Everything You Need to Know About Chronoly Token

by Jan 22, 2023NFTS Metaverse0 comments

In 2023, Chronoly Token (CRNO) emerged as the rising star among utility tokens. The token’s price has increased by 560% since its presale began in early May, despite the sagging crypto markets. Actual luxury timepieces like the legendary Rolex and Patek Philippe support CRNO.

Here we look at what Chronoly is, its unique selling feature, and the most recent Chronoly token price projection.

What is Chronoly?

Chronoly (CRNO) is a marketplace that allows traders to own a piece of investment-grade collectible watches from well-known brands like Rolex, Patek Phillippe, Richard Mille, and others.

The creator stated in the project’s whitepaper that it was the world’s first fractional watch investing platform. Investors can purchase non-fungible tokens (NFT) or cryptocurrency to possess these special timepieces.

Investors may purchase and sell fractional NFT luxury watches in the same way they would trade stock shares. Each NFT watch sold on the Chronoly platform is backed by a genuine physical watch kept in one of the company’s safe depository vaults worldwide.

Investors can also redeem the real watch that serves as collateral for the Chronoly (CRNO) value. They may also borrow against their watch NFT and use a decentralized ledger on the Ethereum (ETH) blockchain to verify the validity of the actual watches.

According to the project’s whitepaper, the watch market offers a staggering potential profit of $49 billion. The secondary watch industry is around $18 billion and is predicted to expand by up to 3% by 2025, while the pre-owned watch market is expected to be worth $29-$32 billion by that time.

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According to luxury watches monitoring business Wristadvisor.com, Rolex’s solid yellow gold green dial John Mayer Daytona has an MSRP of $37,550. Still, it has been seen priced as high as $85,500 on internet markets, putting it on the top list of finest Rolex investment watch 2022.

The proposal did not reveal the proprietor of Chronoly, which may cause concern among potential investors.

How does Chronoly token work?

Chronoly Token

Because Chronoly has yet to be formally released, it begs the issue of what the Chronoly token is used for.

The project is constructing a marketplace infrastructure that will allow investors to trade fractional NFTs, similar to trading stocks. Throughout the second phase of the project’s development, the platform will be able to accommodate many chains.

The trading platform includes features comparable to those seen on more established exchanges. For example, investors may set up price alerts, stop-loss orders, limit orders, and track history and price data.

If users get 100% of the watch NFT fractions, they may burn their watch NFTs and have the physical item shipped to more than 120 countries via the logistics partners’ shipping service.

The project also provides users with an exclusive membership if they own a unique NFT that will be issued in phase 2 of its roadmap. The NFT collection has a total quantity of 7,777 coins that its community may manufacture.

Chronoly’s roadmap

The Chronoly token roadmap is divided into four stages. The first phase includes all preparations for the token’s creation and presale formal debut, such as developing a website and bespoke presale dashboard, the construction of social communities and PR publications, and audits.

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The second phase includes actions such as the official UniSwap and Pancake Swap Bridge sale, listing on CoinGecko and CMC, and the second smart contract audit.

In the third phase, the project plans to launch the CRNO token on one of the top ten centralized exchanges (CEX) and create NFT Marketplace, a private members club, and a worldwide marketing campaign.

Several significant ambitions for the project’s fourth and final phase include the creation of Chronoly oracle, Metaverse inclusion via Chronoverse, and launching its first NFT holder-only network event.

The project’s first phase is almost over, and the second presale is set to end on July 27. It needs to provide a comprehensive timeline for the next steps.

Uncertain cryptocurrency market

The Chronoly project is launching during a challenging period for cryptocurrency. Following a strong 2021, the 2022 bitcoin bear market emerged due to tighter monetary policy, recession worries, and a risk-off mood shift.

Furthermore, the depreciation of Terra Luna’s prior algorithmic stablecoin, LUNC, and the subsequent crash of LUNC in May 2022 has strengthened the bearish view for crypto, sending veterans like BTC and ETH into a depression.

Analysis and outlook on Chronoly token price prediction

Chronoly Token

According to its website, the CRNO token is now priced at $0.066 in its second phase presale, which will finish on July 27.

According to the project, the price has increased 560% from its initial price of $0.01 during the inaugural presale in early May. It has sold 51.76 million CRNO tokens, but it is still far from its Phase 2 objective of 175 million tokens.

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The rise in the price of the CRNO token has taken the crypto market by storm, with many industry experts suggesting that Chronoly (CRNO) might be the ‘Next Big Thing’ in the crypto markets, according to Beincrypto on July 13.

Given the present cryptocurrency bear market, Anndy Lian, international blockchain advisor and author of Blockchain Revolution 2030, believes it is too early to forecast the future of the CRNO price.

Regarding the future of Chronoly token, Lian believes that rather than waiting for more users or for the value of the watches to rise, the project should explore new revenue streams.

He also warned that liquidity would be a concern because each NFT watch is backed by a physical replica whose location is unknown.

“The watch backing can also be deceptive since some investors may mistake this for a security token. If they fail, the project will still have to liquidate the watches to pay back.

Conclusion

When evaluating a Chronoly token price prediction, cryptocurrency markets remain unpredictable, making it impossible to provide short-term or long-term price projections. As a result, expert projections are subject to error.

If you’re considering trading cryptocurrency tokens, we recommend doing research first. Before trading, review the most recent market trends, news, technical and fundamental analysis, and analyst opinion. Remember that previous success is not a guarantee of future results. And always trade with money you can afford to lose.

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