Top ETH Token Is Up 30% Thanks To Huge Update

Not too often do announcements on new NFT projects have an immediate impact on cryptocurrencies. In this regard, Storj, an ETH token ranked 88 in trading volume, skyrocketed within no time after such an announcement.

Storj Price Shoots Up

The token witnessed major boost thanks to the NFT update on Thursday. With a price increase of 42.6% from the 24 hour low, the ETH token went as high as $0.97.

As of writing, Storj is trading at $0.9273, up by a staggering 30.72% in the last 24 hours, as per data from CoinMarketCap. Also, the ETH token’s market cap had a massive jump from $245 million a day ago to $371 million currently.

The sudden spike resulted from the announcement around major brands adopting Storj to store exclusive tickets, gaming, music and sports NFT assets. Storj’s new NFT customers are Europa Labs, Ultimate Division and AMUZED.

Ben Golub, chief executive officer at Storj, said,

“Storj is ideal for storing digital assets like NFTs because it brings enterprise-grade performance, durability, and security to Web3. Minting platforms and brands can trust that their customers will always have instant access to their NFTs.”

Storj New Customers

While Europa Labs is an emerging leader in web 3.0 physical redeemable technology for NFT, Ultimate Division is a soccer simulation and card collecting game. The game lets players build their own squads with NFTs to compete with other players to earn Ultimate Division Tokens.

A smart contract enables the minting of an NFT player card with randomly generated skills, attributes, and an image of a fictional player and also retains the game play data. “Storj lets us produce our NFTs in a more transparent, trustworthy, and reliable way,” said Ruslan Azarov, CEO, Ultimate Division.

On the other side, AMUZED allows music fans to experience their favorite artists via NFTs. As the first blockchain-based music manager game, AMUZED requires a fast, affordable storage option for users to collect their exclusive tokens. Overall, the company aims to reward both musical artists and fans.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.