FTX is well-known for its advertising and marketing methods. The house of the Miami Warmth formally turned the FTX Area in June 2021. The truth is, the crypto derivatives trade onboarded celebrities like Stephen Curry and Naomi Osaka as its model ambassador.
All this goes to disclose that FTX is aware of learn how to impress its merchants. Properly, these bulletins have had considerably of a formidable impression on the worth of FTX token. Nonetheless, the latest announcement did not generate the identical impact.
FTX brings NFTs to Coachella
On 1 April, the cryptocurrency trade partnered with Coachella, one of many largest music festivals on the planet to launch NFTs for the pageant. Referred to as the In Bloom FTX NFT, the NFT may be claimed by all attendees. And, the NFTs can be considered one of six distinctive designs which is able to present VIP entry and different privileges.
All 2022 attendees can now declare a free commemorative 2022 In Bloom seed NFT 🌱
Redeem it for devoted entry-line entry, limited-edition merch, meals & beverage vouchers, and an opportunity at a uncommon flower NFT with premium pageant upgrades 🌺 https://t.co/lRfQRVOQjC pic.twitter.com/qFygtRc7XG
— Coachella (@coachella) April 1, 2022
It is very important notice that the announcement could possibly be a advertising and marketing technique by the hands of each FTX and Coachella to attract in additional folks for the live performance, as NFTs are all of the craze proper now.
After a uneven starting of 2022, NFTs appear to be taking the helm again of their management as gross sales have elevated considerably all through March.
In the direction of the top of February, every day volumes have been $50.9 million. Nonetheless, on 4 April, the identical jumped to $173 million.
Every day NFT gross sales quantity on Opensea | Supply: Dune – AMBCrypto
Thus, getting onto the NFT bandwagon in the intervening time may be the suitable alternative. Exactly, that is what Coachella appears to be doing.
Regardless of such a large announcement, on-chain metrics haven’t been supporting the trade’s token FTT.
Solely a single-day spike in transactions was observed when the information got here out, however apart from that, every day volumes have been sitting at a meager $15 million on common.
FTT transaction volumes | Supply: Intotheblock – AMBCrypto
Importantly, over the previous couple of weeks, the rally pulled out greater than 27% of all FTT buyers from losses. However buyers’ sentiment has been fairly low of late. On this context, it’s to be famous that the shortage of buyers’ participation is the results of the present worth motion.
FTT buyers in revenue | Supply: Intotheblock – AMBCrypto
Within the final ten days, no matter all of the fluctuations, worth motion didn’t change a lot. FTT closed at $49.7 on 25 March and was buying and selling at $50.75 on 5 April.
FTT worth motion | Supply: TradingView – AMBCrypto
Nonetheless, FTT does have room for development because the Relative Power Index (RSI) is much away from signaling a development reversal, performing reasonably bullish for now.
