NFT investors have had a rough time in the recent bear market as the floor price for collections dropped sharply. The Bored Ape Yacht Club NFTs saw their value drop below $100k for the first time and CryptoPunks holders were also hit by the bearish sentiment. In only two months, the price of an entry-level Bored Ape dropped by around 78 %. A new project named Chronoly (CRNO) has the potential to remove that volatility from NFT collections with non-fungible tokens that are backed by rare luxury watches. The project is unique and could eventually do for watches what NFTs did for the art world and its token CRNO surged 660% during its pre-sale, and we'll explain why.

Cryptopunks Are Lower, but Why?

CryptoPunks are lower because the market for speculative assets has fallen. With higher inflation and rising interest rates, pro investors know that tangible assets are more important than JPEGs and the market for real art and other safe havens rose. For the blue-chip NFT collections, we have seen prices crated by up to 75%, and sales for collections are also much lower.

There were still some standout sales with a rare CryptoPunk going for 47.5 ETH ($80,000) but in general, the prices have tumbled. NFTs of digital art is still a relatively new area of the crypto market and saw big speculative flows. There is still uncertainty about the worth of these pieces and when the bear market hit, many investors turned away from the space. Another bull run will likely come in NFTs when the overall market recovers but they are likely to show the same volatility in the future.

Chronoly (CRNO) Fixes NFT Volatility

Chronoly (CRNO) can take the volatility out of NFT investing with its asset-backed watch NFTs. According to the Subdial 50 Index, luxury watches have risen more than 30% this year as investors scramble for real assets as inflation, recession, and war rocks the financial markets. The watch index actually soared closer to 50-60% initially which is another example of investment-grade watches price behaviour in a bear market and this is because Investors want real assets and do not trust hype-based meme coins during a recession. The fine art world holds its value in a similar way but crypto NFTs do not have that same trust at the moment due to the speculative interest last year.

The Chronoly.io project is bringing this trusted investment into the digital age with a decentralized trading platform. Investors can get reliable price data and set price alerts and limit orders to manage their portfolios with ease. The rare watches owned by Chronoly are stored in a secure depositary and are fully insured. Retail investors can also get access with fractional shares, which lowers the barrier for new investors and also provides liquidity to sellers. The platform is utilizing some DeFi elements with staking and lending and that can add passive income or collateral options. The project also plans to join the metaverse, which would also make a lot of new users join the Chronoly marketplace.

The project also plans to join the metaverse, which would also make a lot of new users join the Chronoly marketplace.

The decentralized marketplace is powered by its own real-world utility token called CRNO. The token is currently in phase two of its presale and early investors in the coin were rewarded with a move from $0.01 to $0.066. Experts predict a 3,500% rise once the official launch on exchanges like Pancake Swap happens. The release will be on the 27th of September.

Website: https://chronoly.io/

Telegram: https://t.me/Chronolyio

Twitter: https://twitter.com/Chronolyio