- 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
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory
Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.