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PROM price prediction: What is PROM?

By Peter Henn

Edited by Charlie Mellor

14:03, 15 September 2022

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ETH/USD
Ethereum / USD
1235.24 USD
-23.42 -1.860%
PROM/USD
PROM/USD
5.4999 USD
-0.1206 -2.460%

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PROM
PROM is a token that supports an NFT marketplace – Photo: Shutterstock

What is PROM? It is a marketplace and it is also a crypto token. Let’s see what we can find out, and take a look at some of the PROM price predictions that were being made as of 15 September 2022, too. 

PROM explained

One of the hottest concepts in the world of both cryptocurrency and blockchain technology as a whole in 2021 was that of the metaverse. This idea of a virtual world where people could interact and trade with each other is long-standing, having its origins in the virtual reality craze of the early 1990s. Indeed, the online game Second Life, which was highly popular in the 2000s, was a metaverse. However, the concept has gained a new lease of life thanks to the blockchain.

With the new technology proving to be a success, organisations moved their online worlds onto it, both giving blockchain enthusiasts who had never been involved in the metaverse a chance to sample it while also allowing metaverse fans and other online gamers the opportunity to find out just what it is that the blockchain has to offer people. 

And the thing that ultimately boosted blockchain metaverse gaming was non-fungible tokens (NFTs). Let’s explain what these are. 

If an item is fungible, this means that it can easily be replaced by something identical. A £20 note is a good example of this – if you lend one to a friend, you won’t notice if you’re given a different £20 note back.

Non-fungible assets are the exact opposite. Imagine a No. 1 Trainer Pokemon card – one of the rarest in the game’s existence, with just seven believed to be in circulation. It may look like a normal card from a distance, but it has distinctive qualities that make it different from all the others. If you lent that card to a friend and got a different one back, you’d be understandably upset.

NFTs bring this rarity and scarcity to the blockchain. They allow digitised versions of collectibles to be created. Basically, NFTs come in the forms of links to individual digital images. Technically speaking, it is the link, rather than the image, that people have the rights to. That said, there is some misunderstanding and ambiguity about both the nature of NFTs and their place in the world of cryptocurrency.

This ambiguity is not helped by the concept of the NFT coin. These cryptocurrencies – many of which are, technically speaking, tokens, rather than coins – are designed to be linked to the marketplace where particular collections of NFTs are sold. 

This also ties in with the notion of play-to-earn (P2E). Basically, a P2E game is something that involves people collecting NFTs as rewards for certain actions carried out within the game. Because NFTs can be sold and traded outside of the game in question, this means that people can, at least in theory, make money from playing the game. It goes without saying that how much money anyone can make through NFT-related gaming is something of a moot point, but it is there. 

Anyway, seeing as NFTs have proven to be a boon to metaverse technology, as well as a potential source of money for both developers and collectors, it is perhaps inevitable that there would be plenty of places that aim to specialise in gaming NFTs.

PROM is one such gaming NFT marketplace. Founded in 2019, it aims to “make web3 gaming accessible and [sic] enjoyable experience for everyone”. People can rent gaming assets without collateral, purchase NFTs in monthly instalments and trade and manage NFTs across different games. It has its own cryptocurrency, also called PROM, although the organisation seems rather reticent about how the token is used.

The PROM crypto is based on the Ethereum (ETH) blockchain, which means that it is a token, not a coin. You might see references to such things as a PROM coin price prediction, but these are wrong. It is also important not to confuse the PROM crypto with the prometeus crypto, which also uses the PROM ticker

There are no founders of PROM listed on its website.

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Prom price history

PROM price historyPROM price history from launch to present – Credit: CoinMarketCap

Let’s now take a quick look at the PROM price history. While past performance should never be taken as an indicator of future results, knowing how the token has behaved in the past can give us some much-needed context if we want to either interpret a PROM price prediction or make one of our own.

PROM first came out in 2019, opening on 17 July that year at $0.3672. It broke through the dollar barrier in early 2020 and hovered around this level until it got caught up in a bull phase of the crypto market at the start of 2021 and climbed to a high of $26.11 on 16 February that year.

While it fell back down after this, a resurgence saw it hit an all-time high of $106.12 on 30 April 2021. The token then dropped, and spent most of the rest of the year between $10 and $20 with the occasional rise above including $34.37 on 3 September 2021.

So far, 2022 has been a poor year for the token, with the nadir coming as it sank to $2.41 on 12 May. After that, there has been some slow, spluttering recovery and, on 15 September 2022, PROM was trading at $6.20. At the time of writing, there were 16.45 million PROM in circulation out of a total supply of 19.25 million. This gave it a market cap of about $101m, making it the 191st largest crypto by that metric. 

PROM price prediction round-up

With that all said and done, let’s take a look at some of the PROM price predictions that were being made as of 15 September 2022. It is important to recognise that price forecasts, especially for something as potentially volatile as cryptocurrency, very often turn out to be wrong. It is also important to remember that long-term price predictions are often made using an algorithm, which means that they can change at a moment’s notice. 

First, DigitalCoinPrice made a PROM crypto price prediction that suggested that the token could have reached $8.24 at some point by the end of this year, $14.19 in 2023 and $19.40 in 2024. The site then argued PROM could have gone on to $25 in 2025, before it could have dropped to $22.25 the following year before it could have recovered to $30.74 in 2027 and $43.43 in 2028. The forecast indicated PROM could have closed the decade at $61.89 before it made a PROM price prediction for 2030 that it could have risen to $87.09. The site then suggested PROM could have traded at $117.83 in 2031. 

Next, Gov Capital had a PROM token price prediction that argued the token could have closed the year at $6.64 before it rose to $8.30 on 15 September 2023. A year from then, the site said the crypto could have been worth a fraction of a cent below $9.94. The site then made a PROM price prediction for 2025 that suggested it could have opened the year at a shade under $13.68, could have risen to $21.03 on 15 September and could have closed the year at $16.86. By 15 September 2026, the site suggested PROM could have reached a little under $25.90, before it could have dropped to just below $22.32 a year after that. 

Meanwhile, PricePrediction made a PROM price prediction for 2022 that it could have acheived $8.42 before it could have gone on to $27.40 in 2025 and $40.19 in 2026. By the time the decade came to a close, the site thought PROM could have broken through the $100 barrier to be valued at $123.27, before it could have stood at $177.38 in 2030 and $255.26 in 2031. 

Finally, WalletInvestor had a pretty upbeat PROM price prediction. The site thought that the token could be priced at a fraction of a cent below $9.90 in September 2023, and could have been worth $22.53 in five years’ time. 

When considering a PROM token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.

FAQs

Is PROM a good investment?

It is hard to say. You will need to keep in mind that coins and tokens related to the metaverse and NFTs have performed pretty badly against an already bearish market so far this year, so you will have to be careful. Also, a lot will depend on how the market as a whole performs, especially in response to Ethereum’s Merge. Furthermore, it might be a worry for some investors that PROM’s website does not say anything about what the token is actually used for. 

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the PROM token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Will PROM go up or down?

It is difficult to tell at this stage. While some price forecasts are optimistic, it is important to remember that most price predictions end up being wrong. Again, bear in mind that cryptos related to the metaverse and NFTs have had a pretty poor 2022 overall, and that prices can go down as well as up. 

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether PROM is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Should I invest in PROM?

PROM is a token related to NFT gaming, so you will need to carry out your own research on this particular sector of the crypto sphere.

Whether you should invest in PROM is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.

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