Last year saw the arrival of NFTs in a big way with prices soaring for digital art. The recent crypto downturn has hurt the market with volumes on exchanges such as OpenSea tumbling, and the prices of NFTs starting to falter. Two of the most important market leaders were Bored Ape Yacht Club and Cryptopunks. BAYC saw its ApeCoin token tumbling from highs of near $26 to only $5.
As the dust settles on the NFT market many investors are turning to Chronoly (CRNO) which offers a unique proposition in the market. Chronoly mints NFTs that are backed by luxury watches and those can be traded on its blockchain platform or on third-party marketplaces. The token has already seen a rise from $0.01 to $0.05 and analysts predict big things in the future.
The recent market downturn has sucked the wind out of the Bored Ape Yacht Club sail and there is infighting amongst its community. Some members wanted to ditch the Ethereum blockchain and move to another Layer 1 or Layer 2 chain. A vote to remain with Ethereum passed by a small margin of only 53.6% and that means that half of the project are unhappy with the current path of BAYC. The drop in the price of ApeCoin has likely rattled some of the project's investors and sown some doubts.
The market for ApeCoin and Cryptopunks is still secure for rare items with a rare punk recently selling for $130,000. However, the overall collections have slumped with a drop of 47% in BAYC and over 49% in CryptoPunks. The problem for some investors is that the market for rare NFTs is being cornered by wealthy investors.
Chronoly is a cryptocurrency and NFT project that has been on the lips of many analysts lately. Scheduled for official release on the 27th of July, the Chronoly ecosystem plans to shake up the luxury watch and NFT market and has already seen its token price surge during the presale. Chronoly.io will be the world's first fractional investment platform for NFTs that are asset-backed by luxury watches such as Rolex and Patek Philippe.
The watch-backed NFTs can then be traded on the Chronoly platform or on third-party marketplaces like Open sea. Chronoly (CRNO) wants to decentralize the luxury timepiece market and allow investors of all sizes to get access to the most expensive watch brands. That is something that the NFT world is not doing with investment gains from CryptoPunks or Bored Apes rewarding the richest investors and allowing them to further control the market.
Although the NFT art world has seen big gains, the opportunity to invest in tangible assets with proven investment returns will appeal to many investors. Chronoly's CRNO token also allows investors to stake their coins for an annual yield or lend out their NFTs for passive income. Investors have begun to snap up the CRNO token with the coin rising 500% in its presale. Analysts see a bright future for the project and predict NFT investors are likely to consider moving from the digital art world to tangible assets from the world's top watchmakers.
For more information about the Chronoly.io presale:
Website: https://chronoly.io/
Presale: https://presale.chronoly.io/register
Telegram: https://t.me/Chronolyio
Twitter: https://twitter.com/Chronolyio
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