Algorand (ALGO) prices rise up with a new FIFA partnership and Solana (SOL) remains flat as top NFT projects migrate to other blockchains.
Elsewhere in the market, analysts are looking towards Collateral Network (COLT) because of its real world use case and anticipated 3500% gains in presale.
Algorand (ALGO) is a decentralized, permissionless smart contract platform. Algorand (ALGO) uses a Pure Proof-of-Stake (PPoS) consensus algorithm to make transactions secure, fast and scalable.
Interestingly, Algorand (ALGO) provides products that are useful to both decentralized and traditional finance. dApps on Algorand (ALGO) are used for supply chain management, digital identity, decentralized lending, trade, etc.
Strong partnerships also help to boost the value of Algorand (ALGO). FIFA, ICON, BTP, El Salvador, and Glitter Finance are top on the list. Also, FIFA created its FIFA+ NFTs using the technology from Algorand (ALGO). Additionally, the network’s most recent upgrade, which enhanced speed among other things, is a major contributor.
Unfortunately, the sudden growth for Algorand (ALGO) is waning due to adverse market sentiment. Algorand (ALGO) DeFi activities have slowed down leading to a 23% drop in TVL. But analysts predict that Algorand (ALGO) will price up when the collaboration plans with Bank of Italy are made official in 2023.
Solana (SOL) is an excellent smart contract platform that has been the go-to for various developers because of its low cost and speed. However, Solana (SOL) has received several blows that have made a negative impact on its price, adding that the general crypto market is down.
Just recently, two leading NFT collections on Solana (SOL) announced plans to migrate to Ethereum (ETH) and Polygon (MATIC) by 2023 Q1. The goal is to tap into a broader NFT user base. This does not look good for Solana (SOL) because it is meant to be a better Ethereum (ETH) alternative.
Nevertheless, analysts suggest that the fear surrounding Solana (SOL) could lead to a rebound in the Solana (SOL) price. This is with the hope that short sellers will close their positions, and the influx of buy orders will drive up the price of Solana (SOL).
Collateral Network (COLT)
Collateral Network (COLT) is an innovative NFT based crowdlending platform that has seen recommendations from experts. It uses fractionalized asset-backed NFTs to facilitate lending and borrowing among users.
Collateral Network (COLT) is built on the Ethereum (ETH) blockchain, and this makes it a rising competitor for top players like AAVE and Compound.
All NFTs issued on Collateral Network (COLT) are backed by borrowers’ real world assets. Thus, on Collateral Network (COLT) borrowers can quickly convert their physical assets (fine art, luxury sports cars, vintage whiskeys, etc.) into collateral to get the cash they need by minting them into these fractionalized NFTs.
As such, lenders can purchase fractions of these NFTs as a way to fund the loan for the borrower, thereby entitling them to a fixed rate of interest on the loan.
Furthermore, Collateral Network (COLT) token holders will enjoy discounts on transaction fees and interest rates, staking rewards, voting rights, and more.
Plus, analysts are predicting that Collateral Network (COLT) will surge in price by 35x in the next few months and tokens currently cost only $0.01, making COLT a top opportunity for gains in 2023.
Find out more about the Collateral Network presale here:
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