This past week has been good for cryptocurrencies, which are on their largest upward swing since last year. Zilliqa (ZIL-USD), however, is one of the most notable players of this bullish period. The crypto has chalked up gains of around 150% over the past seven days. What’s behind the success of the ZIL crypto — and what’s in store for it next?
Zilliqa is a part of a metaverse industry that has seen a rollercoaster ride over the last several months. The class of metaverse assets seemed unshakeable in late autumn, when players like Axie Infinity (AXS-USD) and Decentraland (MANA-USD) were at their height. However, the crash in Bitcoin (BTC-USD) prices and broader bearish sentiment on the global economy hampered the asset class.
Zilliqa is a decentralized app (dapp) development platform which assists primarily with the creation of metaverse products. The ZIL crypto has been on its own downward spiral over the last year; at one point a top-100 project by market capitalization size, it fell out of favor as prices tumbled from the all-time high in May of last year.
The project is back, though, invigorating holders once again. Now, it’s leaning even harder into the metaverse space. It’s also doing well to attract new money during this boom period for the crypto market. The ZIL crypto is seeing massive price spikes thanks largely to hype around its new Metapolis project. Indeed, Zilliqa is moving beyond dapp creation into its own metaverse space.
ZIL Crypto Soars on New Metaverse Plans
Late last week, developers announced their plans for the Metapolis metaverse through a press release. For one, the project is notable because it uses development tools renown across the video game industry. These include Epic Games’ Unreal Engine and Unity Engine as well as Nvidia’s (NASDAQ:NVDA) Omniverse. With these tools, Zilliqa promises to create one of the most realistic-looking metaverse experiences.
This project will also be a content creator-focused space; Zilliqa calls Metapolis a “metaverse as a service” (MaaS). The space will be comprised of domes, each containing its own unique world. The domes will also be bridged together, allowing users to jump from space to space.
Metapolis will launch this April. What’s more, Zilliqa is preparing its own launch event in Miami. In the meantime, it’s also bulking up the project with several new partnerships. The most notable of these partnerships is with Agora, a company built around rewarding content creators for work in the blockchain space. Zilliqa has also announced a partnership with Ramp, a fiat-to-crypto payments service which will help integrate ZIL crypto payments in Metapolis.
All of this news is sparking a renewed bullishness in the ZIL crypto, to great effect. The coin is in the middle of its biggest price boom in over a year; prices haven climbed some 150% in the last seven days. This boom is enough to take ZIL back into the top 100 cryptos. As of this morning, the coin is losing by about 6%, trading at nearly 11 cents.
On the date of publication, Brenden Rearick did not hold (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.