What is Chronoly (CRNO)? Luxury watch NFTs

What is Chronoly (CRNO)? Luxury watch NFTs

Chronoly (CRNO) is emerging as the rising star among utility tokens in 2022. Since its presale launched in early May, the price of the token has skyrocketed by 560% amid the slumping crypto markets. CRNO is backed by real physical luxury watches such as the iconic Rolex and Patek Philippe.

Here we take a look at what is Chronoly, the project’s unique selling point and the latest Chronoly coin price prediction.

What is Chronoly?

Chronoly (CRNO) is a marketplace that allows traders to own a portion of investment-grade collectable watches from renowned brands, such as Rolex, Patek Phillippe, Richard Mille and many more.

In the project’s whitepaper, the founder claimed it as the world’s first fractional watch investment platform. Investors can own these exclusive watches by buying non-fungible tokens (NFT) or cryptocurrency.

Investors can buy and sell fractional NFT luxury watches, just like trading shares in a stock. Each NFT watch sold on the Chronoly platform is backed by a real physical watch stored in one of its secure depository vaults around the world.

Investors can also redeem the physical watch used to back the Chronoly (CRNO) value. They can also borrow against their watch NFT and verify the authenticity of the physical watches using a decentralised ledger on the Ethereum (ETH) blockchain.

The watch market indeed has eye-watering potential profit with a value of $49bn, according to the project’s whitepaper. The secondary watch market is valued at $18bn dollars and is expected to grow by up to 3% in 2025, while the pre-owned watch market is expected to reach $29-$32bn by 2025.

For illustration, Rolex’s solid yellow gold green dial John Mayer Daytona has a manufacturer’s suggested retail price (MSRP) of $37,550 and has been seen listed as high as $85,500 on online marketplaces, making it the top list of best Rolex investment watch 2022, according to luxury watches analysis firm Wristadvisor.com.

The project, however, did not disclose the owner of Chronoly ,which is something that potential investors could be cautious about.

How does Chronoly work?

As Chronoly is not officially launched yet, it raises questions about what is Chronoly coin used for?

The project is developing its marketplace platform which allows investors to trade fractional NFTs, like trading shares in the stock market. The platform will be able to support several chains throughout the second stage of the project’s development.

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The trading platform has functions similar to those of more established exchanges. Investors can, for instance, set up price alerts, stop-losses and limit orders, as well as track historical and price data.

“The platform enables users to borrow against their holdings and has decentralised functionality enabling users to store the NFTs on their Chronoly wallet or on any third-party ERC-20 compatible wallet,” it added.

Users can burn their watch NFTs and have the physical item transported to more than 120 countries through the logistics partners’ shipping service if they obtain 100% of the watch NFT fractions.

The project also offers an exclusive membership for users that own a special NFT to be released in the phase 2 of its roadmap. The NFT collection is limited to a total supply of 7,777, which can be minted by its community.

“The club members will offer a dedicated watch concierge service, giving members access to exclusive NFT watch drops, watch networking events, exclusive watch parties and more,” it said.

Chronoly’s roadmap

Chronoly cryptocurrency roadmap has four phases. The first phase consists of all preparations for the creation and presale official launch of the token, including launching a website and custom dashboard for presale, creating social communities and PR publication as well as audits.

Official sale at UniSwap and Pancake Swap Bridge; listing at CoinGecko and CMC and the second smart contract audit are among steps in the second phase.

The project aims to launch CRNO token on a top 10 centralised exchanges (CEX) in the third phase, along with the launch of NFT Marketplace, private members club and global marketing push.

In the fourth and final phase, the project has several key plans, including the development of Chronoly oracle, Metaverse incorporation via Chronoverse and the launch of its first NFT holder only network event.

The project has almost completed the first phase with the second presale is scheduled to wrap up on 27 July. It does not disclose a detailed schedule for the next phases.

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Uncertain cryptocurrency market

The Chronoly project emerges in a difficult time for cryptocurrencies. After a bumper 2021, the 2022 cryptocurrency bear market appeared amid tightening monetary policyrecession fears and risk-off sentiment shift.

Plus, the depeg of Terra Luna’s former algorithmic stablecoin and the following crash of LUNC in May 2022 have reinforced the gloomy outlook for crypto, sending the veterans such as BTC and ETH to slump.

Chronoly price prediction: Analyst views and outlook

CRNO token is currently priced at $0.066 in its second phase presale which will end on 27 July, according to its website.

According to the project, the price has jumped 560% from its initial tag of $0.01 during the maiden presale launched in early May. It has sold 51.76m CRNO tokens, but it is still a long way to go from a target of 175m tokens in Phase 2.

The surge in CRNO token price has taken the crypto market by storm with many industry experts predicting that Chronoly (CRNO) could prove to be the ‘Next Big Thing’ in the crypto markets, Beincrypto wrote on 13 July.

Anndy Lian, intergovernmental blockchain advisor and the author of Blockchain Revolution 2030, said it is too early to give the direction of CRNO price prediction given the current cryptocurrency bear market.

“I think the price is only reasonable if we know the details on how they run the project. As of now, if this is purely a membership based project, I think this price is still ok. If this is a securitized project, token backed by real watches, then this is relatively low,” Lian said.
“If anyone is keen to look at this token, I would suggest monitoring its trading volume and movements from key wallets when traded.”

For the outlook on Chronoly cryptocurrency, Lian suggested rather than waiting for more users or for the value of the watches to increase, the project needs to find additional revenue streams.

“I think their potential will be fully optimised when they manage to have the bigger watch brand owners invest in them. This is one of the many ways they can up their game,” he added.

He also warned that liquidity would be another point to watch because each NFT watch is backed by a physical version whose whereabouts one cannot verify.

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“The watch backing can also be misleading as some investors may see that this is a security token. Either way, if they go bust, the project will still have to liquidate the watches to pay back. Just make sure you know who their CEO is and where their entity is registered,” Lian added.

When considering a Chronoly coin price prediction, keep in mind that cryptocurrency markets remain volatile, making it difficult to give short-term or long-term price estimates. As such, analyst forecasts can be wrong.

If you are considering trading cryptocurrency tokens, we recommend always conducting your own research. Look at the latest market trends, news, technical and fundamental analysis, and analyst commentary before trading. Keep in mind that past performance is no guarantee of future returns. And never trade money that you cannot afford to lose.

 

Original Source: https://capital.com/what-is-chronoly-crno-token-and-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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