Muse price prediction: What is Muse?

Will the Muse token continue to inspire?

MUSE                                 
Can Muse continue its revival? - Credit: NFT20.io
                                

Contents

The Muse token helps power a system that does something different with non-fungible tokens (NFTs). But what is Muse? Let’s see what we can find out, and also take a look at the Muse price prediction.

Muse explained

NFTs have been one of the more hotly discussed parts of the world of cryptocurrency over the last year or so. These pieces of digital art – or rather, the rights to the links to them – enjoyed a boom period in the second half of 2021 and, while things have cooled down rather in 2022, they are still a key talking point in cryptocurrency.

That said, there is one key thing about NFTs. While they can be bought, sold, and traded, they can only be bought, sold, and traded in specific NFT marketplaces. What you can’t, normally, do with an NFT is to buy, sell, or trade it on a regular cryptocurrency exchange. Neither a centralised exchange nor decentralised ones (DEX) can help you with your desire to deal with NFTs.

There is, however, one potential solution, and it comes in the form of the NFT20 protocol. This platform, to put it simply, allows people to turn their NFTs into more conventional, more fungible tokens, to buy, sell, or exchange them on exchanges and then convert them back into NFTs. This, it is hoped, will allow people who otherwise would not have been involved in NFT trading to take part in that particular activity. 

Now, NFT20 aims to, at least initially, make NFTs accessible via decentralised exchanges. It serves as a DEX itself, and, as its litepaper states: “Anyone can add their NFT to the appropriate pool and receive ERC20 token derivatives representing that NFT project that can be traded on dexes right away. By creating a secondary market of ERC20 derivatives of NFTs, NFT20 hopes to address the liquidity problem in the NFT space. 

“Addressing this problem allows for arbitrage opportunities, allows investors to gain price exposure to NFT projects without identifying and buying individual NFTs, and allows for fairer price setting and easier trading of NFTs by collectors and newcomers alike.”

In other words, people can swap tokens signifying their NFTs in a DEX, thus making things more accessible and, it is hoped, more affordable. 

The system is backed by decentralised autonomous organisation (DAO) called Muse Dao, and it has its own native token called MUSE. As the lightpaper says: “Muse stakers will also receive an equal portion of all the fees collected by the DEX. Whenever there is an NFT to NFT swap on NFT20, the fees will be sold for ETH to buy $MUSE and sent to stakers. The fee selling is rotated from pool to pool depending on liquidity and amount of fees held by the protocol. Only 10% of the fees owned by the protocol will be sold in a single transaction to prevent excessive selling before the market can react and rebalance price floors.”

A couple of things to mention. First, the founders of NFT20 give their names as Adam, who is described as a serial indie maker, and Jules, who co-founded DAppBoard, a Google Analytics platform for smart contracts. They were backed by a Carlos Veloso, about whom nothing is mentioned, nor do any Google searches reveal any relevant information. The other point is that, since MUSE is based on the Ethereum blockchain, it is a token, rather than a coin. You will, however, hear references to the Muse coin. Don’t worry if you do, they are talking about the same thing.

Muse price history

Now we should examine the MUSE price history. While past performance should never be taken as an indicator of future results, knowing what the MUSE token has done in the past means that we can get some important context when comes to either making or interpreting a Muse price prediction.

When the token first came onto the open market in late November 2020, it was worth about $1.90 or so. Like many new cryptos, though, it soon fell down to below $1, and did not return to that level until January 2021. By then, however, the cryptocurrency market was experiencing a real boom time, and MUSE was one of many cryptos that was able to surf the wave of serious crypto growth. The highlight for the token came on 14 March, when it traded at its all-time high, $125.90. This meant that it had grown by more than 12,000% in the space of around two months. 

Following the high, there were always going to be lows – and the price declined to below $30 by the middle of May when disaster struck. The Great Crypto Day Crash of 19 May saw the market take a hit, and MUSE spent the summer in the doldrums, with a low coming on 22 June, when it dropped to $10.83.

After the lows, though, came a recovery and, on 6 August, with the crypto market boosted by a growing interest in NFTs,  MUSE was trading at a periodic high of $65.77. There was some decline after that and, by the end of the month it was down to $25.80. The bear phase continued throughout September and it bottomed out at a low of $13.21 on 13 October.

There were some recoveries, with MUSE demonstrating peaks and troughs in November, hitting a high of $28.66 on 10 November as the market blossomed in response to Bitcoin hitting new highs, before it fell down to trade at around $22 with another surge seeing it hit a flukish $103.09 on 16 November, before another drop, this time to around $15, and another rise to $35.40 on 29 November before it closed the month at $26.91. By now, the market was contracted due to worries about the Omicron variant of Covid-19, and MUSE closed 2021 at $19.13.

Muse price history
Muse price history - Credit: Currency.com

It looked like 2022 was going to be MUSE’s year when it reached a high of $53.86 on 6 January 2022 and spent much of the first two or three weeks of the year above $40, but time saw the token come down and it closed the month at $26.37.

In February, MUSE continued a downturn which reached a nadir of $14.13 on 15 March. After that, though, things started to improve and it reached a periodic high of $29.71 on 28 March. There was time for another decline and, by the end of April, it was worth $10.10. Any hopes investors might have had that the token could turn things around to where it had been were shattered in May. The depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency meant that MUSE fell to a low of $3.83 on 12 May.

There was a recovery after that, but things fell back down again later on in the month, when it slipped to a low of $3 on 28 May. In early June, it went on a mini revival, scoring $7.91 on 9 June and, although it fell back down to $2.22 on 18 June, it then swung back up and, by the afternoon of 23 June 2022 it was worth about $6.35. At that time, there were 508,544 MUSE in circulation, representing the total supply. This gave it a market cap of just more than $3.2m, making it the 1,036th largest crypto by that metric at the time. 

Muse price prediction

With all that said and done, it is now time to look at the Muse price prediction. It is important to remember that price forecasts, especially for a commodity as volatile as cryptocurrency, are very often wrong. Additionally, we need to point out that longer term crypto price predictions are often made using an algorithm, which can change at any time. 

First, UpToBrain is spectacularly bullish when it comes to its Muse coin price prediction. The site says that it should reach $50.42 at some point this year before it goes on to $61.78 in 2023 and $69.79 in 2024. The site makes a rather optimistic Muse price prediction for 2025 that sees it trade at $85.97. 

Next, PricePrediction thinks things will go down, but then the Muse crypto price prediction will see consistent upward movement. It says that MUSE will trade down at $5.27 in 2022 before reaching $7.51 next year and $10.81 the year after that. In 2025, the token should be worth $15.11, before hitting $22.16 the following year, $32.83 in 2027 and $45.88 in 2028. It should close the decade at $66.66 before there is a Muse price prediction for 2030 of $101.66, and the Muse price should stand at about $142.08 in 2031.

Meanwhile, Gov Capital has a Muse price prediction for 2022 that sees it close the year at about $9.76. By 23 June 2023, it should be worth about $21.63, while a year from then it should be worth just under $46.36 and on the same date in 2025 MUSE should be worth $75.35. On 23 June 2026, the price is forecast to be worth about $106.07 and on the same date in 2027, it is predicted to be a little under $141.64.

Finally, WalletInvestor says that MUSE should go up to $7.97 in June 2023, while it should continue to grow to hit about $27.72 in five years time.  

Final points

Before we finish, some final points. First, the coin’s founders either do not reveal their full names or, potentially in the case of Carlos Veloso, they use pseudonyms. While this does not necessarily mean anything bad – after all, Satoshi Nakamoto, the founder of Bitcoin, is also a pseudonym – it is the sort of thing that might put off investors who want to know everything about the people behind the project they are putting their money into.

Second, while NFT20 and, by extension, MUSE, do something pretty unique and interesting, the fact remains that the idea of turning an NFT into a regular, Ethereum-based, token is a niche activity. It may well be that people might think that, if one wishes to trade in NFTs, there is no reason not to find an NFT marketplace.

This brings us to our third point. Decentralised exchanges can be pretty complex and confusing places, and are maybe not best suited to beginners, which ties back into the point of this all being a niche activity. We wonder what, if anything, is in the pipeline to make NFT20 and MUSE more accessible to more people and, potentially, boost the price of MUSE. As ever with cryptocurrency, we will have to wait and see what will happen next.

FAQs

On 23 June 2022, there were 508,544 MUSE in circulation, representing the total supply.

It can be argued, at least by proponents of buying during dips, that now might be a good time to invest in MUSE. That said, some caution is needed. We have seen the price of MUSE go down quite a bit over the last 12 months. Remember, cryptocurrencies can be highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.

Supporters of buying during the dip might well tell you that cryptos like MUSE, which has lost value over the last 12 months, are worth looking into. On the other hand, it has been in a bearish place for some time now. Regardless, you will need to remember that cryptocurrencies can be highly volatile – their prices can go down just as easily as they can go up. It's down to you to do your own research and, remember, never invest more money than you can afford to lose.

You will have to answer this question for yourself but, before you do so, you should do your own research, remember prices can go down as well as up, and never invest money than you cannot afford to lose. 

Further reading

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