NFT

PLAY Index – The best NFT index coming soon

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We usually review DeFi and NFT products on DeFi.cx after they are officially launched. Today we’re going to make an exception to this rule to prepare you for something we found on Twitter and which will surely be appreciated by everyone: the NFT index called $PLAY. This is a project launched by PieDAO in collaboration with NFTX, two very important names in the DeFi and NFT panorama. Let’s try to understand what it is and why this index is worth investing in from the first day!

The idea behind the PLAY index

The idea of ​​an INDEX NFT was presented by Alexintosh on the PieDAO forum on January 26th, 2021, a few weeks before the NFT explosion. The thread attracted a lot of responses and interest, reaching 5 million positive votes that approved this new proposal (called Pip-56). However, the initial idea has been improved through a new vote that will end today (with already 3 million positive votes). Let’s understand the composition of the PLAY index and why to invest in something so innovative!

The PLAY index is composed as follows:

  1. MANA: 18.53%
  2. ENJ: 18.53%
  3. SAND: 12.28%
  4. UOS: 10.05%
  5. RFOX: 9.06%
  6. AXS: 8.23%
  7. NFTX: 6.40%
  8. RARE: 4.42%
  9. ATRI: 4.31%
  10. GHST: 3.53%
  11. SOCKS: 1.68%
  12. MUST: 1.18%
  13. PUNK-BASIC: 0.90%
  14. MASK: 0.90%

As you can see, the projects with the highest potential and marketcap take up the majority of the INDEX, thus limiting the risks of sudden dumps. In the first place, there is Decentraland, a project that has been active for years and that has shown spectacular performance in recent weeks, reaching a market valuation of 1.2 billion dollars! Then there’s ENJ, another token that has multiplied its value by 35 times in the last year and which has recently surpassed MANA, coming in first place among NFT tokens by marketcap (over 2 billion dollars). In third place we find a beautiful game reviewed a few days ago on DeFi.cx: SAND (The Sandbox). A game identical to Roblox which however is completely decentralized and which could become the future of gaming if the developers continue to do a good job!

The next token in the PLAY index to have at least 10% weight is Ultra’s UOS, a gaming platform with a marketcap close to 350 million dollars. Among the other projects present there is RARI, the governance token of Rarible (one of the most known and used NFT marketplaces in the world), GHST (aavegotchi, the NFT game launched by AAVE, one of the leaders of the DeFi niche), NFTX, partner of PieDAO in the creation of this huge index and project that we have already reviewed in the past, SOCKS and many others. As you can see, for now there are no low-market projects, but obviously this INDEX can also be modified in the future (like all the indices offered by PieDAO). It seems like the rebalance takes place every quarter.

Why buy the $PLAY index

We have recently seen insane NFT sales reaching $69 million per single NFT. Not only! On OpenSea, the main NFT market, the volumes of the last few weeks manage to touch record figures that we have not seen in the whole of 2020. The sector seems to be in strong growth and being exposed to the best projects in circulation can be a winning investment! And instead of registering on 10 different CEXs or paying thousands of dollars in fees on Uniswap, maybe it is better to buy some PLAY tokens in order to be exposed to dozens of NFT projects and diversify! Because as we know, diversification is very important in the investment world!

P.s. This is just one of the many indices launched by PieDAO in recent months. We recall that PieDAO has a governance token called DOUGH. If PieDAO continues to offer such innovative and affordable products, their token will surely explode sooner or later! DOUGH is tradeable on Balancer, Uniswap and others!

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