Most of the crypto market has moved in the opposite direction over the past week, after an Ethereum rival low-cap altcoin announced news of a major celebrity collaboration.
While the price of many crypto assets fell this week, the open-source blockchain project DigitalBitswith native token of XDBhas increased by nearly 50 percent over the past seven days.
What is DigitalBits (XDB)?
DigitalBits is a platform that describes itself as a “fast, eco-friendly” and enterprise-grade blockchain created to support new brands and is known as the “blockchain for brands”.
Brands can leverage the DigitalBits network and connect directly to consumer apps. Anyone can launch their digital asset using DigitalBits and link that asset to a regular app that can be found in an app store. Such assets are branded are known as digital assets and can be in the form of digital currency, stablecoin or non-fungible token (NFT). Branded digital assets are designed to support high levels of consumer engagement, market intelligence and overall value that consumers can spend every day.
In late March, the project announced that world-renowned former football star David Beckham would join their team as a global ambassador. During the announcement, Beckham made the following statements:
“I’m always looking for new ways to connect with my fans around the world. The moment I spoke to Al and the DigitalBits team, I knew this was a great opportunity for my fans to create new experiences online. I’ve always been proud to work with the best teams and NFT [non-fungible token] I look forward to working on my collections and other future breakthroughs.”
According to the press release, Beckham plans to “start a series of exciting projects that will showcase the power and potential of DigitalBits blockchain technology.”
This week DigitalBits promoted one of these projects on Twitter. It is thought that this announcement is what drives the price of the altcoin.
Behind the Scenes with #Beckham & #DigitalBits 🎬
An exclusive behind-the-scenes look at the DigitalBits and David Beckham announcement video shoot.
The first of many great projects together.
With many more to come 👀 pic.twitter.com/ZkRpQI9E3I— DigitalBits (XDB) (@DigitalBitsOrg) April 14, 2022
DigitalBits, the 220th-ranked crypto asset by market cap, has lost some of its gains and is trading at $0.37, up 41% weekly.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.