PRIMAL price has surged by over 37% following the launch of the Primal NFT marketplace late last week.
Last Thursday, October 5, the developers of Primal announced the live launch of their long-awaited NFT marketplace platform, which will allow users to trade and operate non-fungible tokens within a trusted environment.
Primal is a Move-to-Earn (M3E)-based Web2 lifestyle app where users can earn rewards for playing sports, exercising, and staying active.
The launch of its NFT marketplace platform is part of the roadmap drawn up by the project to evolve the concept of Fan Tokens and establish itself as the leading M2E platform in the Web3 ecosystem.
PRIMAL rises more than 37% in a week
At the time of writing, the price of PRIMAL, the native utility and governance token that powers the fan economy on Primal, is trading at around $0,000493 per unit, recording a weekly growth of 37,2%.
Although PRIMAL’s market cap is quite low, compared to the top cryptocurrencies on the market, its daily trading volume has increased by over 220% in the past few hours. Crypto traders have been trading close to $320.000 worth of the PRIMAL token per day.
Source: CoinMarketCap
PRIMAL serves several functions within the Primal ecosystem. For example, this token is used to run all core ecosystem functions, ranging from trading fan tokens, to managing the Primal governance DAO, and acquiring upcoming fan token offerings.
Bringing NFTs into the mainstream
One of the main goals that Primal developers have set for themselves with their new NFT marketplace is to be able to integrate these non-fungible tokens into the mainstream.
Although the frenzy for NFTs seems to have passed since the boom seen in 2021, Primal believes that these assets encompass a “seismic power” that can revolutionize the market. Therefore, the project wants to give users the possibility of being able to operate, manage and negotiate this type of digital assets.
Primal developers burned all unsold NFTs, highlighting their commitment and dedication to the community of athletes and users.
What is Prime?
As mentioned at the beginning, Primal is a Web3 fitness and lifestyle app that allows users to get rewarded for performing physical and sports activities.
Through this app, users can connect with their favorite athletes and earn rewards through Fan Tokens. While the concept of Fan Tokens was first used by Chiliz, Primal seeks to evolve it beyond the utility provided by brands.
Its main objective, as highlighted on its website, is to “tokenize the burgeoning sports business.” Thus, Primal allows its holders to create an authentic and lasting connection with their favorite athletes, interacting with them in private communities called Inner Circles that unlock access to different types of exclusive content and that generate a more rewarding and attractive experience for fans. In addition, PRIMAL holders can monetize their physical activity in the application, obtaining incentives for leading a healthy lifestyle.
Being a governance token, PRIMAL holders can also participate in the decision-making of the project through the DAO. They can also stake PRIMAL to gain greater incentives in the app.
Continue reading: SWEAT, the app that gives you cryptocurrencies for doing sports
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