS)
In July 2021, Axie Infinity (AXS) is definitely one of the strongest performing tokens. One of the main reasons of its meteoric rise is that it provides income opportunities to its users. It has enabled users from economically disadvantaged regions to use this blockchain-based trading and battling game to earn money. In just 4-days from July 9, 2021, Axie Infinity’s price increased by around 97%, from US$11.18 to US$22.14, a new record high level.
Small Love Potion (SLP)
This NFT token is part of the Axie Infinity ecosystem. It is used during the process of breeding NFT-based creatures that populate the Axie Infinity world, Axis. SLP got a shot in the arm after it was listed on the FTX cryptocurrency derivatives exchange, enabling users to trade it both in the spot and perpetual futures market. In just 24-hours span, the price of Small Love Potion increased by 55% from US$0.264 on July 12, 2021 to US$0.419, an all-time high.