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- Avalanche will lay off 12% of its employees despite the ongoing rally of its AVAX token.
- Polygon is also suffering from declining NFT sales. Yet, Polygon’s MATIC token has maintained its bullish performance.
- NuggetRush (NUGX) offers the opportunity to win gold and other financial rewards via its play-to-earn mining adventure.
NFT sales have slumped in the past few weeks. Yet Polygon has remained bullish because of its zkEVM. In contrast, Avalanche has confirmed it would lay off 12% of its workforce, largely due to the effects of the bear market.
Still, a project called NuggetRush (NUGX) is pulling investors from all market sectors. Analysts say NuggetRush’s unique offering to the play-to-earn sector could make NUGX a top ICO project. Will these analysts be proven right? Let us discuss.
NuggetRush bridging DeFi and GameFi through NFT staking
Earning rewards for game activity and enjoying more control over game assets is the goal of GameFi. Yet, very few projects can capture that essence like NuggetRush. The game leverages Ethereum’s blockchain technology and high-end game mechanics to produce an adventurous experience with several rewards.
NuggetRush (NUGX) captures the entire mining experience. Players will dig shafts, build tunnels, and use several soil sampling techniques. Using NuggetRush’s (NUGX) character NFTs, players must start and sustain a booming mining business.
Furthermore, gamers will make wise investment decisions to ensure their mines stay profitable. Some of the character NFTs will have sharp business skills to aid players in their mining adventure.
Players can enjoy the mining experience alone or in groups. They can also compete against other groups of players in battles, ranked plays, and quests.
Group rewards are shared after players complete challenges. Rewards include in-game money, NFTs, and improved machinery. Players can trade these rewards for money on NuggetRush’s marketplace.
NuggetRush plans to launch its mining game after its NUGX token is listed. Currently, NuggetRush is in Round 2 of its presale, costing $0.012. By Round 3, NUGX’s value would increase by 8.3% to $0.013. NUGX will then be listed when it reaches $0.020.
Avalanche confirms staff cuts
On November 7, 2023, Avalanche’s CEO and founder, Emin Gun Sirer, confirmed that the company would be laying off 12% of its staff. Avalanche’s CEO pinned the staff cuts on the need to reallocate resources and double down on the growth of its ecosystem.
Avalanche’s staff cuts come amid AVAX’s recent price increase. AVAX was trading at $9.73 on October 1. However, AVAX had risen by 25.4% to $12.21 by November 1. It remained bullish, rising by 7.1% to $13.08 on November 6, a day after Avalanche’s CEO confirmed the employee cuts.
Despite AVAX’s recent rally, Avalanche’s CEO admitted that recent bear markets had affected the network’s development. He further said that while bear markets were difficult to navigate, Avalanche would use available resources to advance its ecosystem.
Some analysts say the recent employee cuts could dampen AVAX’s growth prospects. They further conclude that AVAX could fall by 22.8% to $10.09 due to disappointment around Avalanche’s workforce reduction. AVAX might not be a good crypto to buy now because of its expected market drop.
Polygon (MATIC) shows resilience despite slump in NFT sale
NFT sales on Polygon (MATIC), one of the most popular NFT projects, have declined since January. Data from OpenSea showed that Polygon NFT sales dropped from $109.12 million in January to $4.5 million in October. However, despite the falling NFT sales, Polygon’s market performance increased.
MATIC was trading at $0.524 on September 30. By October 31, MATIC had risen by 21.3% to $0.636. MATIC maintained its bullish momentum, increasing by 15.5% to $0.735 on November 6.
Polygon’s (MATIC) increasing performance amidst its declining NFT sales could be due to the adoption of its zkEVM scaling solutions. On November 4, one of Polygon’s co-founders revealed that its zkEVM had completed 7 million transactions.
Furthermore, Polygon’s (MATIC) team has planned big upgrades to its zkEVM. Analysts conclude that the growing popularity of Polygon’s zkEVM could boost MATIC by 11.9% to $0.823.
For more information about the NuggetRush presale, visit the NuggetRush Presale Website.
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