Events and developments in the NFT world rarely have an immediate effect on cryptocurrencies. In this context, Storj, an ETH token, surged hot on the heels of an NFT related announcement.
The NFT update on Thursday gave the token a significant boost. The ETH token reached a high of £0.81 after rising 43% from its 24-hour low.
Since hitting an all-time high of £2.86 in November, the price of STORJ has been declining. The price has been falling under a descending parallel channel since December. More often than not, such channels carry corrective movements.
The price began to rise after a bounce at the channel support line on May 12, reaching the resistance line on June 23. The closest resistance area lies at £1.18 if a breakout takes place.
STORJ is currently trading at £0.76, up a startling 30.72% in the previous 24 hours. Additionally, the market capitalisation of the ETH token increased significantly, rising from £200 million to £302 million today.
The statement about large businesses using Storj to hold exclusive ticketing, gaming, music, and sports NFT assets caused the quick increase. Europa Labs, Ultimate Division, and AMUZED are the new NFT clients of Storj.
Ultimate Division is a game themed around football simulation and card collecting, whereas Europa Labs is a rising star in web 3.0 tangible redeemable technology for NFT. In order to play against other players and win Ultimate Division Tokens, the game allows players to create their own squads using NFTs.
A smart contract makes it possible to mint NFT player cards with randomly generated abilities, traits, and player images while also preserving game play information. Ruslan Azarov, CEO of Ultimate Division, said, “Storj lets us produce our NFTs in a more transparent, trustworthy, and reliable way.”
On the other hand, AMUZED enables music lovers to cherish their preferred artists using NFTs.
AMUZED needs a quick, inexpensive storage option so that users may collect their unique tokens for the first blockchain-based music manager game. The business wants to reward both musicians and fans.