NEAR protocol signed an NFT deal, and scooped 15% amid the market correction

Key Takeaways:

• NEAR protocol partnered with award-winning musicions to release an NFT collection.
• The platform’s native token jumped 15% in responce.

YEREVAN (CoinChapter.com) – NEAR Protocol, a decentralized app development platform, gained in valuation as its native token of the same name rallied by 15% in 24 hours, despite the red candles across the market. The uptrend came in the wake of NEAR’s foray into music industry-related NFTs, with Grammy-winning band Portugal The Man and dance music star Deadmau5.

The musicians teamed up to release one million copies of a single named “This is fine” as NFTs. Moreover, they aim to make it the first NFT to “go platinum.” The collection will be available in the Minbase NFT Marketplace, which runs on NEAR Protocol.

Roughly three quarters of the 1 million NFTs, are being sold at Miami’s Art Basel festival for $1.29 a piece. The remaining NFTs will be sold as part of a collection of additional awards.

specified the announcement.

Deadmau5 commented on the NFT release and noted the importance of adopting new technologies in the industry.

It’s about adoption. It’s about adopting this way of doing things for artists, and it’s also about public adoption and companies working together to adopt technology that’s going to make this easier for everyone.

Canadian producer asserted.

Also read: NEAR protocol eyes a 50% rally on a bullish formation and growing adoption.

For NEAR Protocol, the music NFT release was a part of a more extensive marketing campaign. The blockchain company announced it will be visiting several “key cities” in the upcoming months, using the “NEAR bus.” The bus trip’s mission is to “make blockchain and crypto a simpler experience that anyone can take part in.” The project plans to start with Miami and then move on to San Francisco, New York, and others.

While the NFT project got attention on various social media platforms, the NEAR token jumped 15% and traded at $9.37 in the New York session Friday.

NEAR daily chart

As a result of the uptrend, the digital asset’s price action arrived at the 20-day exponential moving average (EMA-20). If NEAR manages to hold on to its recent gains, it could retest the EMA-20 as support. However, if not, the token still has two significant sources of assistance.

Also read: You can now use NFT to pay for a $10M Luxury Yacht

The resistance-turned-support bar at $7.4 has been instrumental since early March. Additionally, the ascending trendline has assisted on multiple occasions since September. The noted confluence of support could hold NEAR in the upcoming sessions.