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Understand ELT’s Surge: NFT2.0 New Species Starting To Go Viral 

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Understand ELT’s Surge: NFT2.0 New Species Starting To Go Viral 

April 29
03:29 2022

The prevailing X-To-Earn market has attracted numerous investors and created a sensation after its release, receiving critical acclaim worldwide.

According to Dappradar’s research as of the end of March, the X-To-Earn segment alone has surpassed 2.78 million users, grow by more than 170 times year-on-year last, From January to March, the number of daily active wallets on X-to-earn has risen by 700%.

However, according to a recent report by a research and consulting firm, Naavik, revenue for the average X-To-Earn player is gradually declining and user growth rate is slowing down, reflecting the fact that if the rewards for participating in X begin to wane, the ecology will also become less attractive to players.

Currently, X-To-Earn is still in a relatively early stage of its development, the quality of the X part is highly inconsistent and generally lack of intrinsic value, and the declination in the player’s willingness to participate has become increasing self-evident. Nonetheless, this is the best time for Element.Black to usher in a breakthrough with Web2 IP as its competition barrier.

Element.Black is a cutting-edge technology company dedicated to building a Web3.0 entertainment collection, digital rights, and sharing ecology. Leveraging on its rich foundation in Social-Fi and Game-Fi, innovative Create-to-Earn and NFT2.0 gameplay, and the development the of “X Infinity Project” with several mechanisms, Element.Black provides channels and the best overall solution for the mass migration of Web2.0 musicians, artists, celebrities, and fashion designers to the Metaverse and Web3.

ELT is the only governance token and value anchor for the entire Element ecology, with a continuous deflationary token model of no incremental issuance + strong destruction. It has a wide range of use scenarios, including but not limited to buying/trading NFT, minting/creating NFT, renting resources, buying ecological tools, acquiring equity, rewards, staking, and interacting with the X Infinity Ecosystem, etc. It has strong versatility and token consumption, and avoids the risk of selling pressure to the greatest extent.

According to data from OKx, the price of ELT has risen continuously since the lowest point of 0.007 USDT at launch, to 0.16 USDT on April 21 and stabilized at around 0.138 USDT as of press time, given it an increment of over 1800%. In the past 24 hours, trading volume of ELT was 1.57 million and the total transaction value has exceeded 180,000 USD.

BTC deep dived last week. I wonder how many players recovered at least a bit from the current wave of ELT’s skyrocketing.

The good news is that the number of Element.Black users is still growing continuously, and the amount of daily active users also remains at a high level. From the coin price point of view, there’s no obvious sign of mass dumping. After the market sentiment recovers, there are still opportunities for the next wave.

01 The team is active; the news is positive

The recent surge of ELT price is primarily caused by its team’s announcement of the exclusive release of the Akon Music NFT blind box, in collaboration with legendary American musician Akon, on the OKx NFT and Binance NFT platforms on April 22.

Akon is an American singer and hip-hop sensation who has produced songs that have topped the weekly leaderboard in multiple countries and is the first artist ever to hold both the #1 and #2 spots on the Billboard Hot 100 twice. In addition to the innovative Create-to-Earn game, there are several never-before-released songs that will be released in conjunction with the Akon NFT.

The powerful Social-Fi and Game-Fi features within the Element Ecosystem bring a whole new experience to player-to-player interaction and fan-Akon interaction. Creating music NFT with the superstar and earning revenue is naturally attractive. Throughout the create process, what is good for the secondary market is that the super fan, the interest group and the consensus community formed through Akon NFT rapidly developing into ELT coin holders. Thus, it is not surprising that ELT took the skyrocket.

Arguably, Akon NFT is both a trump card in the Element Ecosystem and a flagship project of NFT 2.0, leading towards a new area of opportunity.

NFT had a very crazy year in 2021.

According to relevant statistics, the volume of NFT transactions reached $10.7 billion in the third quarter of 2021 alone. NFT is so hot mainly because blockchain-based NFT disrupts the way of establishment and transfer of asset ownership in the physical world. However, as NFT steps into the mainstream world, people are starting to ponder whether the actual value of NFT meets the valuation criteria by the mainstream market.

While the NFT market continues to heat up in 2022, NFT 2.0 comes back to rationality by placing more emphasis on the utility and functionality of NFTs.

As an IP-licensed NFT that combines Create-to-Earn and Social-Fi, Akon NFT holders can obtain NFTs with authenticity, scarcity, validity, and verifiability, and generate revenue in the process of Create and Social. In contrast to the ordinary NFTs with a weak fan base, poor liquidity and a single revenue model, the purchase of Akon NFTs opens the channel of revenue immediately. Moreover, now in the early stages of the project, the ELT rewards players get from Create are very substantial.

The market performance has shown us that Akon NFT plays an important role in the development of the whole Element Ecosystem, and the combination and interaction between the two has laid a deep foundation for ELT’s explosion.

Next, the ELT team will have more significant moves, including adding destruction mechanism in the Ecosystem; using Music Infinity as a grip to launch X Infinity progressively, independently issuing the ecological equity token MIT, interacting with ELT in multiple dimensions; adjusting Akon NFT’s Create-to-Earn game from time to time to ensure stability and potential of its value, etc.

With reference to AXS launched last year, any adjustment to the X-to-Earn Ecosystem would have a material impact on the coin price. Hence, the recent actions of the ELT team are of great concern to the market. After all, the following three actions, if successfully implemented, are strongly positive for the coin price.

Firstly, at the current stage when Element userbase is growing, the profit margin of early coin holders will be amplified through destruction mechanism, driving the flow of users and funds from the X-To-Earn sector to the Element Ecosystem.

Secondly, the interaction with Music Infinity can actively expand the token application scenario and rapidly expand the ecological boundary in the fast-growing NFT2.0 industry.