In 2022, the Terra Luna ecosystem collapsed in a spectacular fashion. The community-driven revival of this system, Terra Classic, has since been focusing on burning its native token, LUNC, to reduce supply and potentially drive prices upwards. While the upward momentum hasn’t quite materialized as expected, new developments such as the introduction of Non-Fungible Tokens (NFTs) could pave the way for a more promising future.

MIATA and MetaGloria: Leading NFT Initiatives on Terra Classic

The launch of MIATA, a new NFT marketplace on the Terra Luna Classic Chain, is expected to add to the fierce rivalry for supremacy in NFTs. The marketplace is set to host 2,000 MetaGloria digital collectables, allowing users to buy and sell these unique items on the platform.

The MetaGloria project, led by a group of developers from Ukraine and cryptocurrency gaming enthusiasts, is a play-to-earn game set to debut on the Terra Classic Network in early 2023. Two sets of NFTs, each totalling around 3,000, will be printed for the game. The project aims to increase the number of gamers entering the cryptocurrency market while also decreasing the quantity of Terra Luna Classic tokens in circulation. In line with the latter objective, users can burn the LUNC token by exchanging it for the in-game GLS token.

More Projects in the Pipeline

Other initiatives like LUNCPenguins NFT collections are also poised to launch on MIATA, marking another significant turning point in the network’s mission to ensure utility by developing alternate ways to burn LUNC. The 1,000 unique LUNCPenguins have a minting price of 200,000 LUNC or around $34 at the current rate.

The NFT-LUNC Burn Connection

Cremation Coin, a protocol built for burning cryptos with significant supply numbers, is considering an NFT collection called “Bad Abstract Art that Burns LUNC” or BAABL. If the project goes through, half of the NFT selling price would be used to burn LUNC. As of writing, 53.08 billion LUNC has been burnt since May 18, 2022, with 1.8 billion LUNC burned today, leaving 5.89 trillion tokens in circulation. This NFT development could potentially accelerate the burning process, influencing LUNC’s price action.

A Word of Caution

While these developments paint an optimistic picture, LUNC bulls should closely monitor the token’s crucial support at $0.00012. The token has not made any upward price actions in the past few months, and a breakthrough in this support could lead to a more significant downside in the long term. LUNC’s market has been dominated by bears, with short sellers outnumbering long buyers in all major exchanges. Consequently, the general market movement will also affect the token’s price movement, making it imperative to monitor the token’s correlation with major cryptos for better decision-making.

All eyes are on the Terra Classic network and its NFT initiatives as investors and crypto enthusiasts alike anticipate a possible resurgence in LUNC’s value, aided by innovative projects and a focus on burning tokens. Time will tell if these efforts will be enough to revive the LUNC token and bring Terra Classic back to its former glory.