Degrain DGRN crypto on presale. Should other DeFi platforms worry?

YEREVAN (CoinChapter.com) – DeGrain crypto is the new talk of the town as the DGRN token presale launched on July 7. The new inter-chain NFT platform aims to revolutionize NFT sales and beat competitors such as Solana and Ethereum. But the chances of such success are rather slim as of now; here’s why.

Degrain crypto

The bold claims might not have enough weight behind them, as the available information on DGRN crypto comes from the team itself or paid promotions. “Market analysts have predicted at least a 5,000% gain,” claim the promotional articles. However, there are no such assessments from independent analysts in sight.

Degrain enables users to trade and accept payments for NFTs across different networks, all whilst rewarding buyers, sellers and stakers. We are the first NFT protocol to work with real world companies and revenue share via a backed NFT.

advertises the platform.

Furthermore, some of the new Degrain DGRN crypto’s Twitter traction seems to have rubbed off another blockchain project, Dragonchain. In detail, Dragonchain’s token features a very similar ticker – DRGN, confusing some users.

Also read: British Army’s Twitter and YouTube accounts hacked to promote NFT scams.

Meanwhile, the official Degrain Twitter handle claims the token is about to go from $0.02 to $0.03 “in the next 24 hours.”

Degrain DGRN token

As getting an impartial opinion on the project is not trivial, traders should proceed with caution. As mentioned, DGRN is in its first presale phase as of July 19. With 20 more days to the presale, it is hard to assess the Degrain coin price.

Platforms like CoinMarketCap, CoinGecko, or TradingView do not have valid information. Hence, traders are left to judge the legitimacy of the project’s claims on their own.

Also read: NFT volume drops to a yearly low in June.

Meanwhile, Degrain’s whitepaper appears quite detailed and provides information on token distribution, intellectual property licensing, etc. The platform also offers fractionalized NFTs, which are attractive to many users.

Every month, stakers will be able to use their Degrain tokens (DGRN) to vote on which NFT the platform acquires. This NFT will then be fractionalized and made available to stakers.

reads the whitepaper.

Also, “100% of trading fees will be distributed to DGRN stakers,” and “creators will receive their royalty payments immediately at the moment of sale.”

What about the competition?

However, as CoinChapter earlier reported, NFT sales dropped dramatically in June, reaching a year-low. Ethereum NFT trades have declined by 55% in the past month, from 1.3 million ETH to around 584,000 ETH. Notably, that drops from about $2.6 billion to roughly $672 million in the last 30 days.

The bearish sentiment across the crypto and broader market contributed to the waning interest in NFT platforms. Additionally, the geopolitical situation in Europe and further strain on the emerging markets suggest an extension of bearish sentiment.

Also read: Optimism’s largest NFT marketplace hacked after contract update.

Thus, it seems unlikely that Degrain can hope to thrive and beat its competitors in unfavorable market conditions. However, traders will see the results by the end of the presale.