MONA is a Web 3.0 fashion platform token – Photo: my.ordinarty / Shutterstock.com

Non-fungible tokens (NFTs) have grown in popularity in 2021 thanks to increased participation by collectors and art enthusiasts. As a result, several Web3 platforms have emerged with various business models to ride the Web3 wave.

DIGITALAX is one such project that has gained popularity in 2021. It claims to be the first digital-only fashion auction exchange platform and an open-source digital fashion toolkit. Its native governance token is Monavale (MONA).

The Monavale token has risen to prominence and hit a lifetime high of $5,980 on November 16, 2021. As of October 2, MONA was trading at $616, down nearly 90% from its peak, according to CoinMarketCap.

How does DIGITALAX work and what function does the MONA coin play in its ecosystem? Will the project be able to find its place in the emerging dynamics of Web 3? Find out in our Monavale analysis.

What are Monavale and DIGITALAX?

DIGITALAX is the world’s first exclusive fashion digital platform. Built on the Ethereum (ETH) blockchain, intends to bring innovation and revolution to the fashion, gaming, esports and virtual reality (VR) sectors.

Emma-Jane MacKinnon-Lee, a former Australian aerospace engineering student, developed the protocol. The goal is to establish a Decentralized Autonomous Organization (DAO) to operate DIGITALAX in the future.

What is Monavale? The native ERC-20 token of the DIGITALAX platform is called Monavale (MONA). It is the utility token of the network and participates in the governance of the platform.

Developers use MONA as a prize, acquiring MONA and betting it on their featured games to reward and transfer the token to winning players.

MONA is the transparent activity log that players use to record their gaming results. When participants reach particular MONA thresholds, they can leverage the ecosystem and start earning consistent sustainable value.

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How does DIGITALAX work?

DIGITALAX’s Digital Fashion Operating System (DFOS) allows users to effortlessly deploy 3D fashion wearables on any digital content platform. This implies that fashion items developed on DIGITALAX’s platform can be used for player avatars in games and competitions.

DIGITALAX also allows users to buy and sell these digital fashion clothes as NFTs.

The platform has collaborated with several world famous digital fashion designers, whose special couture is published on DIGITALAX and sold at NFT auctions.

Additionally, the platform aspires to provide new industry standards for digital assets, open digital licensing, digital supply chain automation, and addressing fundamental issues related to NFT liquidity and stability. .

Digitalax’s supply chain architecture encourages new pathways for increased creative supply. Independent designers can sell customizable fractional components of a digital fashion accessory, down to the level of material, pattern and texture.

As a result, artists can open source these elements into digital libraries, where they can be used in master garments by the entire digital fashion artist community.

Advantages and disadvantages of DIGITALAX and Monavale

Let’s take a look at some of the pros and cons of DIGITALAX and Monavale.

Advantages

Here are some advantages associated with DIGITALAX and Monavale:

  • Solid blockchain infrastructure: Since the platform is built on Ethereum, it can provide reliable features and user experience to its users. Smart contracts on Ethereum facilitate the assignment of ownership and regulate the transferability of NFTs. Additionally, Ethereum includes a token standard called ERC-721 which is specifically designed for NFT minting.

  • Global Designer Network (GDN): DIGITALAX includes talented artists from around the world who specialize in 3D clothing and accessories modeling on all platforms.

  • First-mover advantage: DIGITALAX is pursuing a unique route and business concept, and there are currently no rivals. All of these factors could contribute to Monavale’s potential growth.

The inconvenients

Here are some disadvantages associated with DIGITALAX and Monavale:

  • Limited use cases: Cryptocurrency projects such as Cardano (ADA), Avalanche (AVAX) and others have strong use cases and a wide assortment of possibilities. Monavale’s use case is limited to the fashion and NFT markets in general.

  • Poor Price Performance: Since hitting an all-time high in November 2021, MONA’s price development and market sentiment have been bearish, with no substantial trading activity.

  • Lesser-known token: According to CoinMarketCap, Monavale ranks 866, with a market capitalization of $6.5 million, making it a lesser-known cryptocurrency project.

Monavale coin news and price drivers

MONA All Time Price Chart

The MONA coin has passed several important milestones. Here is a look at some of the major news and highlights associated with the token.

Acceptance of MONA on Raribe as a means of payment

In April 2022, Monavale announced that MONA was now accepted as a means of payment on Rarible.com, a leading NFT marketplace. Anyone can trade their NFTs on Rarible with an option to buy the MONA token.

Partnership with HEAT

In April 2022, DIGITALAX partnered with HEAT, a marketplace for motion data, to create the Web3 Fashion Movement Collection Auction, which combined the capabilities of web3, NFTs, fashion, and kinesthetic movement.

This collaboration between HEAT, DIGITALAX and GDN explored how digital fashion can be used to represent movement in virtual spaces.

Additionally, DIGITALAX said it paid 42.5% of its profits to UkraineDAO and 42.5% to GDN designers who were directly affected by the Russian invasion of Ukraine. The HEAT DAO team received the remaining 15% of the award.

Partnership with Polygon

In April 2021, DIGITALAX partnered with Polygon (MATIC) to bring digital fashion into the real world.

Through this collaboration, the partners plan to produce a tangible fashion collection in which each item will also be listed as an NFT. The entire fashion collection is expected to be built on memes closely tied to real-world users.

In addition to their NFT, customers will receive XP points which can be used on the DIGITALAX esports platform to participate in events and earn incentives.

Additionally, users will acquire a common NFT whose value is expected to increase over time for its owner, being dynamic in nature and directly influenced by market data.

“The collection will first be sold as physical coins, each with a corresponding claim ticket for easy-to-use digital inventory (and wallet), followed shortly by a series of NFTs minted on Polygon,” said said a statement from Polygon.

The Digitalax team also announced the imminent launch of a unique multi-token protocol bridge that was created to enable users to efficiently acquire tokens on the Polygon network.

The Bottom Line: Is Monavale Crypto (MONA) Worth It?

Although relatively new, DIGITALAX has been able to push the boundaries of the fashion and digital gaming industries with its innovative ideas.

Additionally, DIGITALAX’s partnership with industry powerhouse Polygon is a way to attract mainstream fashion enthusiasts and expose them to NFTs, cryptocurrencies, and the broader digital metaverse.

However, after hitting an all-time high in November 2021, its price action has been bearish and it is trading around 90% below the high as of October 2.

Cryptocurrency markets are extremely volatile. It is very important to do your own research before trading and investing, observing the latest news, technical and fundamental analysis, and a range of analyst commentary.

Whether Monavale (MONA) is a good investment for you should depend on your investment objectives, risk tolerance and portfolio size.

Remember that past performance does not guarantee future returns. Never trade with funds you cannot afford to lose.

FAQs

Is Monavale crypto a good investment?

DIGITALAX is a digital fashion platform built on the Ethereum blockchain. DIGITALAX intends to bring innovation and revolution to the worlds of fashion, gaming, esports and virtual reality (VR). The price action of Monavile (the native token of the platform) has been bearish in 2022 due to bearish market sentiments.

Whether the MONA token is right for your portfolio depends on your situation and risk tolerance. Consider doing your own research and analysis before making trading decisions. You should never trade or invest money that you cannot afford to lose.

Where can I buy Monavale parts?

Monavale cryptocurrency is not readily available on all cryptocurrency exchanges. Since October 2, the token has been available on the centralized exchange Coinbase (COIN) and the decentralized exchange (DEX) Uniswap (UNI), according to CoinMarketCap.

How much does Monavale cost?

As of October 2, Monavale (MONA) was trading at $616, according to CoinMarketCap.

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