If This Happens, Tezos (Xtz) Will Stay Above $3.0
Although staking is ubiquitous across blockchains, Tezos has a unique take on it. Participants can participate in network governance by “baking,” in which they essentially stake 8,000 XTZ. This offers a financial incentive to be truthful. Tezos is also distinctive in the way it has begun to be employed by high-profile enterprises. It was stated in September 2020 that the French financial behemoth Societe Generale intended to utilise this blockchain to experiment with a central bank’s digital money.
Tezotopia is a new NFT game on the Tezos blockchain that allows users to earn money by cultivating NFTs or fighting other players. In the previous seven days, the play-to-earn game has witnessed a spike in the number of unique active wallets connected to it as well as a more than 50% increase in transactions.
The Tezotopia earning mechanisms allow users to cultivate Tezotops, a sort of NFT that is part of the gamified environment. As previously stated, gamers may also utilise their NFTs to compete against other players. They will be able to earn treasure boxes as a result of this. Loot boxes, for those who are unfamiliar, are mystery gifts holding a specific prize. It’s a game technique popularised by major gaming firms such as Electronic Arts and Activision Blizzard.
Key Takeaways (XTZUSD)
- Gap has produced its first NFT collection with Brandon Sines, the artist behind Frank Ape. Customers may gain the option to purchase digital art by Sines as well as a limited edition physical Gap sweatshirt through the gamified digital experience. The NFT collection was built on the proof-of-stake Tezos blockchain, which was recently used in collections from Ubisoft, Pantone, and Red Bull. Gap’s collectable experience was created in collaboration with InterPop, a Tezos-using production firm.
- METACOLLECTOR Will Launch A Fractionalized NFT Series Called ‘ARTFRAGS’ On Tezos. The ‘ARTFRAGS’ of fractionalized NFTs will be fragments of a digital art creation that can be automatically pieced back together to exhibit the entire NFT. The pieces will be posted on Rarible and OBJKT and will be available for trading on both platforms. The ARTFRAGS will be compatible with virtual metaverse galleries and will be ready for use. The NFTs will be influenced by iconic works such as Kandinsky’s animals, Monet’s Nymphéa, and Mondrian’s abstract figure. Tezos was selected due to its minimal energy usage and transaction costs. When Metacollector is implemented, it plans to grow to Ethereum 2.
Price Analysis of XTZUSD
Fear & Greed Index: 24, Extreme Fear
All-time High: $12.19
24h change: -2.40%
7d change: -8.63%
Market Cap: $3,388,159,430
Circulation Supply: 874,857,730 XTZ
Total Supply: 903,106,254 XTZ
Daily Chart Breakdown of XTZUSD
XTZ has been falling since October 2021 and has lost more than 50% of its previous gains. However, the market started consolidating above $3.8. The price is following a falling trendline and making a descending triangle structure on the daily timeframe. At the time of writing, XTZ is trading at $3.8 and has a bearish day. A break and close below $3.5 will push the market towards $3.0 if the bulls cannot hold this level.
4 Hour Chart Breakdown of XTZUSD
XTZ is showing a bearish divergence on a 4h timeframe, which could be the reason for a coming rally towards $4.0, only if the bulls can hold above $3.6.
1 Hour Chart Breakdown of XTZUSD
$3.8 is a key level on 1h. We might see a rally towards $4.0 if the bulls can overpower seller. Otherwise, a break below $3.8 will push the market towards $3.5.
Tezos is at a crucial level, and the bulls need to keep up the momentum at this level, or else the XTZ can fall to $3.0
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