Adventure Gold (CCC:AGLD-USD) is one of the fastest-growing cryptocurrencies right now. The token bridges several hot themes, including blockchain gaming, community governance and non-fungible tokens (NFTs). This special blend of attributes is helping the AGLD crypto to appreciate significantly in only a short period of time. Not to mention, the project also carries a fair bit of mystique with it.
As investors continue to flow into the booming NFT space, Adventure Gold is an interesting token that is benefitting.
The project, with its minimalist NFTs, ambiguous token and barebones roadmap, may not initially appear convincing to investors. However, the presentation of the AGLD crypto and its accompanying Loot NFTs have made it strangely successful. This week has brought another major rally for AGLD for the first time since fall 2021.
What Is the AGLD Crypto and What Are Loot NFTs?
Adventure Gold is the token underlying Vine co-founder Dom Hoffmann’s ambitious NFT project, called Loot. Will Papper, a Loot community member, then developed Adventure Gold. Launched in September, neither AGLD nor Loot are very old at all. The NFT collection was released by Papper for free in an edition of 10,000 tokens. These tokens are all nearly identical in appearance — they include a solid black background, populated with only a few strings of words and phrases.
These words and phrases made up computer-generated items for a video game which doesn’t exist. Everything is entirely up to the holders’ interpretations. Outside of the NFT launch and the launch of AGLD, Papper has largely been hands-off with the project. Almost immediately after launching, the AGLD crypto was picked up by a series of exchanges, like Coinbase (NASDAQ:COIN). These listings helped the token to boom in September. In fact, it set an all-time high above $7.
As for the gains today, there are no real news catalysts to speak of. AGLD prices have actually been on the decline for the last three months. One can surely assume recent gains have something to do with new interest in NFTs and blockchain gaming. Indeed, OpenSea reveals that even with declining AGLD prices, Loot NFTs are selling for tens of thousands of dollars. With AGLD crypto prices up 20% over the last 24 hours, trading volume is up 200% to nearly $300 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.