After Rising 9,266% in One Month, Delphi Digital Says This Crypto Asset Could Play Role in $134 Billion Industry

Delphi Digital, a research firm that provides institutional-grade analysis on the digital asset market, believes the curiously-named crypto platform Shroom.Finance (SHROOM) has significant potential.

Shroom is a decentralized finance (DeFi) protocol designed to allow video gamers to exchange custom and unique assets by leveraging NFT (non-fungible token) standards. NFTs are one-of-a-kind tokens representing ownership in a particular asset such as digital art, in-game items, and collectible items such as virtual pets.

Delphi Digital head of gaming, Piers Kicks, believes the crypto asset is one to watch. He says Shroom’s high-level concept is compelling, and notes the project could become a useful tool for developers in the $134 billion gaming industry. However, he points out that the project is still in its early stages, and investors should be careful.

“The platform could ultimately become a useful tool for developers to bootstrap their in-game economies…

There have been no official audits of the contracts used thus far. The initial farming period has concluded, and all seems to have gone to plan.”

Along with many DeFi tokens, Shroom has been an extremely volatile asset in its short history. The coin launched on September 3rd and surged from a low of $0.003 to an all-time high of $0.281 on September 30th, according to CoinGecko. This represents a massive 9,266% increase. But in the last 24 hours, Shroom has seen a big pullback and is now $0.193 at time of publishing.

Delphi recently made a big investment in NFTs. Andrew Steinwold, founder of Zima Red podcast and newsletter, which focuses on NFTs, virtual worlds, and blockchain games, was the first to reveal that Delphi’s team has invested over $150,000 in four Axie Infinity NFTs.

“Happy to see other funds allocating directly to NFTs. I think things are about to get really interesting.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IM_VISUALS

The post After Rising 9,266% in One Month, Delphi Digital Says This Crypto Asset Could Play Role in $134 Billion Industry appeared first on The Daily Hodl.