- VeChain’s NFT trade count and volume in USD have been declining over the past 30 days.
- The launch of VeChain’s Web3-as-a-Service platform VORJ could help turn things around for VeChain’s NFT space.
VeChain has been experiencing a decline in its NFT metrics over the last 30 days, with total NFT trade count and trade volume in USD decreasing, according to Santiment’s chart. Additionally, the number of unique addresses that bought less than $1,000 worth of NFTs has also declined in recent weeks.
However, the launch of VORJ, VeChain’s Web3-as-a-Service platform, could potentially help VeChain’s NFT ecosystem flourish again. VORJ is a no-code platform that enables anyone to create, deploy, and interact with smart contracts on the VeChainThor blockchain. It also comes with NFT APIs that provide aggregated data for NFT collections and tokens.
In terms of VeChain’s market status, VET investors had a comfortable start to Q2, with the token’s price increasing considerably by over 4% in the last seven days, as per CoinMarketCap. At the time of writing, VET was trading at $0.02599, with a market capitalization of more than $1.8 billion. VET’s demand in the derivatives market has also registered an increase, suggesting higher investor interest in trading the token.
However, VET’s weighted sentiment has drifted towards the negative side over the past few weeks, indicating negative sentiment in the market for VET. Although some market indicators were in favor of a continued uptrend, such as the Relative Strength Index (RSI) registering an uptick, the Chaikin Money Flow (CMF) and the Money Flow Index (MFI) have declined.
The Exponential Moving Average (EMA) Ribbon’s data pointed out bulls’ upper hand in the market, with the 20-day EMA above the 55-day EMA. VET’s Bollinger Bands suggested that the token’s price was entering a slightly higher volatile zone, further increasing the chances of an uptick.