Source: news.google.com
- Polygon joined 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 bullish pressure and start a run towards $0.9743.
Polygon is one of the largest 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 Warner Music Group will leverage to develop a first-of-its-kind music platform.
Polygon X Warner Music Group
In an announcement on Tuesday, Warner Music Group stated that the LGND Music platform will officially launch in January 2023. Formed in partnership with LGND.io, a creator of e-commerce and interactive platforms, the platform will leverage Polygon for its blockchain needs. .
According to the announcement, the launch of the platform will be accompanied by a collaboration with Spinnin Records, a Warner Music Group label. LGND Music is intended to be a digital collectible and NFT platform that supports digital collectibles from any blockchain on a “proprietary player”. Justifying the choice of Polygon as the base blockchain, the announcement stated:
“To ensure a seamless experience for users, the platform will be built on Polygon, offering lower gas rates and faster transactions in an open, permit-free and sustainable environment.”
Warner Music Group’s announcement came at a time when NFTs are suffering terribly, with sales falling to a 17-month low. As reported by FXStreet, the month of November saw just $414 million in NFT sales, figures last seen in June 2021.
MATIC price is looking for a rise
Even if the announcement has no impact on NFT sales, it could affect the price of MATIC, which currently sits at $0.9059. If bullish pressure builds, the altcoin could move higher on the chart to tag its critical resistance at $0.9537.
A daily close above would allow the price of MATIC to start a rally towards $0.9743. Turning this level into a support floor would provide the cryptocurrency with the boost it needs to engage in a rally rally.
MATIC/USD 4-hour chart
However, if the price turns down and the price of MATIC falls through the support level at $0.8817, it could end up as low as $0.8378. A daily candle close below this critical support would invalidate the bullish thesis, causing the price to drop to $0.7765, which would constitute a 14% drop.
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