Among numerous crypto coins launched in the past few years, ORI Coin is a special one on the list. However, some investors may not be familiar with this coin and its cause. It is essential to learn about the currency’s background and development in the past years before considering diversifying your portfolio with it.
Understanding the Currency and Its Platform
It is quite difficult to find background information on Orica and its cryptocurrency due to its similarity with Ori, a Boston-based company founded by Hasier Larrea. Different from Ori, which focuses on housing, Orica is a platform that dabbles in NFTs. It has dubbed itself as an “ethical NFT platform.”
Orica has the main objective of providing a funding platform for various social change initiatives. It also wants to empower artists all around the globe by creating an eco-friendly and affordable space where they can mint and sell NFT real project products. Investors are also given space to participate in social changes by purchasing original artworks.
The platform went public in 2018, providing space for artists to sell their arts as NFTs. In 2021, it launched a cryptocurrency system to further enrich the platform. Unlike other cryptocurrencies, users do not need to have an in-depth knowledge of blockchain and its economic system to participate in the marketplace.
So far, Orica has hosted several events to introduce its cause to the public. First, it partners with a Ugandan NGO Bbanga Project, to provide quality education for children. In November 2021, the platform worked together with Mellowmann to create an NFT auction that was sold out.
According to analysts, there are several things that the ecosystem might excel compared to competitors:
- - Quintessential value.
- - High security, accessibility, and platform performance.
- - Eco-friendly and scalable minting and transferring.
- - Good smart contracts and verification of artworks.
Value of ORI Coin
Compared to other cryptocurrencies, the maximum supply for this coin is relatively small, which is 100 million ORI (the company reported 83,999,900 ORI of maximum supply). With the current situation, the market cap for this cryptocurrency is around US$ 181,201. This amount is calculated when a coin is worth US$ 0.002155
There is no data about how many coins are circulating in the open today. However, the company has shared information about how they will be distributed:
- - 10% for advisors and partners
- - 5% during an initial NFT offering
- - 15% during the presale
- - 5% during seed sale
- - 15% for the team
- - 50% in the NFT marketplace
The platform distributes its coins in stages to stabilize the market. It also works according to a deflationary mechanism. This means that the total supply for this coin will reduce over time due to token burns and buybacks.
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How to Add the Currency to My Portfolio?
If you want to diversify your portfolio with ORI coin, there are some ways to get a hold of it. Artists can easily sell the arts through the platform. If someone is interested in your products, then you can sell them in exchange for the coin. The minting fee is relatively low in Orica, and you only need to pay after the artworks are sold.
The second method is by purchasing the coin in an exchange market. This coin is listed in Quickswap. If you are getting this coin from Quickswap, you can make the purchase using any ERC 20 token, which makes the transaction more convenient. Unfortunately, you cannot purchase it with traditional currencies like the dollar.
By buying the coin, you will be able to:
- Join Initial NFT Offerings (INOs) at Orica.
- Purchase any NFT products available in the marketplace.
- Participate in voting and nft community competitions.
- Get benefits from upcoming on-parcel staking.
- See the deployment of Orica’s planned Play To Earn games.
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Market Situation of ORI Coin
When the coin was first launched to the public, its starting price was US$ 0.1. Just like any other cryptocurrency that sees value increase after release, the price is then raised to US$ 3. It did not take long for the price to reach its all-time high after that (US$ 3.0316). Orica has a hard time trying to maintain that valuation. Only a few months after its release, the price dropped to US$ 0.05. It means that the price became half of its initial coin offering and dropped even more significantly compared to its all-time high value.
The bear market for this coin started in August 2021, within days after release. The price continued to drop and had not shown any significant increase in the past months. However, starting in September 2021, the drop has become less steep, unlike some major cryptocurrencies in the world.
This bear market trend is not only happening to ORI coin. It is a trend that also happens to well-established crypto products like Bitcoin and even stablecoins. According to analysts, it does not happen due to internal issues in the crypto market itself but instead from external issues.
High rate inflation has pushed investors away from placing their money in assets with a high risk like cryptocurrency. They will be likely to keep their money or place it somewhere safe until the inflation period has passed. However, this might be difficult as we do not know when this situation will end.
Should I Make an Investment?
If you are an investor, you might be wondering whether to include this coin in your portfolio. There are some small issues with Orica’s native coin because it is a recent product, namely lack of users. It needs more people to support its ecosystem.
Additionally, there are very few popular collections in the marketplace, and lack of exposure to them for now. It makes trading within the platform not head into the volume expected.
However, some experts still place high hope for the future of this NFT marketplace. It has a vision for a crypto market that is ethical and promotes charitable causes all around the globe. Orica also applies an eco-friendly system which is necessary as everyone is affected by the environmental crisis.
It depends on whether you are making an investment in ORI coin. From an economical standpoint, it might not seem promising. However, maybe its intrinsic value can lead to a reversal in its market.