on the crypto
Polygon and STEPN are major players in the cryptocurrency market, albeit in very different ways. Both projects were highly successful, but their prices then plummeted due to bear market conditions. Orbeon Protocol also uses NFTs in an innovative way, using fractional NFTs to represent a share of cryptocurrency-based projects. While STEPN and Polygon are consolidating, ORBN recently surged from $0,004 to $0,0302, entering Phase 3 of its pre-sale.
Increases Polygon's adoption of the NFT market
Polygon has recently moved into the NFT space, with data from Nansen indicating that its NFT market is seeing a significant increase in adoption, unlike Solana's weekly NFT users which dropped from around 160k users in late September to less than 60k users at the time of writing. This is partly due to collaborations with partners like Reddit.
However, it has not yet increased Polygon's profits, as there has not been significant growth in sales volume. Mert Mumtaz, CEO of Helius Labs, also pointed out that while Solana has been criticized for centralization, Polygon has thousands fewer validators than Solana, a much lower TPS, and claims to be "100 times more centralized."
Despite these criticisms, Polygon remains a solid choice for investors thanks to its diverse use cases, thriving NFT market, and association with a strong project – Ethereum. Many investors believe Polygon will continue to grow, and with consistently high trading volume, that is likely to be the case.
STEPN's initial success with Move to Earn is being challenged by more recent games
STEPN, a Solana-based project, made waves this year by becoming the first “Move to Earn” project with mass adoption. Recognizing the need to avoid the tokenomics that led to the decline of Axie Infinity, STEPN designed a better thought-out system, while maintaining the two-token model, with GMT as the governance token and GST as STEPN's gaming rewards token.
However, according to Dappradar, STEPN users dropped by 67% in the recent quarter, likely due to increased competition in the Move to Earn space, with new games like Sweat Economy (SWEAT) offering a similar model, but without need to buy nothing to get started.
Additionally, STEPN holders may feel concerned when they consider that the first GMT holder owns 5,18 billion GMT tokens, or a staggering 86,46% of the GMT circulating supply, making it very vulnerable to sell-offs.
Orbeon Protocol's innovations and ease of use could drive up the price dramatically
Orbeon Protocol is a new investment platform that will help users invest in startups, using F-NFTs (fractional NFTs). Each investor receives an F-NFT which represents his investment and can be purchased for as little as $1. If the project invested in does not meet its funding target, investors will be automatically repaid using a "fill or kill" mechanism that has been hardcoded into NFTs via a smart contract.
Orbeon Protocol has also added other innovative features to its platform, including an integrated wallet and on-ramp to help users get their fiats on-chain, a dex, and a p2p swap. This diverse ecosystem offers several benefits to startups, such as access to faster fundraising, bypassing the red tape that historically slows fundraising in the VC industry.
These features aim to reduce friction for those new to chain investing and save time for those already familiar with it. This is similar to how the STEPN app has been able to attract new entrants to the cryptocurrency market.
Orbeon Protocol is likely to further disrupt the market thanks to its ORBN token which, according to the website, will be launched on UniSwap. Holders are entitled to governance rights on the platform, so ORBN has already seen an increase of quotation by 655% and some analysts are forecasting an increase to $0,24.
