Empire Token (EMPIRE) forecast: NFT marketplace is now live on Ethereum

The Empire Token is an open-source digital currency which was born on the Binance smart chain and is centred around decentralised finance (DeFi) applications. 

The Empire Token platform provides access to non-fungible tokens (NFT) that users can buy, sell and trade, as well as lease for commercial use. 

The company’s vision is to bridge the gap between the cryptocurrency and real world by integrating strong use cases into its native token that could add value to the DeFi ecosystem as a whole. Here we take a look at the project and what factors will shape Empire price prediction going forward.

Empire Token has combined the use of decentralised applications (dApps) in its NFT marketplace and a decentralised exchange (DEX), which serves as an all-in-one exchange offering traders and cryptocurrency holders advanced charting, portfolio trackers and social networking features. The company also claims to have dozens of integrations currently in production.

Last month, the company’s NFT marketplace went live on the Ethereum mainnet where creators and traders can now use the EMPIRE coin as well as other Ethereum-based tokens to mint and trade NFTs.

The company claims that its Empire NFT marketplace offers never-before-seen features, while also being the first of its kind to accept partnered projects’ native tokens to mint and trade NFTs. Through its platform, Empire Token aims to become a mainstay for the development of virtual goods and services within the emerging DeFi space.

In its white paper, Empire Token also states that its NFT licensing feature enables creators to licence their media for commercial use. The purpose of this, the project claims, is to provide creators with a steady income by lending their assets out for use.

In other Empire Token news, the company launched its own DEX and portfolio tracking platform known as Goosebumps this month. Goosebumps features unique functionalities such as multi-chart layout trading view, multiple wallet tracking and alert systems for major price movements. The DEX has a launchpad feature aimed at entrepreneurs where users can invest in or launch their own initial coin offerings (ICO).

What is the EMPIRE coin?

EMPIRE is a decentralised token on the Binance Smart Chain which is embedded with a RFI deflationary mechanism. RFI Static Rewards allow users to earn passive rewards, since a percentage of every transaction is distributed to coin holders. One of its core features is enabling users to lease out their NFT artworks for commercial purposes.

The EMPIRE coin will also be used as part of the Empire Token payment system, allowing instant conversion from fiat to cryptocurrency – however this project is currently in its development phase.

Currently, the EMPIRE coin allows users to trade and stake NFTs on the platform. An NFT is defined as a digital asset whose uniqueness and ownership can be demonstrated and verified using distributed ledger technology (DLT).

EMPIRE coin users must create a Binance Smart Chain (BEP-20) wallet on Metamask in order to buy, sell and auction NFTs on the Empire NFT marketplace. Each Empire Token NFT is unique and distinguishable from another.

EMPIRE price analysis: Technical view

The EMPIRE coin started its journey in June 2021, and achieved an all-time high of $0.2304 on 24 October 2021. Just a week earlier, on 18 October 2021, EMPIRE had been trading at $0.01856.

However, the price retreated to $0.1221 on 29 October, dropping to as low as $0.05546 on 2 November. This is somewhat of a sharp drop considering that the coin had hit its all-time high just 10 days earlier.

The EMPIRE price then consolidated, trading within the $0.04 to $0.07 range. 

Empire is currently (8 December) trading at around $0.054 and ranks 2,957th in the list of cryptocurrencies by market capitalisation at $44.9m. However, CoinMarketCap (CMC) notes  that this market capitalisation is self-reported and has not been verified by the CMC team. There are more than 857mn EMPIRE coins in circulation from a total supply of 1bn. 

Technical analysis provided by CoinCodex shows that short-term sentiment on EMPIRE is bearish, with two indicators displaying bullish signals compared with 25 bearish.

Latest developments for Empire Token: Fundamental analysis 

Earlier this year, the company launched its DXSALE with the full hard cap of 800 BNB. This presale served as a boost for the EMPIRE coin which was only launched this year.

The project could see broader mainstream adoption in the coming years as it launched its own DEX and portfolio-tracking platform on 3 December 2021 with unique functionalities that could lead to increased user usage.

An Empire Token payment system, which would allow instant conversion from fiat to cryptocurrency, is also currently in the works, with an unspecified release date.

The company announced in October this year that its NFT marketplace had passed an audit by BlockAudit for smart contracts compliance.

More generally, NFTs have gained traction in the digital space, with many businesses tokenising a range of assets including iconic images, athletics highlights, entertainment and sports memorabilia, event tickets, music albums, artwork, gaming, e-sports digital content and internet memes.

For instance, in the first quarter of 2021, NFT transaction volume accounted for $1.5bn, up 2,627% on the last quarter, according to a report by DappRadar.

All in all, NFTs can enable the efficient commercialisation of unique assets that are otherwise difficult to sell or prove ownership of, as well as the creation of entirely new digital product lines and revenue streams.

“EMPIRE is a super token which harnesses the scalability of the NFT market. It claims to be the first of its kind to accept partnered projects’ native tokens in order to mint and trade NFTs,” said Motiur Rahman, a cryptocurrency analyst at CoinJournal.

“EMPIRE fell by more than 6% on 6 December 2021, with its trading volume spiking by more than 33%. This could indicate a shift in market sentiment and the coin has the potential to bounce back to $0.70,” Rahman added.

What are the risks for the EMPIRE coin?

The EMPIRE coin is a new project, launched only in June this year, which means it is still on its journey of achieving broader adoption. 

Also, NFTs are not yet specifically regulated which poses commercial and legal issues such as certifying ownership of an asset and licences to use intellectual property rights.

EMPIRE coin price prediction: Buy, sell or hold?

In terms of an EMPIRE coin price prediction, algorithm-based forecasting service Wallet Investor gives a positive EMPIRE/USD forecast. Based on historical data, Wallet Investor sees the price going up to $0.217 by December 2022, reaching $0.548 in December 2024 and hitting $0.859 by December 2026.

Digital Coin Price supports the bullish EMPIRE token forecast, expecting the token to grow to $0.0945 in 2022, $0.1550 in 2025 and hit $0.2473 in 2028. 

Note that Empire predictions can be wrong and cryptocurrencies are highly volatile. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing, and never invest or trade money you cannot afford to lose.

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