Polygon set to back high-profile NFT venture as MATIC holds key monthly support

Polygon, Polygon set to back high-profile NFT venture as MATIC holds key monthly support
Image by Nandhu Kumar from Pixabay

Belgium (CoinChapter.com) — Several things are happening behind the scenes of the Polygon blockchain ecosystem. Despite this current price woes, there is some optimism on the NFT front. A celebrated artist will launch a new non-fungible token venture on this blockchain to reduce the carbon footprint of minting NFTs.

Also read: Ripple starts the week lower over fears of 26mm XRP transfer

Beeple

It is remarkable to see the quick evolution of the NFT industry. Renowned artist Beeple — real name Mike Winkelmann — is launching a new NFT venture, dubbed WeNew, on the Polygon technology stack.

The choice for this layer tapping into the Ethereum blockchain is simple: it is cheaper to use and makes it easier for artists to reduce their carbon footprint when minting non-fungible tokens. So naturally, that latter aspect will become a lot more outspoken in the coming years.

The Wenew venture focuses on creating and selling iconic moments in time. It will compete with other tools, marketplaces, and brands currently residing on the Polygon network. As an ecosystem, Polygon has over 150 NFT Dapps and marketplaces, confirming the viability of this Layer 2 scaling solution for Ethereum.

For WeNew, Polygon’s point-of-sale solution also makes it more environmentally friendly to issue NFTs on this layer. There is a growing demand for being eco-friendly in the cryptocurrency world, although it can be challenging to achieve. 

As a first initiative, Wenew will commemorate Andu Murray’s 2013 Wimbledon victory. The winner of this NFT auction will get to play a match with Murray and receive two tickets to the 2022 Wimbledon Finals. An intriguing collection of incentives to kick off the project’s first NFT auction on Polygon’s network.

Further validation by renowned artists like Beeple indicates future potential growth for the non-fungible tokens market segment.

MATIC Price Seems To Hold Its Own

On the price front, the cryptocurrency markets remain on a wobbly path. Despite some minor optimism over the recent uptrend, it remains unclear if the momentum is sustainable. For Polygon, the MATIC asset appears to hold the line comfortably, as solid support is located near the $1.04 level.

Finding the next support level near $1.1 would be a promising sign.

MATIC/USDT Chart by Tradingview.com
MATIC/USDT Chart by Tradingview.com

For volatile markets like cryptocurrencies, it is essential to look at the bigger picture.

MATIC is still down by a steep margin from its $1.75 high. Although the market is seemingly rebounding slowly, there is no breakout from the descending triangle as of yet. Additionally, the moving averages for MATIC are still on an ascending path despite the price dip, which can hint at a bullish pattern forming soon.

Before that can happen, the price will need to reach the low $1.4 range and stay there, which may not be easy. Sustaining the 78.6 Fib will be the range to keep an eye on.

The big question is whether there is sufficient tangible support to prop the price up. The recent development involving Beeple’s venture may spark short-term price excitement for MATIC, but it needs to contribute long-term value to the broader Polygon ecosystem. As this is not a one-off deal, Beeple effectively appears to validate Polygon’s approach to NFTs. 

Putting together a sustainable rally for MATIC will not come easy, as the current TA-based structure still allows for a new downtrend if the current support levels fall.

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