Algorand (ALGO) trends lower with the rest of the crypto market. Larger cryptocurrencies, like Bitcoin and Ethereum, broke below critical support and seem at risk of future losses unless liquidity comes up at current levels.
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As of press time, Algorand (ALGO) trades at $0.76 with a 3.7% loss in the past 24-hours. On higher timeframes, the cryptocurrency records a 20.5% loss in 30 days and a 35% loss in one year.
ALGO trends to the downside on the 4-hour chart. Source: ALGOUSD Tradingview
Despite the recent bearish price action, the Algorand ecosystem continues to expand. Recently, the network saw the launch of Vest Equity.
Created as an NFT platform, this project runs on Algorand with the objective of providing real estate owners with more power over their assets. The platforms enable users to tokenize a property and “easily” offer a portion on the market.
The platform has the additional objective of letting users benefit from the value of their properties, turning them into tokenized digital assets. At the same time, Vesta Equity:
(…) simultaneously advancing housing affordability, economics, and frictionless investor accessibility to residential real estate.
Vesta Equity offers users access to a native marketplace which removes friction from the process of transacting with real-estate-backed NFTs. The platform has a catalog of properties, price ranges, addresses.
In addition, an owner or potential investors looking to purchase a portion of this Algorand backed NFTs can view the percentage of equity available, of equity listed, and equity sold. Other features of the property are visible, as seen below.
Vesta Equity marketplace. Source: Vesta Equity
Vesta Equity is user-friendly and provides additional data as the property value forecast for up to 30 months, and its home price index (HPI) to estimate the property’s potential value over the coming years, and its expected returns.
Vesta Equity offers future price estimation for a property. Source: Vesta Equity
The Algorand based platform attends to automatize and remove third-party intervention from the real estate sector by leveraging the power of NFTs. Thus, providing users with more access to property investments. Michael Carpentier, CEO, and Co-Founder of Vesta Equity said the following on the project:
Imagine a world where with a few clicks of your mouse you can access the entire accumulated value of the equity in your home without incurring debt or selling and moving. At the other end, investors can participate by purchasing into the future appreciation of the property and build a portfolio of real estate assets like they do with stocks.
Imran Rahaman, COO at Vesta Equity, called the launch of the platform an “innovation” in the home equity sector. In addition, Rahaman believes the project is a new use case align with the ultimate goal of blockchain technology:
we become an example of a company using blockchain for what it was designed: to remove friction from traditional exchange of value systems, and to open up new financial opportunities for people everywhere.
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The Algorand network also revealed improvements to its mainnet with the expansion of smart contract functionalities. Users will now be able to benefit from contract-to-contract calls, and a new component called Falcon Keys designed at advancing the network on its towards “trustless cross-chain interoperability”.