The crypto market is no stranger to random assets rising every other day. Yet these assets are usually the product of spot assets and chains. This week, a new form of token emerged, and it didn’t fail to leave a mark. In fact, the demand was so great that a whole market for such coins emerged.
NFT Tokens, the New Meta?
Well, calling them the new meta would be a chore as such tokens hardly exist, but they could form one. Bored Ape Yacht Club’s (BAYC) token ApeCoin took the market by storm with an increase of 1240% in the past three days, and the effect was also visible on other NFT tokens.
A seemingly unheard of coin, the Origin Protocol (OGN) original token is up 197% over the course of the week, 99% of it in the last 24 hours.
OGN Price Promotion | Source: TradingView – Coin-Crypto
Essentially providing a platform for building peer-to-peer marketplaces and e-commerce applications, the protocol witnessed its surge, fueled by the bullishness of its ecosystem developments.
Origin plans to capitalize on the hype and interest being spread among the mainstream public for the established $15 billion NFT space.
By launching their first family-friendly NFT collection called ‘Lucky Ducky’, Origin will not only expand it into cross-chain, but its long-term roadmap includes production of an animated Claymation TV series, merchandise drops, and metaverse integrations with Decentraland and sandbox.
This will also make it the only collection that also uses mainstream media.
Observing the success of the NFTs and their increasing appeal, OGN investors gauged the potential Origin Protocol and took a chance.
A day before the week-long rally began on Feb. 12, investors bought more than 10 million OGN worth $2.6 million from exchanges at the time. This move worked in their favor as within a week it turned $2.6 million into $7.6 million as OGN is currently trading at $0.76.
OGN offer at trade fairs | Source: Santiment – Coin-Crypto
The overall rally also benefited earlier investors. 81% of pre-rally OGN holders suffered losses, but that figure changed dramatically within a week. As of today, 66% of investors are profitable again.
OGN investors in profit | Source: Intotheblock – Coin-Crypto
However, OGN is still 304.31% away from its all-time high, so it might take a lot more than just another NFT collection to regain that level. (ref. Origin Protocol Price Action image)