Can Polygon’s series of updates help MATIC get rid of its year-end woes

  • Polygon introduced its partnership with Warner Music Group and yet-to-launch music NFTs platform LGND Music.
  • The community confirmed that it commenced the primary batch of one-third vesting and distribution additional to its February fundraising.  

Blockchain tasks appear to be scampering for end-of-the-year wins following the collection of issues which have plagued the ecosystem for the reason that starting of 2022.

Ethereum’s [ETH] sidechain community Polygon [MATIC] was no completely different because it clinched one other partnership with media big Warner Music Group. 

Learn Polygon’s [MATIC] Worth Prediction 2023-2024

In accordance with a collection of tweets printed on 6 November, Polygon confirmed that it has partnered with Warner Music Group. It additionally partnered with the soon-to-launch Polygon-based market LGND Music to supply entry to some artists signed to Warner Music Group to launch “their digital collectibles & join followers with particular content material and experiences.”

In a press release, the CEO of Polygon Studios Ryan Wyatt, stated,

“Web3 has the ability to remodel the music business for each artists and followers. The way in which that we personal and expertise music is evolving, by totally embracing decentralized applied sciences and collectibles, this unique partnership between Polygon, LGND, and WMG represents an thrilling milestone for the music business. Polygon is proud to be powering this progressive initiative that can elevate music possession and produce extra music lovers and artists to Web3.”

The 12 months thus far has been marked by a collection of partnerships between Polygon and main corporations throughout various sectors. It has introduced partnerships with Behance, Disney, Coca-Cola, Nike, and even tech big Meta. 

Along with its partnership with Warner Music Group and LGND, Polygon confirmed one other replace round its ecosystem. The $450 million funding round introduced in February commenced the primary batch of one-third vesting and distribution of MATIC tokens in a three-year unlock interval two weeks in the past. 

In February, Polygon raised round $450 million via a non-public sale of its native MATIC token in a funding spherical led by Sequoia Capital India. This included a $50 million funding from troubled Alameda Analysis.

Know this to guard your holdings

MATIC traded at $0.9054 at press time, per information from CoinMarketCap. This represented a 58% decline from its 30-day excessive of $1.20. 

With unfavourable buyers’ sentiment trailing the crypto asset since FTX’s implosion, the information of the latest partnership with media big Warner Music Group didn’t impression MATIC’s value. Moreover, the affirmation that it commenced the vesting and distribution of MATIC tokens additionally didn’t dazzle MATIC.

Within the final 24 hours, MATIC’s value declined by 0.51%, and the quantity traded was additionally down by 29%, information from CoinMarketCap confirmed. 

Supply: Santiment

On 5 November, simply earlier than the FTX debacle began, on-chain evaluation revealed that MATIC’s Community Revenue/Loss metric (NPL) touched a excessive of 283.61 million. This confirmed that buyers – on common – offered at a big revenue. MATIC offered at a excessive of $1.12 inside the similar interval. 

Nonetheless, following FTX’s implosion and decline within the normal market, MATIC’s value plummeted, inflicting the NPL to fall as effectively. This represented MATIC’s decline from an area high it recorded previous to FTX’s collapse. 

Supply: Santiment

Because the market makes an attempt to regain stability following a considerably bearish November, one can count on the collection of ecosystem updates inside Polygon to revive buyers’ conviction earlier than the shut of This autumn 2022. 

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