Nonfungible token projects continue to rally as big-name players dabble in digital assets and the pace of cryptocurrency’s mainstream adoption increases across multiple sectors.
Nonfungible tokens (NFT) have risen in popularity over the past couple of months as stories of record-setting multi-million dollar auction sales begin to emerge on a daily basis.
While projects like Cryptokitties, Axie Infinity (AXS) and Aavegotchi (GHST) are some of the well-known NFT tokens in the space, several new platforms have burst onto the scene in recent weeks and established new all-time highs.
Chromia (CHR), Rarible (RARI) and LUKSO (LYXe) are three projects that have all broken out to new highs in recent days as NFTs take center stage and look to head higher as blockchain increasingly becomes mainstream.
Chromia is a public blockchain platform that currently operates on top of the Ethereum (ETH) network and is powered by a new blockchain language called Rell.
Data from Markets and TradingView shows that the price of CHR has rocketed more than 900% over the past 4 days, going from a low of $0.66 on March 7 to a new all-time high of $0.668 on March 11 with a record $1.76 billion in 24-hour trading volume.
Movement for the token was kickstarted after it was announced on March 9 that the ALICE token, the native token for the multiplayer game My Neighbor Alice would be listed on Binance beginning March 15. The game is actually built on Chromia and this could be one of the bullish catalysts behind the most recent surge.
The game combines the play experience of popular games like Animal Crossing with the functionality of the emerging decentralized finance and NFT sector, including offering a staking yield, collateralized NFTs and NFT rentals.
Rarible is a creator-focused marketplace and issuance platform for NFTs that utilizes the RARI token to reward engagementwith the protocol. The platform bills itself as the “first community-owned NFT marketplace” that allows users to “create, sell or collect digital items secured with blockchain.”
Data from and TradingView shows that the price of RARI has risen 200% since reaching a low of $12.92 on Feb. 28, establishing a new all-time high of $40.52 on March 10 as interactions on the Rarible platform increase by the day.
Scrolling through the project’s Twitter feed shows that while the Rarible community has been quite active for some time, it was the March 1 announcement that Rarible had listed on Product Hunt that kicked off the latest rally to a new high.
A renewed wave of optimism for the token came on March 7 when Taco Bell, a popular American fast food restaurant, introduced its own custom NFT that was only available on the Rarible marketplace. The announcement led to a surge in trading volume that helped lift RARI to new highs on March 10.
Lukso is a blockchain infrastructure that claims to offer “a series of standards and solutions for physical and digital consumer goods” that foster transparency and create “new forms of responsible production and consumption.”
The Lukso multiverse is a blockchain network that connects fashion, gaming, design and social media into one centralized venue where the general public can interact with blockchain via decentralized applications.
Data from and TradingView shows that the price of LYXE has increased from $6.94 on March 1 to a new high at $23.82. This 240% rally was accompanied by a $15 million bump in trading volume.
Trading activity for LYXe actually began to increase on Feb. 26 as the project’s participation in the Crypto Fashion Week came to a close.
The event included big-name partners like Vogue Germany, which is now dipping its toes into the world of NFTs and looking to combine the world of blockchain and digital fashion.
Since the conclusion of Crypto fashion week, LUKSO’s Twitter feed has received increased engagement from those interested in learning more about the future of digital economies and the various use cases for NFTs.
The explosion of interest in NFTs has brought new life and enthusiasm to the cryptocurrency space just as the DeFi sector entered a cooling-off period which has seen many of the top tokens consolidate as traders shift their attention toward Bitcoin price and NFTs.
With new projects and mainstream companies starting to get involved with the creation of digital memorabilia, NFT related projects like Chromia, Rarible and Lukso are well-positioned to see further growth as mainstream adoption increases.