Verasity eyes $0.03 as VRA burns boost the token value

Verasity, a blockchain platform that supports streaming and online advertising, has seen its native token VRA soar by more than 200% in 2023. The VRA price has reached a new all-time high of $0.00979 on February 28, 2024, thanks to the quarterly token burnings that have reduced the supply and increased the demand. The question that many investors are asking is: Will Verasity reach $0.03 by 2025?

What is Verasity and how does it work?

Verasity is a platform that aims to revolutionize the online video industry by providing a better experience for viewers, creators, and advertisers. Verasity uses blockchain technology to enable transparent and fair rewards, as well as to prevent fraud and manipulation.

Verasity has several features and products, such as:

• Verasity.tv, a video sharing platform that allows users to earn VRA tokens for watching and sharing videos, as well as to tip and donate to their favorite creators.
• VeraWallet, a secure and user-friendly wallet that allows users to store, send, and receive VRA tokens, as well as to stake them and earn interest.
• Proof of View (PoV), a patented technology that verifies and records the views and interactions of the videos, ensuring that they are authentic and organic.
• Verasity Rewarded Video Player, a video player that integrates with any website or app, and allows users to earn VRA tokens for watching ads or sponsored content.
• Verasity GameStore, a gaming platform that allows users to play and compete in various games, and earn VRA tokens for their skills and achievements.

How does the VRA token work and what are the token burnings?

VRA is the native token of the Verasity network, and it is used for various purposes, such as:

• Rewarding the viewers and creators for their engagement and loyalty.
• Paying for the services and fees of the Verasity platform and products.
• Staking and earning interest on the VeraWallet.
• Participating in the governance and decision-making of the Verasity network.

VRA has a total supply of 10.3 billion tokens, of which 3.9 billion are in circulation as of February 28, 2024. Verasity has implemented a quarterly token burning mechanism, which means that every three months, a certain amount of VRA tokens are permanently removed from the supply, based on the revenue generated by the Verasity platform and products. The token burning reduces the inflation and increases the scarcity of the VRA token, which in turn boosts its value and demand.

According to the Verasity website, the platform has burned 1.6 billion VRA tokens since its launch in 2018, representing 15.5% of the total supply. The most recent token burning took place on January 31, 2024, when Verasity burned 200 million VRA tokens, equivalent to $1.8 million at the time. Verasity plans to continue the token burning until the total supply reaches 3.5 billion VRA tokens, which is expected to happen by 2025.

What are the factors influencing the VRA price?

The VRA price has been influenced by several factors, both in terms of fundamentals and technicals. Some of these factors are:

• The development and innovation of the Verasity platform and products, which have improved the usability, functionality, and security of the network. Verasity has been constantly upgrading and enhancing its features and services, such as launching the Verasity GameStore, integrating with Binance Smart Chain, and applying for the PoV patent in multiple countries.
• The adoption and recognition of Verasity as a blockchain platform with promising potential and social impact. Verasity has been attracting more users and developers, especially in the field of online video and gaming, which are huge and growing markets. Verasity has also been gaining the support and endorsement of influential figures and institutions, such as Mark Cuban, who praised Verasity for its innovative approach to online advertising.
• The sentiment and trend of the crypto market, which has been bullish and optimistic in the past few months, driven by factors such as the launch of the Bitcoin spot ETFs, the macroeconomic and geopolitical uncertainties, and the adoption and endorsement of crypto by various entities and individuals. Verasity has benefited from the overall positive momentum of the crypto market, as well as its own unique features and advantages.

What are the challenges and risks facing Verasity?

Despite the strong rally, Verasity is not without challenges and risks. Some of the potential hurdles and threats are:

• The volatility and unpredictability of the VRA price, which can experience significant fluctuations and corrections due to various factors, such as market sentiment, news events, technical issues, and manipulation. VRA is still a highly speculative and risky investment, which requires careful research and analysis before entering.
• The competition and diversification of the crypto market, which can reduce the dominance and relevance of Verasity in the long term. Verasity faces competition from other cryptocurrencies and platforms, especially those that offer similar or better solutions for online video and gaming, such as Theta, Tron, and Enjin. Verasity also faces competition from other emerging technologies, such as central bank digital currencies (CBDCs), which could challenge the role and value of Verasity as a global digital currency.
• The regulation and taxation of the crypto market, which can pose legal and compliance challenges for Verasity investors and users. The crypto market is still subject to varying and evolving rules and regulations across different jurisdictions, which can create uncertainty and complexity for Verasity participants. The crypto market is also subject to taxation and reporting obligations, which can affect the profitability and privacy of Verasity transactions.

What is the outlook and forecast for Verasity?

The outlook and forecast for Verasity are positive and optimistic, as the demand and interest for the cryptocurrency remain high. The Verasity platform and products are expected to continue their development and innovation, as they deliver more features and services to their users and partners. The Verasity community is expected to grow and diversify, as it attracts more users and developers from different regions and sectors. The Verasity market is expected to benefit from the positive spillover effects of the crypto market, as well as its own unique features and advantages.

However, the VRA price is also likely to face some volatility and uncertainty, as the crypto market is still subject to various external and internal factors that can influence the price and performance of the cryptocurrency. The VRA price is also likely to face some competition and diversification, as the crypto market becomes more crowded and complex with new and existing players and projects. The VRA price is also likely to face some regulation and taxation, as the crypto market becomes more mainstream and integrated with the traditional financial system.

Therefore, the VRA price is a dynamic and exciting space, which offers both opportunities and challenges for Verasity investors and enthusiasts. The VRA price is a space that requires constant monitoring and evaluation, as well as careful and informed decision-making.