Nonfungible tokens soar even as Bitcoin price drops close to $32,000

Today the wider cryptocurrency market finds itself looking for something to spark some momentum as Bitcoin (BTC) price dropped to $32,300 and altcoins sustained 2% to 5% losses.

Data from Cointelegraph Markets Pro and TradingView shows that the top three performers over the past 24 hours are Audius (AUDIO), Axie Infinity (AXS) and Small Love Potion (SLP).

Top-performing assets over the last 24-hours. Source: Cointelegraph Markets Pro

The multifaceted use cases and applications of nonfungible tokens continue to be a source of strength for the NFT sector as a whole, primarily because they open the door for different sources of revenue via gameplay, music and art sales.

Audius pulls in new artists and users

According to data from Cointelegraph Markets Pro, the outlook for AUDIO has been climbing for the past few days after new users and popular bands like Wheezer flocked to the decentralized music-sharing and streaming protocol.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on July 9, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AUDIO turned green on July 8 and climbed to a high of 73 on July 9, roughly 32 hours before its price rallied 55% over the next two days.

Users embrace income opportunities on Axie Infinity

Axie Infinity (AXS) has been one of the strongest performing tokens in the month of July as users from economically disadvantaged regions embrace the blockchain-based trading and battling game for the income opportunities it provides.

According to data from Cointelegraph Markets Pro, market conditions for AXS have also been favorable for some time.

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