Dotmoovs (MOOV) is a cryptocurrency designed to take sports into the metaverse.
To explain, dotmooves provides an app that allows users to participate in metaverse sport competitions. The app allows players to compete with participants all over the world. The hope is amateur athletes will pay to compete.
To elaborate, users record video of themselves playing games such as Freestyle Football (soccer to Americans) with smartphone cameras. Dotmoovs’ proprietary artificial intelligence system (AI) will judge the contests. The AI system comprises an arbitration engine that detects body movements and a scoring algorithm that measures a player’s skill.
Dotmoovs users will participate in peer-to-peer (P2P) challenges. Every dotmoovs challenge will generate a 5% reward it will distribute to stakers.
I think they will reward players with nonfungible token (NFT) collectibles and the dotmoovs (MOOV) cryptocurrency. They try to ensure the honesty of the challenges with AI-driven video referees and fraud detection. They also hold Legendary Challenges.
The MOOV Token
All dotmoovs transactions are in the MOOV token. Dotmoovs (MOOV) serves as a utility token.
Dotmoovs will try to encourage exercise and sport by rewarding players with MOOV tokens and NFT collectibles. There will be dotmoovs tournaments and leagues.
They will encourage dotmoovs use by not charging a fiat currency fee for access. The hope here is to encourage widespread access and a “level-playing field.”
There will be a Total Circulating Supply of one billion MOOV tokens. They will distribute 32% MOOV tokens in private and public funding rounds. Another 24% of the tokens go into a liquidity fund to create a secondary market for MOOV. They will use 10% of the MOOV as a foundational reserve to finance future operations and growth. Plus, they will use 10% of the MOOV to reward the founders and the dotmoovs team.
MOOV tokens will be available on the Uniswap, Pancakeswap, Bitglobal, MEXC, and GATEIO exchanges.
The dotmoovs Ecosystem
Interestingly, dotmoovs (MOOV) users can rent or buy NFTs on the NFT marketplace. Users will also be able to mint NFTs in the dotmoovs marketplace.
They launched dotmoovs in the fourth quarter of 2021. Dotmoovs launched branded tournaments and a New Sports NFT Collection in the first quarter of 2022. They plan to launch branded fan hubs and the dotmoovs Marketplace in the second quarter of 2022. The dotmoovs Marketplace was live on 24 April 2022.
What is dotmoovs?
Dotmoovs (MOOV) is one of several cryptocurrencies trying to cash in on a strategy they call Move-to-Earn (Move2Earn).
In Move-to-Earn, a platform or app rewards people who exercise with cryptocurrency. They explain dotmoovs as “dot” as in a project that focuses on digital and on technology with its AI platform; and “moovs” as in a project that makes you move, focused on people’s passion for sports and healthy competition.”
They claim dotmoovs (MOOV) is one of the top-performing metaverse cryptocurrencies. However, dotmoovs had only two sports available on 24 April 2022. Those sports were Freestyle Football and Dance. Obviously, many people will claim dance is not a sport. They claim more sports are coming soon.
What Value does dotmoovs (MOOV) have?
Mr. Market has some interest in dotmoovs. For instance, dotmoovs (MOOV) was CoinMarketCap’s sixth most-trending cryptocurrency on 24 April 2022.
In contrast, CoinMarketCap named Dotmoovs the 655th largest cryptocurrency on 25 April 2022. CoinMarketCap gave dotmoovs a 6.185₵ Coin Price, a $31.46 million Market Cap, a $64.229 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $31.721 million. They base numbers on a Circulating Supply 496 million MOOV, a Total Supply of one billion MOOV and a Maximum Supply of one billion MOOV.
Conversely, Coinbase gave dotmoovs a Coin Price of 6.29₵, a Market Cap of $30.9 million, and a 24-Hour Market Cap of $31.6 million on 25 April 2022. They base numbers on a Circulating Supply of 496 million MOOV. Coinbase gives MOOV an all-time high Coin Price of 10₵.
Can dotmoovs make money from Athletics?
I think dotmoovs (MOOV) could make money because people spend enormous amounts of money on sports apparel.
For example, Statista estimates global sports apparel market revenue at $201.97 million in 2022. Sports apparel market revenue could grow to $211.66 million in 2023, $221.82 million in 2024, $232.47 million in 2025, $243.63 million in 2036, $255.32 million in 2027, and $267.58 million in 2028.
Hence, people are willing to spend a fortune on athletic apparel. Many people also spend a fortune on sports betting. For example, resident of one US state, New York, spent $1.6 billion on mobile sports betting in one month, January 2022, the New York State Gambling Commission claims.
If dotmoovs competitions become popular, they could be enormous moneymakers. However, I advise speculators to stay away from dotmoovs until they prove the Metaverse Sports Contests can make money.
Originally published at https://marketmadhouse.com on April 25, 2022.
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