In the crypto world, there is an apparent shift in investors’ preference toward investment opportunities backed by real-world assets. In this context, let’s take a look at where NFT projects like Moonbirds, Doodles stand against Chronoly.io (CRNO), an exciting new NFT-based initiative that sold out in the presale stage.
Created by Proof Collective, Moonbirds are a collection of 10,000 owl-themed NFTs. The project was launched on April 16, 2022. The rapid rise of this project was unexpected as shortly after launch it managed to command a price of up to 30 ETH. However, there has been some correction in the floor price of these NFTs recently. At the time of writing, the floor price of Moonbirds NFTs was 13.49 ETH, according to CoinMarketCap data.
The sales of Moonbirds have dipped since the project was hit by an Intellectual Property Rights controversy. The project’s founder, Kevin Rose, rescinded the commercial rights of Moonbirds’ buyers. Buyers have termed this move as a breach of trust as now anyone can reuse any of the Moonbirds’ images. In the volatile world of digital assets, Moonbirds may have to do more to restore confidence and regain the lost floor price.
Doodles is another popular NFT project operating on the demand and supply law as followed by other image-based NFT projects like CryptoPunks and Moonbirds. It is also a collection of 10,000 NFTs featuring colorful characters like the representation of humans, cats, pickles, apes, aliens and more.
The project initially promised to supply a limited number of profile picture collections. However, demand for doodles has waned as many similar projects have surfaced. Now there is also a report that Doodles' Twitter account didn’t post a single tweet in August, causing worry among the community.
According to CoinGecko, Doodles’ current floor price is 7.98 ETH and the market cap is 79,800 ETH. The 10,000 Doodles NFTs are owned by 5313 unique owners.
In the world of NFTs, Chronoly.io (CRNO) is a project with a difference. The Chronoly.io (CRNO) marketplace offers fractional NFTs of rare and luxury watch collectables. The NFTs offered by Chronoly.io (CRNO) (CRNO) are among the rarest digital assets backed by real-world physical assets. Each NFT offered by Chronoly.io (CRNO) is backed by a real luxury watch held in a vault.
By buying the NFTs offered by the Chronoly.io (CRNO) platform, users get to own a part of a tangible asset for as little as $10. Chronoly.io’s (CRNO) special distinction vis-a-vis other popular NFT projects has gained a lot of attention from investors in a very short span of time. CRNO, the utility token of Chronoly.io (CRNO) watch marketplace, was sold out in the presale stage. CRNO’s price also jumped around 690% from $0.01 to $0.079.
Moonbirds and Doodles have been among the few NFT collections that have caused significant ripples in the digital assets space this year. However, they are expected to remain volatile in terms of prices, and may even fall further in the near future, as users are getting smarter about the long-term prospects of digital assets that do not have any real-life applicability or are not backed by real-world assets.
Chronoly.io (CRNO) stands apart from popular NFT projects like Moonbirds and Doodles because there is a huge market for rare and luxury watches that is expected to grow further. According to McKinsey, the luxury watch market’s share in the global watch market is expected to grow to 64% by 2025. The value of the global watch market is also expected to become worth $52-59 billion by 2025.
Chronoly.io's (CRNO) token is expected to be launched on a centralized exchange soon, which may result in further price appreciation for the project.