Crypto Market is Gloomy but Crypto in Sex has still got Life

Bitcoin and the crypto market is constantly falling but even in such situation crypto in sex shows great future ahead.

Bitcoin's value fell by more than half of its value since its all-time highs in November 2021, leading to a major crash in the entire crypto market. Meanwhile, as soon as investors had started to recover from Bitcoin's fall, Terra and TerraUSD massively wounded the rest of the market by declining further below. The fall of the Terra ecosystem spilled a wave of fear and chaos leading to an early self-off season. This weak sentiment had spread across the crypto market resulting in investors withdrawing their money and dumping their investments. According to market experts, Bitcoin and Ethereum, the two most valuable assets in the market have decreased by more than 40% since mid-November of 2021. In recent times, the price of Bitcoin has fluctuated more than any investor could have ever imagined. As the crypto is set around the US$21,000 mark, investors feel relieved thinking that the crypto has finally stabilized, but experts predict that Bitcoin is due for more fluctuations. Recently, reports have revealed that the total crypto market cap is down by almost 60% within a period of few months. But even in such situation crypto in sex shows great future ahead.

A cryptocurrency startup called SEXN (most likely a play on the popular move-to-earn running app STEPN) is hoping to convince people that sex-to-earn is not only functionally possible—through a series of biometric monitors, apps, and NFTs—but profitable.

SEXN offers "two of the indispensable things that humans love most: sex and money," according to the company's Twitter bio. Similar to play-to-earn standard-bearer Axie Infinity, users will first buy tiered NFTs that allow them to earn tokens. It's a concept that's banking on the idea that when it comes time to get intimate with oneself or others, users will stop the action, and start a sex-timer on their phones to earn the company's tokens.

Web3 supposedly promises a new model of the internet, free from the restrictions that plague the centralized Web2 – but for sex workers, the same old patterns of censorship occur even in this brave new era. "It's still the same, they still have to follow the same rules, they're still governed by FOSTA/SESTA, which means … they censor us, they don't allow us to be on their platform, they don't play nice with us," says sex worker Allie Eve Knox, who started selling NFTs of her work in 2020. "Web3, any kind of technology, it's still not going to take that away."

After connecting a crypto wallet to an account and downloading the SEXN app, users are first tasked with buying NFTs, which range in rarity and can be used to earn tokens created by the project itself. Dubbed "Sex Organ Token" (yes, really) or $SOT, these tokens went live on June 1 and can be acquired by completing in-app tasks, all of which revolve around using one's phone to measure sexual activity. $SOT raised just over US$100,000 before launch.

The Important Metrics to Consider in this Bear Market

No investor would like to face a bearish crypto market as they destroy portfolio value and possess a high tendency to cause financial losses to its investors. But one of the most profitable aspects of a bearish crypto market is that it provides investors with the time to reconsider their investments and research more on other profitable projects that might thrive when the prices surge again.

The Fear and Greed Index is a data-driven sentiment gauge that clearly depicts the bearish sentiment of the crypto market. The indicator has consistently maintained its position below 20 since May 8, as the crypto market touched its lowest levels when it lost US$1.7 trillion.

Major altcoins like Solana fell more than experts could have ever been anticipated. SOL has been constantly facing network issues for a period of seven months.

Besides these issues, the situation around Tether has also been quite challenging for the crypto market and its investors. The re-launch of the LUNA 2.0 protocol has not been helping because LUNA users as still speculative and skeptical about its future. Most of the long-term crypto buyers have left the crypto market or are also choosing other centralized, traditional assets to avoid further financial accidents.

Bottom Line

There are several price metrics that need to change for the crypto market to rise again. Experts believe that the research they conveyed posed evidence of more downsides. This is mainly because of the slightly higher conditions of altcoins on the bearish levels and also due to the evident lack or loss of interest in investing in cryptocurrencies from the Asian retail markets. It is evident that crypto bulls have to show much more capability to attract more investors in the market. Then there is crypto in sex. Well, it seems the hope for SEXN is that it eventually turns into a broader ecosystem of e-commerce networks and "private social sector development" as people work to earn both $SST and $SOT tokens. Of course, both are subject to the whims of crypto's volatile market.