FuzeX (FXT) - Not every good project burns out

A good idea, a 40-person team of specialists with well-known names at the forefront and cooperation with the largest companies - it turns out that you can have "everything", and the cryptocurrency will not burn out. In 2018 FuzeX he was going to be the star of the stage blockchainand now it would have to increase by 9% if its purchase from three years ago would even pay off.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for FuzeX - one of the biggest misfires in the history of cryptocurrencies.

Big plans, interesting project, famous names

We usually describe cryptocurrencies that are conquering the blockchain world or even breaking into the wider consciousness. Some were lucky because they were created first, others opted for innovative technology or their creators had a good idea for services that had not been provided by anyone before. However, there were also those that looked great, investors were already counting future profits, and everything fell apart faster than a house of cards. Such an example is the FuzeX token, which hit almost the very bottom from the sky. How did this happen?

Idea for FuzeX (FXT)

FuzeX made its debut on the cryptocurrency market on May 10, 2018. And it was a phenomenal debut. The capitalization reached USD 100 millioneverything looked great. The FuzeX platform was ambitious production plans for smart cards based on the EMV chip. They were to be used for payments with the largest cryptocurrencies, such as Ethereum, BitcoinCash, Dash and of course the FXT token, as well as fiat currencies. It was supposed to help in settlements with online stores and other online payments.

The creators were also not anonymous. The 40-strong team comprised of developers, marketers, and businessmen led by Michael Park, Andrew Bae, and Daniel Kim. Famous influencers: Charlie Shrem, Dr. Moe Levin, and even the CEO were involved in promoting the project Bitcoin.com - Roger Ver.

The card was to simplify life and combine up to 15 debit, credit and even loyalty cards used so far with a simultaneous connection of 15 cryptocurrency wallets. For this application for smartphones. The only downside was the battery that had to be recharged every 30 days. The card was supposed to have a small screen for entering the PIN code, which activated the conversion of cryptocurrencies into the currency in which we were to pay. The next part of the payment was to be made contactless. 

Card only for FuzeX tokens

After the cryptocurrency debut, it turned out that other barriers appeared. The card could only be purchased with FXT tokenswhich is understandable, because it is a normal practice, aimed at, inter alia, increasing project capitalization, but its cost oscillated around $ 200. There were not too many people willing, especially as competitive and much cheaper projects appeared quickly, which, by the way, still work today. 

It didn't help that you had better conversion rates when paying with FXT than with other cryptocurrencies. The loyalty program for those using the new cryptocurrency did not help either. 

There were also attempts to save the project by signing a contract with BitcoinCash, then Dash. On the Cobinhood exchange, you could buy FXT commission-free, but it didn't do much. Prolonged implementation meant that in 2019 FXT  lost 84% per annum, also setting a six-month record of six-month traffic. For half a year it became cheaper by 87%. The price fell from $ 0,0035 on July 8, 2019 to $ 0,00043 on December 29, 2019. Last year saw a rebound by 74,65%, but this does not change much.

Cryptocurrency Quote FuzeX (FXT)

Currently, the FXT token can be traded on three Cryptocurrency exchanges. As of April 27, 2021 it is valued at $ 0,001026. There are 915 units in circulation, which translates into a capitalization of less than USD 627 million. The peak of trading was May 153, 1, when each FXT was paid $ 15.