OLY, the native token of the Olyseum crypto and NFT project is currently leading the pack on Decoin after registering an impressive rally and managing to outdo popular coins.
The OLY cryptocurrency is currently trading at $0.02104 after an impressive 66.32% rally in the last 24 hours. However, its performance today is not as impressive as it was yesterday when the price pumped as high as $0.028 before experiencing a substantial pullback that saw it close the day at around $0.017. It still has a long way to go before reaching its all-time high of $0.034.
While the price action reflects a sudden uptick in buying volume, it is not backed by any notable triggers regarding developments. This suggests that OLY’s recent bull run has its roots in other factors such as the hype around the NFT market and also the fact that the overall market sentiment is favorable. The cryptocurrency has been on a continued downturn which made it a low-hanging fruit for a strong price pump, thus its current performance.
What is Olyseum?
Olyseum is a decentralized and blockchain-based social engagement platform designed to facilitate a high level of fan engagement. The platform aims to make it possible for fans to interact with their favorite stars such as footballers, musicians, athletes, and many others. The platform also aims to take advantage of the rapidly growing NFT market by integrating NFTs into the platform to add a layer of value. This approach makes it possible to monetize fan engagement and experiences.
The platform’s experimental approach involves the use of NFTs called xNFT to introduce an additional layer of value that fans can use to monetize their experiences and engagement with their idols. Members of the platform can create the xNFTs which can include rights to interact with various celebrities. Those NFTs and experiences can be sold or rented out, thus creating an incentive for fans and their idols to boost their engagement on the platform.
Why Olyseum has potential
NFTs have the potential to change many industries and so far we have witnessed how they can be applied to monetize games, as seen with titles such as Axie Infinity. It is only a matter of time until NFTs monetize the social media segment. There have been some attempts to do so before but they have not been fruitful. However, the approach that Olyseum is taking might be accepted by the masses and potentially bring it into the mainstream.
Olyseum also incorporates games that users can play and even earn rewards. As far as the platform’s tokenomics are concerned, it currently has a market cap of $22 million, and a circulating supply of 1.17 billion OLY tokens, and a maximum supply of 5 billion tokens. Note that the higher circulating supply may limit the price potential of the token. However, the low market cap and price suggests that there is potential for more growth moving forward especially if the platform manages to achieve healthy growth in the future. Buying the token at the current price and holding for the long-term might be a good idea.