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There is no denying that ERC 20 standard tokens still hold the bulk of transactions on Ethereum. Nonetheless, the recent spike in ERC 721 non fungible tokens (NFT) transfers was quite noticeable. Gods Unchained, a blockchain based game, saw its ERC-721 transfer count peak during the month of November blasting past the previous high achieved by CryptoKitties, in the digital asset rush of 2017.

The recent boost in gaming cards (ERC 271 NFTs) sales by Gods Unchained is tied to an unfortunate case that saw its largest competitor, HearthStone, disqualify a winner for promoting Hong Kong protests on the platform.

ERC 721 tokens spikes past ETH and ERC 20 transfer counts

gods unchained
Source: Etherscan

According to data collected by CoinMetrics, the total transfer counts by ERC 721 standard tokens surpassed both ERC 20 and ETH transfers on Nov. 12 – with over 500,000 transactions completed. The spike is attributed to the growth of one specific blockchain game – Gods Unchained – which is strikingly similar to its largest competitor, HearthStone. The game has a 24-hour transaction volume of 383,035 NFTs and a 7-day volume of 2,869,150 NFTs.

A Hong Kong Back Story

According to info collected by Nate Maddery, a research analyst at CoinMetrics, on October 7th, HearthStone announced they will be rescinding all gifts from the prize winner for supporting the current ongoing Hong Kong protests. The game further passed down a one year suspension from the platform, a move that angered the crypto public – and provided an opportunity for Gods Unchained to shine.

In response to the ban, Gods Unchained called out their competitor claiming they “cared more about money than freedom” and offered to repay every dollar rescinded from the champion. They further offered a free ticket to the champion in their $500k championship saying “no player should be punished for their beliefs.”

Gods Unchained Sells $6.2 Million Genesis Card Packs

Since the news broke, Gods Unchained sales boosted exponentially as they sold out their Genesis card pack for 33,333 ETH (approx. $6.2 million). The current growth of NFT cards shows a real use case for ERC 721 tokens in gaming and a growing affinity toward gaming assets having real value to gamers.

The blockchain gaming industry is steadily growing despite the number of ERC 20 contracts still leads the way ahead of ERC 721 tokens – at 184K and 4,600 respectively. ERC 20 tokens non-token contracts stand at 12 million contracts representing a 39% spike since January 1st. ERC 721 tokens also witnessed an explosive year-to-date growth rate of 350% in the same period and token contracts experienced a 31% increase.

 

Images from CoinMetrics

Summary

New Blockchain Game Beats CryptoKitties' Record in ERC721 Token Transactions

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New Blockchain Game Beats CryptoKitties’ Record in ERC721 Token Transactions

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There is no denying that ERC 20 standard tokens still hold the bulk of transactions on Ethereum. Nonetheless, the recent spike in ERC 721 non fungible tokens (NFT) transfers was quite noticeable. God’s Unchained, a blockchain based game, saw its ERC-721 transfer count peak during the month of November blasting past the previous high achieved by CryptoKitties, in the digital asset rush of 2017.

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Lujan

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-11-13 08:50:19 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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