Connect with us

Luna Classic

NFTs and the Revival of LUNC

Published

on

Image by starline
Spread the love

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.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin

Interview with Mehmet Deniz Percin from Areon Network

Published

on

By

Spread the love
Continue Reading
Bitcoin2 months ago

Interview with Valeriia Trubnikova from GO GREEN

Bitcoin2 months ago

Interview with Mehmet Deniz Percin from Areon Network

Bitcoin2 months ago

Exploring the Future of Crypto with Mohamed Azzi from Sastanaqqam

Bitcoin2 months ago

Interview with Bill Wang from Bitunix

Bitcoin2 months ago

Zex PR Wire: Revolutionizing Media Announcements

Bitcoin2 months ago

Exploring the Future of Crypto, NFTs and Metaverse with Vibhor Khandelwal of Expand My Business

Bitcoin2 months ago

Sunmoney Solar Group Embraces the Future with Blockchain and AI at Dubai Event

Bitcoin2 months ago

MetaYobi: Pioneering the Next Era of Blockchain and NFTs

Bitcoin2 months ago

Foxify’s Evolution: A Deep Dive into Their Cryptocurrency Initiatives

Bitcoin2 months ago

A Deep Dive into Achainable’s Vision and Expertise | Insights from Dubai’s Tech Event

Bitcoin2 months ago

Blockchain Economy Summit Dubai, CoinReporter interview with CoinsDO

Bitcoin2 months ago

Interview with BRN Metaverse CTO Seyran Gorur

Bitcoin2 months ago

The Future of Crypto-Art: Sastanaqqam’s Journey. Interview with Mohamed Azzi

Bitcoin2 months ago

Exploring MetaYobi: Blockchain Solutions and Ambitious Plans. Interview with Mohammed Yousuf

Bitcoin2 months ago

Bitcoin’s Risk-Reward Ratio -Very high quality interview from Kitco News with Fred Krueger

Bitcoin9 months ago

Bitcoin’s Rhythmic Movements: Deciphering the Leading Digital Currency in the Midst of Economic Shifts

Crypto9 months ago

Shifting Tides: India’s Journey Towards Universal Digital Currency Regulatory Measures

Featured9 months ago

Panerai’s Digital Transformation: The Advent of the NFT Digital ID

Crypto9 months ago

Crypto and the SEC: Navigating New Waters

DeFi9 months ago

Polygon Labs asks senators to consider apple orchard as they tax crypto

DeFi9 months ago

Coinbase Cloud integrates Kiln platform for native ETH staking below 32 ETH

DeFi9 months ago

Squid unveils direct swaps across Cosmos and EVM blockchains

DeFi10 months ago

DeFi Value Locked Reaches $42 Billion – A Comprehensive Analysis of the Latest Trends in Decentralized Finance

Featured10 months ago

A Conversation with BRN Metaverse: An Insight into Their Ecosystem, NFTs, and AI Integration

Bitcoin10 months ago

Interview with Berkan from Crypto Carbon Energy

Advertisement

Trending