Gaming NFT Marketplace Altcoin Surges More Than 35% in 24 Hours, Defying Crypto Market Doldrums

The native altcoin for a gaming-focused non-fungible token (NFT) marketplace surged more than 35% in a 24-hour period this week, defying the overall crypto market doldrums.

Prom (PROM) bills itself as a “decentralized, confidential, and safe” ecosystem for exchanging and renting NFTs.

The project’s native token, PROM, is up 36.3% in the past 24 hours and is trading at $7.65 at time of writing.

It’s not immediately clear what drove the token’s price surge. The asset’s gains did materialize a few hours after Prom advertised a new game listing. The project now supports Poglin, a fantasy-world, blockchain-based battling game.

New Game Alert on Prom: @Poglin_Official ??

Discover a universe where lore, anime, and games converge. Unveil the mysteries of Haven’s tribes, and brace for a saga of prophecy and power.

Dive into a new multimedia adventure!

Explore Poglin’s world ? https://t.co/EXFkXsMD7Y pic.twitter.com/tZ2L5tbSHt

— Prom (@prom_io) January 24, 2024

By comparison, the overall crypto market cap increased by only 0.2% in the past 24 hours and is down nearly 5% in the past week, according to CoinGecko.

Last month, Prom announced a strategic partnership with the web3 investment firm DWF Labs.

Explained the project,

“A key aspect of our collaboration is the mutual exchange of expertise: leveraging Prom’s innovative approach in the gaming sector with DWF Labs’ strategic insights into digital assets. This synergy of knowledge and skills is poised to drive innovation and establish new standards in the Web3 gaming space.”

Despite its recent price gains, PROM remains nearly 93% down from its all-time high of $106, which it hit in April 2021.

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Generated Image: Midjourney