XTZ pumps 13% as new NFT platform launches on Tezos
Tezos (XTZ) prices soared over 13% yesterday after the launch of a new NFT platform and increasing user activity on the network, data from multiple sources shows.
The token ranks 45th by its market cap of $3.5 billion at press time, but has made moves in both technology and corporate partnerships to increase its retail presence in the past year.
Football NFTs on Tezos
Earlier this week saw the launch of Golden Goals on the Tezos network. The protocol is an NFT merchandising tool focused on football, aiming to deliver a ‘digital’ experience to fans of local and international football clubs.
Golden Goals stated it chose the Tezos network due to its environmental considerations and emphasis on being a ‘green’ blockchain.
The protocol has already signed on Ligue 1 side FC Nantes — a top-rated team from France with eight Ligue 1 trophies under its belt. And supporters and fans can now, as part of the partnership, match the club’s certified non-fungible tokens (NFTs) to physical merchandise such as official autographed football jerseys.
The clubs themselves are offered a platform that can be used to design, mint, and sell NFTs through the platform. Two types of tokens will be available through the platform. The first, known as Goal NFTs, are certified and can only be created directly by clubs.
However, the platform also enables fan-minted tokens called Fan NFTs, although these will lack access to special privileges such as linkage with physical merchandise items.
Meanwhile, apart from the NFT aspect, Golden Goals allows fans to process donations to their club through crypto — helping monetize fan support for local communities and teams.
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Swiss Fintech Trio Enabled Asset Tokenization via Tezos: XTZ Spikes 15%
The Switzerland-based financial institutions – Crypto Finance Group, InCore Bank, and Inacta – have selected Tezos to create on-chain digital products through a new token standard for asset tokenization. InCore Bank would also enable additional digital services with XTZ – the native cryptocurrency of the blockchain network.
Tezos to Power The New Token Standard
According to a press release shared with CryptoPotato, three Swiss fintech organizations will use the blockchain network Tezos to provide tokenized assets to institutional customers based on the Tezos FA2 standard.
Namely, those companies are Crypto Finance Group, InCore Bank, and Inacta. What’s more, InCore Bank would provide staking, trading, and institutional-grade storage for XTZ, making it the first local bank to launch such products.
The trio has joined forces on the matter. Inacta developed the DAR-1 token standard, allowing smart contracts on the Tezos blockchain and providing necessary financial operations. In their turn, Crypto Finance Group and InCore Bank launched the product.
Stijn Vander Straeten – CEO of Storage Infrastructure with the Crypto Finance Group – praised the collaboration between the three institutions. He raised hopes that the move would be beneficial to the financial system:
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“This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”
Tezos is a decentralized, open-source proof-of-stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.
Shortly after the news broke, the native token increased its USD value to reach a five-month high of over $4.40. Despite retracing slightly since this local peak, XTZ is still more than 10% up in a day.
Societe Generale Also Chose Tezos
The Swiss financial organizations are not the only ones in the field to choose Tezos as an operating underlying network for their services.
As CryptoPotato reported in April, the leading French bank Societe Generale used it to issue a structured product as a security token. In fact, it was the first such service that the third-largest bank in France launched.
The initiative aimed to offer digital asset structuring, issuing, exchange, and custody services to the institution’s professional clients by 2022. Per the report, the “transaction completes a new step in the development of Societe Generale Forge,” which is a regulated subsidiary of Societe Generale Group.
April saw another collaboration between a French company and Tezos. By partnering with the blockchain project, the gaming giant Ubisoft became an official corporate validator node on its network.
The firm outlined its mission to facilitate and spread blockchain adoption and innovative technology. As part of the long-term research plan, Ubisoft will experiment with the proof-of-stake consensus, validating transactions and adding them to the Tezos blockchain.
Tezos Price Up By 8.18% – Time To Buy XTZ?
Tezo’s growing adoption has seen several investors want to buy XTZ. In the past week, Swiss financial services provider InCore has integrated with the Tezos blockchain. However, before making a buy call, it is important to know what the blockchain platform is all about and if you should buy XTZ or not.
Tezos: Infinitely Scalable Blockchain
Tezos, like Ethereum, is a smart contract and decentralized applications (dApps) platform that enables the successful running of decentralized finance (DeFi) services.
However, unlike the popular dapps platform, Tezos is a proof-of-stake (PoS) blockchain and offers peer-to-peer (P2P) transactions.
Another disparity that reinforces Tezos’ uniqueness is the self-amending feature powered by an on-chain voting system.
The development team, led by founder Arthur Breitman, believes it helps Tezos remain future-proof and avoid limitations of scalability, interoperability, and security that have plagued more established brands.
Another major upside for Tezos is that the crypto platform does not rely on a hard fork to upgrade the network. Tezos’ reliance on a PoS consensus algorithm makes the digital asset protocol more environmentally friendly and economical than proof-of-work (PoW) protocols.
XTZ serves as the network’s utility token and allows holders to stake, bond, and secure the network. They can also settle network fees with the XTZ token.
XTZ Rallies As The Bulls Return
XTZ’s price has been a reflection of the broader crypto market. Coming into the year at $1.2 after a bearish 2020, XTZ has seen exponential growth in the last eight months.
Even though XTZ’s price had not hit the previous all-time high (ATH) price of $8.3493 in December 2017, XTZ has posted massive growth.
The digital asset surged to a mid-year high of $7.13 on April 17 before retracing. XTZ retested this price, surpassing it and plateauing at $7.3159 on May 10.
However, the May crypto market crash saw XTZ dip 4.5% to $5.74 a week later. This market downturn continued, and XTZ ended the month at a mid-term low of $3.61.
XTZ has struggled for the three months that marked the bear market and has made feeble efforts to break above the $3.5 mark. Meanwhile, the past few weeks have seen the digital token show the semblance of returning to winning ways.
At press time, XTZ is trading at $4.27, up 8.145% in the last 24 hours. Weekly gains stand at 12.55%, which shows growing market confidence, signaling that more investors are out to buy XTZ.
XTZ Technical and Fundamental Analysis
XTZ’s technical indicators are strong and generally point to a bullish trend. The digital asset is trading well above the 20-day moving average (MA) support price of $3.564.
As per the relative strength index (RSI), XTZ is trading in the overbought region of 71.69. A high RSI should not deter you if you want to buy XTZ.
On the fundamentals, the Tezos blockchain is becoming a major hub for blockchain-based asset deployment. In a recent announcement by French football giant FC Nantes, the club’s NFT merchandizing partner Golden Goals, launched on the Tezos network.
This will enable club supporters to match certified club NFTs to physical merchandise like autographed football jerseys.
Also, Swiss B2B transaction bank InCore recently collaborated with Crypto Finance AG and IT consulting firm Inacta to develop new digital products operating on the Tezos blockchain.
The trio has developed a new Tezos token standard for asset tokenization. They also intend to launch institutional-grade storage, staking, and baking services for the Tezos blockchain.
Decentralized crowdfunding platform Rocket Launchpad recently launched on the Tezos network. The decentralized initial DEX offering (IDO) platform will serve as a springboard for projects looking to launch on the Tezos blockchain enabling them to raise the needed capital.
So far, over 135 crypto protocols are building on the Tezos blockchain. The platform’s growing popularity has seen market analysts forecast that XTZ will likely continue its rally. According to Wallet Investor, XTZ will trade at $5.22 by the end of the year and rise to $10.894 in the next five years.