Move Network and MOVD Explained

Move Network and MOVD

Introduction

NFTs have been all the rage in 2021. Numerous NFT-related cryptocurrency projects have been created, with many traditional artists also getting into the NFT space. However, for individuals with a lack of cryptocurrency knowledge, it is still tricky to get into the NFT space. Furthermore, if an individual has a lack of NFT and cryptocurrency knowledge, they cannot by themselves get the most out of NFTs, the metaverse, and play-to-earn (P2E) ecosystems. Move Network aims to empower artistic individuals, allowing them to make the most of this new cryptocurrency industry. This empowerment is achieved through Move Network’s NFT aggregation. 

NFTs have shaken the traditional art industry. CryptoPunk #9998 sold for $532 million USD

What Is NFT Aggregation?

Move Network

NFTs can currently be launched on various independent platforms such as:

  • Solsea (Solana)
  • Opensea (Ethereum / Matic) 
  • Solanart (Solana)
  • Snowflake Market (Avalanche) 

NFTs have exploded in popularity with lots of new platforms being created. In this figure, we can see the Solana based platform Solsea

One major issue for NFT creators is that sales information is available from only that platform as they are not data interoperable. However, with blockchain technology being open sourced, data from these marketplaces can be obtained. NFT aggregators pull data from various platforms and compile this into one singular location for the NFT creators. This allows creators to perform various necessary analysis with sales, volume, interest, floor price changes, etc. 

Move Network are currently creating their MOVE Portal application, an NFT aggregation application. The application is due to be launched in Q1 2022 on Android and on iOS. 

Move Network Application

The Move Network Portal app will have the following core features:

  • Digital Wallet
    • Allowing application users to view and hold digital assets
  • NFT Marketplace
    • Singular location where users can purchase NFTs from creators
  • NFT Staking
    • Location where users can stake NFTs and receive rewards
  • NFT Game
    • Location allowing users to participate in various P2E games

This is an impressive list of features, providing both users and creators a fully immersive NFT experience from one singular location. One of the most interesting features identified for this analysis is the proposal for Move Network NFT farms. 

NFT Farms

One major issue with NFTs is a lack of liquidity. This lack of liquidity issue was seen during the May 2021 crash, where many users were unable to sell their NFTs. During the crash, NFT holders were unable to sell their NFTs whenever they wanted to, unlike the case of cryptocurrencies that could be sold during a dip. Therefore, this issue needed to be resolved quickly to maintain public interest in NFTs and to prevent a dip in NFT interest, as was the case in 2018. The lack of liquidity in the NFT market in May 2021 was quickly solved when DeFi merged with NFTs. 

With traditional DeFi farms, users enter the cryptocurrency farm with a cryptocurrency pair. In the example below, we can see a FAB / USDC yield farm. 

In this example, if users place FAB / USDC into a Raydium liquidity pool, users receive an APY of 1,583% (if compounded daily). Yield farming works because there is an incentive for both parties involved. 

Users who jump into this yield farm receive daily rewards for providing liquidity. From the standpoint of Fabric, users are increasing the tokens liquidity and it allows for an effective way of vesting a cryptocurrency. 

NFT farms operate in a similar manner as users staking their NFTs in return for rewards such as:

  • NFT airdrops
  • Cryptocurrency rewards
  • Loyalty badges

NFTs and DeFi farming can also allow for increased yield APY on traditional DeFi farms. For example, if a user owns NFT piece X, they can increase their yield on farm Y by 50%. 

Move Network Roadmap

For the final weeks of 2021, Move Network are focusing on the launch of MOVD staking and furthering their entertainment industry partners. MOVD staking will allow users to support Move Network while earning APY on their MOVD, counteracting the potential effects of token inflation. Meanwhile, future industry partners will bring benefits such as increased industry influence, outreach, accessibility to influential figures, increased project visibility, etc. 

Heading into 2022, Move Network aims to focus on the Portal application launch, followed by the release of the MOVE NFT game and in-game NFT pre-sales. 

MOVD Token

The MOVD token provides numerous benefits to those wishing to purchase the token. Through purchasing the token and becoming a MOVD holder, users will have the following benefits:

  • NFT Auction
    • NFT auctions across the Move Network application will use MOVD as a means of payment. 
      • This encourages purchasing of MOVD.
  • Staking
    • Users can stake their MOVD for rewards
      • Rewards not typically associated with staking, such as music and gaming NFTs, will be rewarded to MOVD stakers.
  • Token trading
    • Move Network is currently developing MOVECHAIN. By purchasing MOVD, users can benefit from the projected chain stability and speed.
  • Platform perks
    • Users who purchase and hold MOVD could receive additional platform perks after application release.

MOVD Price History

MOVD is currently trading at a price of $0.327 USD. The current all-time high of MOVD is $0.36 USD while the all-time low is $0.289 USD. The current price action history can be seen in the chart below. 

MOVD – price action history

MOVD Technical Analysis

With MOVD being a new cryptocurrency, its technical analysis has yet to be refined. Those wishing to trade MOVD should focus on fundamental analysis, rather than technical analysis.

The current MOVD / USDT chart makes little sense

Conclusion

All in all, Move Network is creating an application which could be widely used by many in the cryptocurrency industry. NFTs are here to stay, with Move Network pushing for increased usability and inclusiveness for its users. AAX is currently the most active exchange for MOVD / USD. 

MOVD / USDT – AAX

If you want to trade MOVD, please head over to the AAX Exchange. Along with MOVD, AAX has recently listed many different altcoins. For the complete list of newly listed tokens, please visit the official website for more details.

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