The bubble has well and truly burst for Axie Infinity (AXS) and Solana (SOL) in recent months. Axie Infinity (AXS) soared to highs at $160 on the back of the play-to-earn bubble and has now crumbled to $15. Solana saw highs last year around the $250 level and now trades at $38. Crypto investors were treated to an everything bubble where zero percent interest and a stock market bubble create big flows into speculative investments. That bubble has now popped and coins are coming back to reality. Chronoly.io is a new coin that has created a 5x return in the last few weeks. Unlike many projects in the crypto world, Chronoly’s NFT marketplace is backed by real assets rather than investor hope. A decentralized platform for NFTs which are minted for luxury and rare watches provides a tangible asset for Chronoly and will reduce volatility in the CRNO token.
Axie Infinity (AXS) Less Players and Less Earn
The Axie Infinity (AXS) project was one of the big winners in 2021 with the coin rallying from $0.15 to $160. The play-to-earn theme was big for cryptocurrencies but the platform has stagnated with less players and less earning potential. Axie has seen its player count crash from 100k to only 10k as gamers flee. The GameFi sector as a whole has plunged from a peak of $2.4 billion to $165 million, which marks a drop of 93.14%.
Solana (SOL) Hit by Platform Troubles and Bear Market
Solana (SOL) could do no wrong in 2021 but has plummeted from highs at $250 to only $38 now. The situation for Solana is getting even worse with the project losing $870m in TVL in three days. Total Value Locked is the key metric in DeFi projects and a sign of faith in a project. Investors are now losing faith in Solana after troubles with the blockchain and the bear market in decentralized finance assets. Assets on the Solana platform have dropped over 20% in only three days and are a worrying signal for SOL.
Chronoly (CRNO) Investors Can Escape the Bear
Chronoly (CRNO) has the potential to outrun the bear market with its platform for luxury watches. One of the pressures hitting the crypto market is the rising interest rate environment. That is reducing the benefit of staking when the more trusted US debt instruments are rising. Crypto projects now need more than a sales gimmick or meme to rise and Chronoly can offer that. The project has created a decentralized platform for watch investing. The watch market has been a long-standing safe haven investment and will appeal to investors in the current market.
Chronoly’s platform is built on NFTs and its trading ecosystem can help investors with historical and real-time pricing, price alerts and limit orders. One of the real benefits is fractional investing which will open up a new market to retail investors. In the past, watch investing was reserved for the wealthy and needed third-party intermediaries for execution and pricing. Early investors can get access to the premium members club and the CRNO token can also be staked. The difference with the Chronoly NFT marketplace is that the project is backed by real assets and will not be prone to volatility like we have seen in Axie and Solana.
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