The crypto market is no stranger to random assets that rise every other day. Yet typically these assets are the product of spot assets and chains. This week, a new form of token emerged, and it sure did leave its mark. In fact, its demand was so high that it created an entire market for these coins.
NFT tokens, the new meta?
Well, calling them the new meta would be an overstatement since such tokens barely exist, but they could form just one. The Bored Ape Yacht Club (BAYC) token ApeCoin has taken the market by storm with its 1240% surge in the past three days, and the effect has been seen on other NFT tokens as well.
A seemingly unreleased coin, the Original Protocol Native (OGN) token over the week is up 197%, with 99% in the last 24 hours.
The protocol, which essentially provides a platform for building peer-to-peer marketplaces and e-commerce applications, has seen a surge fueled by optimism in its ecosystem developments.
Origin intends to capitalize on the hype and widespread interest among the general public in the well-established $15 billion NFT space.
Launching their first family-friendly NFT collection called “Lucky Ducky”, not only will Origin expand it to the cross-channel, but its long-term roadmap includes production of an animated clay tv series, shipments of merchandise and metaverse integrations with Decentraland and Sandbox.
It will also make it the only collection to also draw from mainstream media.
So, observing the success of NFTs and their growing appeal, OGN investors assessed the potential of the original protocol and took a chance.
A day before the start of the week-long rally on February 12, investors bought over 10 million OGNs worth $2.6 million at that time on the exchanges. This move worked in their favor as, within a week, that $2.6 million turned into $7.6 million, with OGN currently trading at $0.76.
The global recovery also benefited early investors. 81% of pre-rally OGN holders were bearing losses, but that figure changed drastically within a week. To date, 66% of investors have returned to profit.
However, OGN is still 304.31% off its all-time high, so it might need a lot more than just a fresh NFT collection to get back to that level. (ref. Original Protocol Price Action Image)