Why metaverse crypto Genesis Worlds (GENESIS) surged 39% today? - Kalkine Media

June 15, 2022 05:29 AM AEST | By Versha Jain
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Highlights:
  • Genesis Worlds (GENESIS) is a multi-creator gaming universe. 
  • GENESIS is an ERC-20 standard token. 
  • In a strategic move, the project owners had recently announced a hiatus.

Metaverse crypto Genesis Worlds (GENESIS) was rising on Tuesday, fighting a meltdown in the global crypto market. The token climbed 38.92% to US$0.003403 at 12:50 pm ET. 

The project owners had recently announced a hiatus. Genesis has been fulfilling its funding needs internally, but the existing market situation has made it tough to generate capital.

Genesis said it is looking for long-term, sustainable funding sources to stay competitive in the metaverse and NFT segments.

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It added that it is exploring new funding and partnership opportunities and looking to sell the project. It said its staking, mining, and social channel activities would continue working.

The metaverse segment of the crypto market rose 1.97% to US$9.96 billion on Tuesday, but the trading volume declined 7.66%. The top metaverse token by market cap, Decentraland (MANA), fell 1.21% to US$0.8196, but Theta Network (THETA) rose 5.49% to US$1.14, The Sandbox (SAND) gained 4.11% to US$0.8916, and the Axie Infinity (AXS) rose 7.00% to US$14.27.

What is Genesis Worlds crypto?

Genesis is a multi-creator decentralized gaming universe, as per its whitepaper. The Genesis Foundation guides the governance decisions, but players have voting rights through its token. 

Also Read: Why is VeChain (VET) crypto gaining attention?

The Foundation reinvests the project's revenue into the venture. The Genesis metaverse is created by community members who travel to various virtual worlds to complete their tasks.   

Also Read: Why is Xtra Fund (XTRA) crypto rallying over 110%?

Why metaverse crypto Genesis Worlds (GENESIS) surged 39% today?Data Source: coinmarketcap.com

Also Read: Why is AMM Ellipsis token (EPX) rising?

GENESIS token:

GENESIS is an ERC-20 standard token, the primary building block of Genesis metaverse. 

It has 67.13 million tokens in circulation, with a total supply of 107.95 million. The token’s market cap is roughly US$228,000. It can be traded on the QuickSwap crypto exchange. 

Also Read: Why is Aventus (AVT) crypto gaining attention?

Bottom line:

The crypto market has more than 200 metaverse tokens. The segment was in the positive territory on Tuesday versus a sharp fall in the global crypto market.

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