NFT gaming and a tsunami of trading volume lift Waves to a new all-time high

NFT gaming and a tsunami of people huddle into Waves to a new all-time high.

Nonfungible tokens (NFT) have actually handsomely rewarded early investors over the past few months, specifically as they gained mainstream attention thanks to record-breaking digital art sales and widely known influencers like Paris Hilton throwing their support behind the sector.

April has seen the hype behind NFTs quiet down some, but the current growth in Waves (WAVES) shows that there is still plenty of enjoyment staying in the cryptocurrency community for newly released NFT jobs.

NFT

WAVES/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of Waves has increased 320% in 2021, climbing from a low of $4.86 on Jan. 4 to a new all-time high at $20.82 on April 9 thanks to a record $883 million in 24-hour trading volume.

NFT airdrop draws new investors

Excitement for WAVES reached a new peak today after the protocol released Duck Hunters, a video game that integrates NFT collectibles with yield farming.

Who let the ducks out? #Waves did! The Duck Hunters’ season is now officially on. Collect $EGG tokens for completing tasks & build your own duck empire with #NFT tokens. Check the roadmap with buyback details and beyond. Ducks are coming after you!https://t.co/AF8Ws3QJUW

— Waves Tech (@wavesprotocol) April 9, 2021

A follow-up tweet revealing the launch of Round 1 of the Duck Hunters video game stated that all individuals who complete a couple of social engagements will receive 1 EGG instantly after the round ends.

Momentum for the token had actually been building for a number of weeks prior to the release of Duck Hunters, beginning with the listing of a USDT-WAVES market on the Bittrex on March 23.

This was followed by the March 24 announcement that Waves Enterprise would be broadened to Singapore as part of its method to focusing more on the development of hybrid networks that can interface with public blockchains like Ethereum (ETH).

VORTECS ™ data from Cointelegraph Markets Pro also started to detect a bullish outlook for WAVES on April 8, prior to the current cost rise.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic contrast of historic and current market conditions derived from a mix of data points consisting of market sentiment, trading volume, current price motions, and Twitter activity.

VORTECS™ Score (green) vs. WAVES price. Source: Cointelegraph Markets Pro

As seen in the chart above, after remaining reasonably flat in the yellow range for the majority of the week, the VORTECS ™ Score for Waves climbed into the green and signed up a high of 66 on April 8, roughly five hours before the price started to increase 60% over the next day.

The addition of NFT functionality to the Waves ecosystem together with its growing decentralized finance ecosystem has actually developed a well-rounded protocol that is placed to see additional development as blockchain technology becomes further incorporated into mainstream commerce.

The viewpoints and views expressed here are entirely those of the author and do not always reflect the views of Cointelegraph.com. Every investment and trading move involves danger, you should conduct your own research study when making a decision.

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