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Amid rising fears of the US economy sliding into a recession, a large number of crypto tokens have witnessed a reversal of their fortunes in the last few months. One such token is STEPN (GMT), which witnessed a dramatic jump in price on the back of the craze around move-to-earn crypto assets.
But its fall has been equally dramatic. Interestingly, while STEPN is falling, the price of a new Ethereum blockchain-based utility token Chronoly.io (CRNO) has emerged as investors’ favorite. Chronoly.io (CRNO) token’s price soared to a new high in the recently concluded presale, which was nearly sold out.
Let’s analyze how the fortunes have changed for GMT and Chronoly.io (CRNO) tokens and what the future holds in store for these digital assets.
Move-to-earn STEPN struggling to move up
Based on the Solana blockchain, STEPN is a self-styled Web3 lifestyle app with GameFi elements. The app allows users to earn crypto as a reward for simple activities like walking, jogging or running. GMT is the governance token of STEPN with a limited total supply of 6 billion tokens.
In the initial few months of 2022, STEPN benefited from the hype surrounding DeFi projects rewarding users with crypto tokens for staying active.
According to CoinMarketCap data at the time of writing, the GMT token’s price jumped from $0.11 to $4.11 between March 11, 2022 to April 28,2022. However, GMT token has been on a downhill journey since the all-time high (ATH) of $4.11 on April 28, 2022. Currently trading at around $0.7, the GMT governance token has fallen by nearly 83% from the ATH.
Chronoly.io wins investors’ hearts
CRNO is the utility token of the NFT watch marketplace, Chronoly.io (CRNO). The token has continued to win the interest of the crypto investors’ community at a time when many legacy crypto assets have been struggling to find new investors. The price of the Chronoly.io (CRNO) token skyrocketed during the presale phase, which recently concluded with the tokens being sold out. CRNO was initially launched at the price of $0.01 per token. By the end of the presale, Chronoly.io’s (CRNO) utility token’s price jumped by 690% to reach $0.079. Such a massive rise in the price of Chronoly.io’s (CRNO) tokens happened while the entire crypto markets were slumping.
There are several features of the Chronoly.io (CRNO) ecosystem that distinguish it from the herd. It is among the rare Blockchain-based projects that is offering digital assets backed by real world assets.
Each NFT offered by the Chronoly.io (CRNO) watch marketplace is backed by a real, rare and luxury watch, which is stored in a vault. Users get an opportunity to own a share of these costly watches for as little as $10 through fractional NFTs. Besides, being able to trade the watch NFTs, Chronoly.io (CRNO) holders will soon be able to showcase their holdings in the metaverse. They can also stake the CRNO tokens to earn interest over a long period.
What to expect in future?
Crypto industry is witnessing a churn where bad players are getting weeded out. Thus, digital assets with real-world use cases or those backed by valuable assets are the only ones expected to survive in the long run. Chronoly.io’s (CRNO) unique value proposition and features make it one of the few digital assets to look out for in the near future. It is banking on the rare and luxury watch market, which is already popular and is expected to grow decently over the next few years. While the global watch market is expected to grow at a CAGR of 1-3% till 2025, the share of luxury watch segment is projected to grow from 61% to 64%, according to a McKinsey report. The pre-owned watch market has emerged as the fastest growing segment and is expected to reach $49 billion soon.
For tokens like STPEN’s GMT, one can expect only a volatile future because the worth of this asset is dependent on market factors. As there is no real asset involved, the value of crypto rewards provided by the STEPN app and the GMT tokens depend on market dynamics of demand and supply. If cryptos don’t rise soon, the popularity of this app as well as the price of GMT token may fall further.