Vulcan Forged (PYR) rallies after virtual land sales and the Elysium testnet launch

In 2021, nonfungible tokens (NFTs), gaming protocol and the dawning of the Metaverse were all hot topics. They are expected to become even more popular in 2022.

NFTs, Metaverse-related projects and NFTs are also recovering quickly from the market downturn. Vulcan Forged is one of the most active movers this week. This project is a NFT marketplace and blockchain game studio that is currently developing its VulcanVerse ecosystem.

Cointelegraph Markets Pro and TradingView data show that the price of PYR rallied 119% after it hit a low of $6.59 Jan. 24, and then climbed to an intraday high of $14.43 Feb. 1, amid a 141% increase in its 24-hour trading volume.

PYR/USDT 4-hour chart. Source: TradingView

The launch of the Elysium testingnet, listing 100 plots for sale in the VulcanVerse, and the launch a PYR bridge linking Ethereum and Polygon are three reasons why the price of PYR has recovered.

Launch of the Elysium testnet

The high fees charged by the Ethereum network have been a problem for protocols hosted on it. Many projects have moved to other networks or launched their own solutions to lower costs.

Vulcan Forged chose to travel the former by launching Elysium’s blockchain. Vulcan Forged refers to it as “the blockchain to Metaverses”.

It is 20:05 GMT on 28 January 2022, the Year of the Vulcanite. And Elysium Testnet just went live.$PYR
Vulcan Forged (@VulcanForged), January 28, 2022

Elysium, according to the announcements about the project will be the first carbon-neutral Blockchain in the world through a collaboration with Coorest, a Dutch-based decentralized carbon credit trading platform.

This will be achieved by combining CO2 emissions from the Elysium blockchain and tokenized trees. Gas fees from transactions will also be used to plant trees in nearly 70,000 acres of Coorest land.

In addtion to this environmentally-friendly approach, the network is also attracting the attention of other protocols, with Vulcan Forged indicating that three other Metaverse projects have already signalled their intent to launch on Elysium.

Land sales are now live

The VulcanVerse limited listing of 100 land plots in VulcanVerse is another reason behind the bullish PYR move over the past week.

Only 12-24 hours to go for the @VulcanVerse 100 parcel sale. Auction expiry dates cleverly designed for time zones.$PYR
Vulcan Forged (@VulcanForged), February 1, 2022

All plots are available to be purchased using PYR. This has led to increased demand and a higher price for the token.

In addition to offering a monthly yield of 35PYR for the next four year, holders can also use land plots in VulcanVerse to make rent or gameplay income.

Related: NFTs “Stayin’ alive” as new minting trends, AI, and music-based project thrive

Support for Polygon by PYR

The success of VulcanDex is a third reason why the price of PYR rose so strongly. It’s a protocols decentralized exchange that currently operates on the Polygon network and the Ethereum network.

VulcanDeX reports that the protocol has surpassed $10 million in total value on Jan. 29, and that this number continues to rise with rising PYR prices.

VulcanDEX is currently integrating a crosschain bridge between Ethereum & Polygon in the “My Forge” section of the DEX. This will allow for the easy transfer of PYR tokens from the two networks.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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