Nonfungible tokens (NFTs), gaming protocols and the dawn of the Metaverse were all trending topics in 2021 and they are shaping up to be even bigger in 2022.
NFTs and Metaverse-related projects are also bouncing back quickly from the market-wide downturn and Vulcan Forged (PYR) is one of the top movers this week. The project is a blockchain game studio and NFT marketplace that is in the process of developing out its VulcanVerse ecosystem.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $6.59 on Jan. 24, the price of PYR has rallied 119% to an intraday high at $14.43 on Feb. 1 amid a 141% spike in its 24-hour trading volume.
PYR/USDT 4-hour chart. Source: TradingView
Three reasons for the recovery seen in the price of PYR include the launch of the Elysium testnet, the listing of 100 plots of land for sale within the VulcanVerse and the launch of a PYR bridge between Ethereum and Polygon.
Elysium testnet launches
High fees on the Ethereum network have been a thorn in the side of protocols hosted on the network and this has led to many projects migrating to other networks or launching their own solutions to help lower the cost for users.
Vulcan Forged opted to travel the latter by launching the Elysium blockchain, which Vulcan Forged is referring to as “the blockchain for Metaverses.”
It’s 20:05 GMT, 28th January, 2022, The Year of the Vulcanite.
And Elysium Testnet just went live.$PYR pic.twitter.com/qqevQeC0TB
— Vulcan Forged (@VulcanForged) January 28, 2022
According to announcements made about the project, Elysium will become the world’s first carbon-neutral blockchain via a collaboration with the Netherlands-based decentralized carbon credit exchange Coorest.
This will be accomplished by offsetting the CO2 emitted by the Elysium blockchain with tokenized trees and the gas fees from transactions will be used to plant trees on nearly 70,000 acres of land owned by Coorest.
In addtion to this environmentally-friendly approach, the network is also attracting the…