The XCAD Network (XCAD) token rose 14.06% to US$3.97 on Friday morning. By contrast, the broader market was down 1.59% to US$1.20 trillion at 5:05 am ET.
The token rose on the first anniversary of its launch on Friday. But there may be other reasons for its rise. Recently, it announced a partnership with DeRace, a virtual NFT horse racing universe, to bring more utility to its token by integrating into DeRace and its metaverse.
Additionally, it announced on Twitter that ABN Masr, an Egyptian Youtuber with 1.49 million subscribers, and AML Samir, who has 2.4 million YouTube subscribers, would distribute the XCAD token to their fans besides promoting its plugins. Also, Enes Batur, a Youtuber with 15.6 million subscribers, is one of the top creators using the XCAD token.
Let us understand more about XCAD.
Video: Why is XCAD Network (XCAD) Crypto Rallying?
What is XCAD, and how does it work?
XCAD Network is a content creator tokenization platform that aims to harness the power and value of Content Creator audiences. This watch-to-earn concept platform allows the viewers to earn native creator tokens by watching the content directly on YouTube via its plugin.
With XCAD, Content Creators get additional monetization opportunities, increased loyalty, engagement, and other services such as unlocking their own creator tokens, sale of NFTs, etc.
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On the other hand, viewers or fans can earn, stake, and trade their tokens via XCAD plugins, contribute to the creator’s decision through governance, and track and analyze their creator tokens on XCAD.
According to the official website, the plugin can be added as a Chrome extension. Its ecosystem includes XCAD Plugin, NFT marketplace, Influencer MarketCap, and XCAD DEX.
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XCAD Plugin is to view, stake, earn, and trade creator tokens, and NFT Marketplace is to buy creator NFTs.
Influencer MarketCap is a platform for tracking and analyzing creator tokens, and XCAD DEX is the decentralized exchange for swapping and trading creator tokens and other crypto assets.
One only needs to download the XCAD plugin, watch the favorite Youtuber’s video for at least 80% directly on YouTube and earn creator tokens in rewards. These creator tokens can be used for staking, earning NFTs, swapping, trading, governing creator decisions, purchasing merchandise and other creator services.
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Data Source: coinmarketcap.com
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XCAD token:
XCAD’s current market capitalization is US$96.48 million, with a total of 3,094 holders. Out of a total supply of 199.11 million, 24.31 million XCADs are in circulation.
It can be purchased from crypto exchanges like KuCoin, MEXC, Gate.io, Huobi Global, and BitMart.
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Bottom line:
While the crypto market is going through a rough phase, the XCAD token is gaining traction, which may have been due to the growing interest in watch-to-earn digital assets. The token’s trading volume surged 108.58% to US$11.19 million in the last 24 hours to Friday morning.
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