Bitcoin began the week rather roughly. As it became clear that the crackdown on Bitcoin mining in China would have a significant impact on the digital asset, people started to become worried. In fact, at one point in the week, it dropped as low as $28,801, though it has made its way back past the $30,000 mark once more.
The story isn’t much better for Ethereum, which seemed to be caught in the crossfire of dismay affecting Bitcoin. It saw a low of $1,698 during the last seven days.
It is important to remember that, in the grand scheme of things, this is all just a blip on the chart. The technology and fundamentals are still solid, and it holds so much unrealized potential.
For now, it is worth taking a step back and exploring the altcoin underworld. There are plenty of gems to be found, and the KuCoin Blog is happy to introduce them to you. This week, we’re honing on the three most active sports NFT projects to review.
Since the beginning of the Euro Cup, sports NFTs have garnered much attention from both crypto investors and sports fans. Many of Europe’s best-known sports clubs are developing their own NFTs to welcome their respective fan club’s participation by holding or staking the native tokens.
Let’s uncover CHZ, LYM, and REVV.
Chiliz is a currency option for blockchain-backed products and services geared towards mainstream consumers. It provides sports and entertainment entities with blockchain-based tools to help them engage and monetize their audiences.
CHZ fuels the Chiliz ecosystem as the exclusive on-platform currency, as seen with Socios.com.
As mentioned, the Euro 2020 tournament has drawn attention to sports-orientated tokens like CHZ. It helps sports clubs engage with their fans, create their own fan tokens and offer exclusive promotions. The Euros have reinvigorated the fanbase to get involved with the sport once more.
It is also worth noting that the token recently got listed on Coinbase Pro, which is no small feat. This brought the token to a wider audience and played a role in its explosive growth recently.
Trade CHZ and 300+ other altcoins on KuCoin.
Lympo is a fitness-focused blockchain platform that is building a sports NFTs ecosystem including NFTs with IP rights of world-famous athletes and clubs. When using the Lympo mobile app, users are able to earn tokens by working out, providing motivation to get in shape.
The LYM token is used as rewards and for purchasing sport-related goods on the Lympo Shop.
There are a few outside factors playing into LYM’s growth. First of all, the lockdowns are beginning to end in some countries worldwide, meaning people are looking to get back in shape now that they are allowed some more freedom - and earn tokens for it. Next, we can again thank the Euro tournament for increased interest in the market, as many might be interested in the athlete NFTs.
Looking closer at the project, you will find that lympo successfully held a token offering for LMT, which will be used for minting these NFTs, among other things. Otherwise, they have been signing up new athletes and big names and promoting them on their social media channels, likely hyping up the community.
Trade LYM and 300+ other altcoins on KuCoin.
REVV is a token that acts as the main currency for a number of game dApps developed by Animoca Brands. Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain games such as F1® Delta Time and NFTs.
REVV is used as the currency for purchases, utility, and actions in supported play-to-earn motorsport blockchain games.
Some news relating to the token has helped bring it some attention from sports fans. For example, it recently announced that it will be partnering with English Championship team Queens Park Rangers to release NFTs based on the team. Fans of the club will no doubt be interested in the exclusive collectables this will offer. The REVV token was recently listed on Bitmart too, which may have given its price a bit of a boost.
Trade REVV and 300+ other altcoins on KuCoin.
NFT Gems to Look Forward to This Week
Keeping on the topic of NFTs, there are some popular projects within the gaming/entertainment sphere that are also well-worth reading up on. KuCoin recommends you check out SENSO, ENJ, and RMRK. Each of these are changing the way users interact with their games and entertainment, making for a strong use case.
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