3 developments signal that Verasity (VRA) price may have bottomed
The marketwide sell-off on May 19 triggered a 55% decline in the price of Bitcoin (BTC), and altcoins were hit even harder, with some tokens seeing declines of up to 90%.
One project whose native token price appears to have bottomed out after an 87% decline from its all-time high is Verasity, an e-sports-focused blockchain protocol focused on increasing engagement and advertising revenues for video publishers.
Data from Cointelegraph Markets Pro and TradingView shows that after declining from a high at $0.0558 on April 17 to a low of $0.0073 on July 20, the price of Verasity's VRA token has rallied 230% to an intraday high at $0.024 on Aug. 17 as its 24-hour trading volume steadily increases.
Three reasons the price of VRA may begin to climb higher after its recent low include an active community, the addition of NFT language to the protocol's proof-of-view patent for fraud prevention and attractive staking rewards that incentivize tokenholders to remove their coins from circulation.
Community activity adds a use case
The recent boost in momentum for VRA came after the Verasity community voted to integrate VRA as a form of payment on Shopping.io, a crypto e-commerce website that allows users to make purchases from numerous online retailers including Amazon and eBay.
Through this integration token holders and content creators who earn VRA can use their tokens to make purchases at some of the top e-commerce websites instead of having to first trade them for another currency.
This partnership adds a new use case to the VRA token and helps to increase token velocity.
NFTs integrate with the proof-of-view protocol
Another significant development from Verasity has been its proof-of-view protocol, which was originally developed to allow users to differentiate between real and fake views on the blockchain and was subsequently granted a United States patent.
Since launching, the use cases for proof-of-view have increased, and the Verasity team extended the original patent to include nonfungible tokens (NFT), one of the fastest-growing sectors in the financial technology sector.
#NFT sales exceeded $250M in the last 12 months.NFTs market cap growth has exceeded 1,785% in 2021 as demand explodes. Who's looking at preventing fraud? We are, with #ProofOfView Learn how: https://t.co/vd1KLYGIiD#Blockchain #crypto #NFTCommunity pic.twitter.com/1KoC8CDdxA
— Verasity (@verasitytech) July 23, 2021The addition of NFTs to the proof-of-view protocol has the potential to bring a new level of fraud prevention to the popular sector, as well as to bring new users to the Verasity platform.
Related: NFTs are a game changer for independent artists and musicians
Staking options decrease VRA's circulating supply
A third factor influencing the price of VRA is the high APY staking rewards offered to users who lock their tokens on the protocol.
Staking tokens on the network is a benefit to the protocol because they are used as part of the consensus mechanism that helps keep the network functioning properly. Similar to most staking platforms, stakers receive rewards in exchange for removing tokens from the circulating supply.
VRA holders can currently earn a daily yield of 0.07%, which amounts to an annual yield of 25.55% if they stake their tokens on the network. The current reward capacity is 2,500,000,000 VRA, or 24% of the total circulating supply.
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