Aaryamann Shrivastava
FXStreet
- Polygon joined hands with platform builder LGND.io and Warner Music Group in a multi-year partnership.
- The web3 music platform will be designed to support NFTs from any blockchain in a proprietary player.
- MATIC price needs support from buyers to induce a bullish pressure and kick-start a run up toward $0.9743.
Polygon is one of the foremost blockchains in the smart contract and Decentralized Finance (DeFi) space. It is also a leader on the Non-Fungible Token (NFT) front, which is what the Warner Music Group will be leveraging to develop the first-of-its-kind music platform.
Polygon X Warner Music Group
In an announcement on Tuesday, Warner Music Group stated that the platform LGND Music will officially launch in January 2023. Formed in partnership with LGND.io, an e-commerce and interactive platform builder, the platform will leverage Polygon for its blockchain needs.
As per the announcement, the launch of the platform will be accompanied by a collaboration with Spinnin Records, a Warner Music Group label. LGND Music is targeted to be an NFT and digital collectible platform that will support digital collectibles from any blockchain in a “proprietary player”. Justifying the choice of Polygon as the base blockchain, the announcement read,
“To ensure a seamless experience for users, the platform will be built on Polygon, offering lower gas fees and faster transactions in an open, permissionless, and sustainable environment.”
The announcement from the Warner Music Group came at a time when NFTs are suffering terribly, with sales plunging to a 17-month low. As reported by FXStreet, the month of November recorded only $414 million in NFT sales, figures which were last seen in June 2021.
MATIC price is looking at a hike
Even if the announcement bears no impact on NFT sales, it could affect the MATIC price, which is currently at $0.9059. If bullish pressure rises, the altcoin could climb the chart to tag its critical resistance at $0.9537.
A daily close above it would enable MATIC price to initiate a run up toward $0.9743. Flipping this level into a support floor would provide the cryptocurrency with the boost it needs to engage in a recovery rally.
MATIC/USD 4-hour chart
However, if the price decline and MATIC price falls through the support level at $0.8817, it could end up tagging $0.8378. A daily candlestick close below this critical support would invalidate the bullish thesis, resulting in the price falling to $0.7765, constituting a 14% crash.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?