Agriculture — one of the smallest crypto sectors — has outperformed the market over the past 24 hours with gains of 8.28%, according to CryptoSlate data.
While CryptoSlate only tracks three crypto projects within the agriculture industry, the projects led the market — with the leading project Blocery rising 16.29% as of press time.
The whole sector has a low market cap of just $7.78 million, yet there was over $4.3 million in volume on Feb. 21 alone.
Blocery
Blocery utilizes blockchain technology to record immutable and trustworthy data on agricultural products’ production, distribution, and sales history. The goal is to enable transaction trust and transparency while streamlining agricultural processes.
The project appears to be mainly active in Korea, with its Twitter account posting regular updates in Korean. The company is exploring new areas to find applications for Blocery, according to a recent Medium post. For example, it is building a B2B distribution platform to allow farm produce to reach customers in fewer steps.
Blocery is also improving its consumer app Shopbly, with recent updates focused on speed optimizations, usability upgrades, and features to support marketing needs.
However, the team apologized for a recent incident where an inappropriate ad was briefly posted due to alleged mismanagement of an admin account. Appropriate action has been taken to prevent similar occurrences.
Agriculture tokens fading
The other tracked projects in the sector are Carbon Coin and Herbalist Token — both with low market caps.
Carbon Coin is run by the Carboncoin Trust, which is a charitable organization that aims to combat climate change by supporting biodiversity, regeneration, reducing waste, and avoiding supporting technologies that contribute to heating the planet. Using Carbon Coin for payments was the desired goal, with 90% of the protocol transaction fees going to an environmental charity.
The Herbalist Token Project launched a blockchain-integrated marketplace in 2019 that connected rare herb farmers directly to customers, cutting out intermediaries and reducing costs. The goal was to make rare herbs more accessible to consumers and increase profits for growers.
However, neither Carbon Coin nor Herablist Token has posted to their Twitter accounts since 2019 — indicating that the projects may no longer be in active development.
Still, the lack of activity has not stopped either project from posting 12%+ gains over the past seven days. No official announcement has been made to confirm the projects’ status, but Carbon Coin and Herbalist tokens are available on YoBit and ProBit, respectively.
The use of blockchain technology within supply-chain-focused industries is a well-documented use case. However, it appears that agricultural adoption has been slow, and the future of some crypto projects in the sector is unclear.
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