Agriculture — one of the smallest crypto sectors — has outperformed the market in the past 24 hours, gaining 8.28%.
While we’ve only covered three crypto projects in the agriculture space, these projects are already leading the market — flagship project Blocery is up 16.29% at press time.
The industry as a whole has a low market capitalization of just $7.78 million, but the trading volume on February 21 alone was over $4.3 million.
Blocery uses blockchain technology to record immutable and reliable data about agricultural production, distribution and sales history. The goal is to create trust and transparency in transactions while simplifying the farming process.
The project appears to operate primarily in South Korea, with the Twitter account posting regular updates in Korean. According to a recent Medium post, the company is exploring new territories to find applications for Blocery. For example, they are building a B2B distribution platform to allow agricultural products to reach customers with fewer steps.
Blocery is also improving its Shopbly consumer app, with recent updates focusing on speed optimizations, usability upgrades and features to support marketing needs.
However, the team apologized for a recent incident in which inappropriate ads were briefly posted due to alleged mismanagement of admin accounts. Appropriate measures have been taken to prevent similar incidents from happening.
Farm tokens are fading
Other tracking projects in the space are Carbon Coin and Herbalist Token — both of which have low market caps.
Carbon Coin is run by the Carboncoin Trust, a charity that aims to fight climate change by supporting biodiversity, renewable energy, reducing waste and avoiding supporting technologies that cause planet warming. Payments in Carbon Coin are the ideal goal, with 90% of protocol transaction fees going to environmental charities.
The Herbalist Token project launched a blockchain-integrated marketplace in 2019 to connect rare herb growers directly with customers, eliminating middlemen and reducing costs. The goal is to make rare herbs more accessible to consumers and increase profits for growers.
However, neither Carbon Coin nor Herablist Token have made any posts on their Twitter accounts since 2019 — suggesting that the projects may no longer be under active development.
However, the lack of activity hasn’t stopped the two items from posting a 12% increase over the past seven days. No official announcement has been made to confirm the status of the project, but Carbon Coin and Herbalist tokens are available on YoBit and ProBit respectively.
The use of blockchain technology in supply chain-centric industries is a well-documented use case. However, agricultural adoption appears to have slowed down, and the future of some crypto projects in the space is rather bleak.
- Metaverse, AI, and liquidity staking tokens rank among the top 125 YTD returns
- Blur’s token airdrop drives up gas prices and massive ETH burns
According to Cryptoslate