LUNA price rallies 30% in a week as NFT platforms integrate Terra 2.0

LAGOS (CoinChapter.com) — Terra 2.0 token LUNA rallied unprecedentedly in the past seven days, reaching a monthly high of $2.55 before turning lower on Aug. 2, amid bullish developments triggered by non-fungible token (NFT) activities in its ecosystem.

In detail, LUNA’s price rose by nearly 30%. The rise, which pushed the altcoin above its July 10 highs, catapulted the token market cap above $330 million.

Moreover, LUNA stands strong despite today’s bearish trend registered across the crypto market. Its buying volume has also significantly grown over a week, aiding the token to gain more than 25%.

However, LUNA’s price is still down 87% from its all-time high attained in May.

Adoption Of Terra 2.0 Chain Increases

LUNA’s price rally has been attributed to the recent migration of NFT platforms to the new Terra chain. Top among the list of NFT platforms is Galactic Punks, a unique set of 10,921 NFTs on the Terra blockchain.

Due to the migration Galactic Punks holders can lock their NFTs on Terra Classic and redeem them on Terra 2.0. Additionally, users can migrate their Punks to Terra 2.0 by connecting their mobile wallet to Terra Classic and preparing UST for transaction fees.

After withdrawing NFTs, users can connect their Terra Classic wallet to illiquidlabs.io and migrate.

Galactic Punks has also announced plans to transition to a fully community-controlled DAO. Its DAO governance infrastructure will be relaunched on the new Terra chain, once all NFTs arrive on Terra 2.0.

Furthermore, Galactic Punks urge users to unstake their NFTs from Classic and migrate them to Terra 2.0. The team is awaiting the migration of all Galactic Punks to Terra 2.0 for further updates on staking and benefits on the Terra 2.0 chain.

Similarly, TerRarity an NFT analytics platform has also announced its migration to Terra 2.0. The platform has invited users to discover the NFT environment on the new Terra blockchain.

“Terrarity brings together all the activities of different marketplaces and collections in order to offer a global view of the NFT environment and data on Terra 2.0.”

TerRarity said.

Furthermore, blockchain platforms like Hermes protocol and Stader Labs have also announced their migration to Terra 2.0. Crypto analytic platform MetricsDAO, in its announcement, noted that Terra’s new ecosystem would host its analytic program. The blockchain protocol said:

“We’re excited to bring our mission of transparent, publicly available data to the new @terra_money. In the proposal, we describe our plan to curate Terra 2.0 data – enabling it to be queried by builders and analysts for dashboards, insights, and app dev.”