Verasity (VRA), a blockchain protocol for esports, fell to a 90-day low of $0.01579 on 24 February, during the global cryptocurrency market’s meltdown, according to CoinMarketCap.
At the time of writing (12 April), the VRA token price has risen, reaching $0.02143, approximately 35% above its low. However, it’s been trading more than 75% below its all-time high of $0.08683 achieved on 1 November 2021.
Arthur Hayes, co-founder of BitMEX, warned that the cryptocurrency markets are headed for another meltdown and that the market could collapse by the end of the second quarter of 2022.
“Even though some of these coins are already down 75% from their all-time high, I don’t believe even they can escape the coming crypto carnage,” he said.
What is the Verasity coin?
Verasity is a blockchain-based platform that operates in the esports, digital entertainment and advertising industries. According to Verasity’s whitepaper, it secured a US patent for its proprietary technology that assists in eradicating ad fraud and already has multiple revenue-generating products.
“Digital advertising spend worldwide (outside of China) was $325B in 2019, and is on track to reach $389B in 2021. By 2024, advertising spend will be over $525B. $525B is the addressable market. As much as 40% ($160B) of the ad spend is stolen by ad fraud. Verasity will rectify this problem,” stated the whitepaper.
Verasity incorporated Esports Fight Club and GameStore to monetise Verasity’s technology through ad revenue and broaden the use of Verasity’s cryptocurrency, VRA, by providing incentives for viewing, subscriptions and winning with VRA.
“Esports Fight Club and GameStore are not dependent on Google or Facebook or any third party and we can, therefore, monetize gaming activities unlike mobile apps on Android or IOS which are not allowed to provide real-world rewards,” according to Verasity whitepaper.
Esports Fight Club grew with the launch of big tournaments such as PUBG, Valorant and Dota2 to, which allowed testing Verasity products in real time with a sizable audience. Esports Fight Club’s most recent event had about 8.5 million spectators.
Verasity generates revenue from memberships, royalties on winnings, video ad revenue and transactions costs on esportsfightclub.com. Verasity also intends to sell its Esports Fight Club NFTs on its own platform and third-party auction platforms, using PoV to validate and record the chain of ownership.
VRA is Verasity’s native token, which is used as a medium of exchange for the online gaming and video economy.
Verasity coin news and price drivers
The project has undergone a number of significant milestones and developments lately, which may drive the verasity (VRA) future target price:
Listing of VRA token on Crypto.com
Verasity announced in March 2022 that its native token VRA got listed on Crypto.com (CRO). As a result of this launch, VRA gained visibility on five of the world’s top ten cryptocurrency exchanges, including Crypto.com, Huobi, OKX, KuCoin (KCS) and Gate.io.
Crypto.com is one of the largest cryptocurrency exchanges globally, both in terms of trading volume and user base, with over ten million members.
Due to this partnership, Crypto.com offered direct fiat off-ramps for customers worldwide through their proprietary crypto-enabled Visa debit cards, allowing holders of VRA tokens to spend their assets in the real world. This is one of the first cases of VRA usage in real-world transactions using a crypto-enabled debit card.
“Once again, we prove that we are relentlessly pursuing real-world adoption for $VRA and integration with the leading exchanges and service providers in the blockchain industry. We are pleased to have passed Crypto.com’s exacting due diligence standards, and we are looking forward to welcoming a new wave of $VRA supporters who join us from the Crypto.com community,” said R J Mark, CEO of Verasity.
Moreover, on 30 March, Verasity’s VRA token was listed on the Bit2Me cryptocurrency exchange, providing users with additional liquidity.
Partnership with Brightcove
Verasity collaborated with Brightcove in December 2021, and entered the Brightcove marketplace to provide clients with innovative ad-tech capabilities. With over 3,000 clients in more than 70 countries, Brightcove provides media and corporate organisations with adaptable video technology solutions.
Verasity’s proprietary advertising technology, including Ad Stack (VeraViews), the Verasity Rewards System and Verasity’s Proof of View (PoV) technology, has been added to the Brightcove Marketplace, enabling Brightcove customers to capitalise on Verasity’s technology via an interconnection with the Brightcove platform.
Due to this agreement, Brightcove media and client brands can integrate VeraEsports esports streams into their domains and broadcast them to their audiences. It will help to engage with the current audience and attract new viewers through blockchain-enabled viewership monetisation.
VRA/USD price analysis
According to ICO Drops, VRA’s ICO concluded in August 2018 at a token price of $0.0075. Since then, it’s returned an ROI of 2,663%, according to CoinMarketCap, as of 12 April.
The VRA price chart showed pretty flat price action until 2021, when the token surged in line with the broader cryptocurrency momentum. The VRA token spiked from $0.0005 on 1 January to $0.0509 on 11 April, a surge of 10,000% in a little more than three months. However, it declined to $0.008 on 20 July.
The next rally brough the VRA cryptocurrency to the all-time high of $0.0868 on 1 November. However, the retracement sent it downwards and the token closed the year at $0.0342.
Since the beginning of 2022, VRA’s price action has been volatile. First, it declined to a 90-day low of $0.01579 on 24 February before spiking again to a 30-day high of $0.0305 on 2 April.
At the time of writing (12 April), the VRA token was trading at $0.0214 and had a market capitalisation of $95m.
Verasity price prediction: Targets for 2022, 2025 and 2030
According to research provided by Insider Intelligence, there will be 29.6 million monthly esports viewers in the United States in 2022, up 11.5% from 26.6 million in 2021.
Additionally, the report noted that although money flows into esports through broadcasting rights, real-time event ticket sales, merchandise sales and in-game transactions. The majority of revenue, almost 69%, comes from sponsorships and advertising.
Will Verasity benefit from the market growth? According to CoinCodex’s short-term price outlook on 12 April, the VRA token got a bearish sentiment with only six technical indicators giving a bullish signal and 24 bearish for the VRA price prediction, based on the technical analysis.
All the daily and weekly simple moving averages (SMA) and daily exponential moving averages (EMA) (except for the SMA 100), along with the volume-weighted moving average (VWMA), gave a ‘sell’ signal.
The average directional index (ADX), Hull moving average (HMA) and stoch RSI gave ‘buy’ signals. The moving average convergence divergence (MACD) and relative strength index (RSI) kept neutral.
According to the short-term Verasity coin price prediction by CoinCodex, the VRA cryptocurrency could reach $0.020318 on 17 April 2022.
Several algorithm-based forecasting tools provided bullish VRA forecast for 2022 and beyond:
- According to Wallet Investor’s Verasity prediction, the VRA token is an ‘awesome’ long-term investment. It estimates that the coin’s average price could reach $0.0333 by the end of 2022 and $0.112 by the end of 2025. Its five-year VRA prediction indicated that the token could reach $0.153 in April 2027.
- The Verasity crypto price prediction from Price Prediction was even more bullish. It suggested that the average price in 2022 could be $0.027, $0.078 in 2025 and $0.55 in 2030.
- In line with other algorithmic tools, the VRA crypto price prediction from Digital Coin also indicated that the token could rise. It estimated that the average price could be $0.0280 in 2022, $0.0313 in 2023, $0.0432 in 2025 and $0.0989 in 2030.
When looking for a VRA coin price prediction, bear in mind that analysts’ and algorithm-based expectations can be wrong. These projections are based on fundamental and technical studies of the VRA token’s past performance. Past performance is no guarantee of future results.
It’s essential to do your research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio, and how comfortable you feel about losing money. You should never trade money that you can afford to lose.
