Altcoins: Chronoly (CRNO) - A Watch NFT !? A Deeper Look Into the Chronoly (CRNO) Platform
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Summary:
- What is The Chronoly Platform and how does it work?
- Advantages of the Chronoly exchange.
- Chronoly’s past, present and future price positions.
The Chronoly Platform
Chronoly is at the present time, the only altcoin whose value is backed by real assets. In the case of Chronoly, the assets that are backing this crypto are, at the present, only investment-grade luxury watches. The Chronoly platform is the world's first fractional watch investment platform on the Ethereum blockchain. The Chronoly crypto made its debut in May of 2022.
Chronoly stores each of its classic watches securely in a vault, but before they do this, there is an exact replica model made in the form of an NFT (Non-fungible token). Each NFT thereafter is fractionalised so that a single fraction of the NFT can be sold for as little as $10. Thus, everyone who buys into a Chronolgy NFT buys a small part of the watch.
Chronoly holders are able to trade their NFTs either on the Chronoly marketplace or OpenSea. Chronoly users are also able to stake their CRNO coins in return for a passive income and they even have an option to borrow against the value of their coins. The fact that users can borrow against their coin value is made possible by the fact that the Chronoly (CRNO) token is backed by real value. In addition, all CRNO token holders are automatically entered into a free monthly lottery and the lucky winners receive a watch for free.
Chronoly claims to bring additional value and liquidity to their community and aims to disrupt the luxury watch market. They are aiming to democratise the luxury watch market and to break down the barriers to entry for luxury watch ownership. In addition, they are adding liquidity to the luxury watch market through fractionising and collateralising lending facilities which unlock liquidity in a tangible and historically illiquid asset class. They are also decentralised, holders can trade their watch NFTs on either the Chronoly platform or on other third-party ethereum compatible marketplaces.
Chronoly Ecosystem Features
The Chronoly makers are working on creating a foundation that is steady, which they hope will help support and sustain the Chronoly Ecosystem; they hope that through their expansion plans, they will create a “Chronoverse” that will seamlessly connect with the metaverse through blockchain technology.
The marketplace is an application that allows users to sell, buy and fractionally invest in luxury watch NFTs, which are backed by the physical watch. The lending protocol is a lending facility that allows users to borrow against their physical watch and their NFTs at a competitive rate on the blockchain. The rewards club is the dedicated watch concierge service and private members club that allows members to gain access to exclusive NFT drops, watch networking events, and more.
Pros and Cons of the Chronoly network
Pros
- Offers decentralised aspects.
- Platform offers staking and lending.
- Investors can earn passive income through staking.
- Prize draws.
Cons
- Market hype is inflating the price of CRNO.
Past, present and future prices of the Chronoly network (CRNO)
Since its debut in early May 2022, the price of CRNO has risen by more than 400%.
Over the past month, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, strictly speaking CRNO does fall under this category however, they have still managed to see strong gains since its launch.
According to some analysts, the future price of the Chronoly networks (CRNO) could jump up to 2500% and reach up to $0.5 by July 2022. Due to the fact that it is a brand new crypto, there are few reliable sources regarding future prices of CRNO tokens. However, based on the assumption already made, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
Sources: chronoly.io, coinspeaker.com, thebitcoinist.com, analyticsinsight.net.
