As a seasoned analyst with over two decades of experience in the tech and finance industries, I find the partnership between Conflux and Migu, backed by China Mobile, to be a significant stride in the adoption of Web3 technologies within the Chinese market. With my extensive background in analyzing blockchain projects and understanding the intricacies of the Chinese regulatory landscape, I am confident that this partnership will have far-reaching implications for both parties involved.
In the growing trend of Web3 platforms and digital assets, the Conflux network – a Chinese-regulated blockchain focused on smart contracts – has teamed up with Migu, a division of China Mobile responsible for digital content, with the aim of transforming digital art collectibles. As per the announcement, this alliance between Conflux and Migu will bring blockchain technology to users in the form of video ringback tones, digital identities (DIDs), and communication hardware.
By connecting to the Conflux TreeGraph public blockchain, over a billion users of China Mobile can gain access to state-of-the-art offerings. Additionally, Migu boasts an impressive user base of over 380 million individuals who utilize their ebooks and cloud gaming services.
On August 23rd, a digital collectible video ringtone named ‘MIGO and His Friend ConFi’, which is built on blockchain technology, will be unveiled by the pair. This series is unique because it integrates Conflux’s mascot, ConFi, along with MIGO, an NFT product supported by China Mobile’s Migo.
In the ‘MIGO and His Friend ConFi’ collection, we’ll be offering around 5,000 pieces priced at roughly 13.9 RMB per unit, which is about $2 each. Out of these 5,000 items, around 1% will be special, limited editions.
Market Impact on Conflux and Migo’s Partnerships
The collaborative venture between Conflux and China Mobile’s Migu could significantly influence the future of both their business endeavors. Notably, Conflux is a rapidly expanding layer one (L1) blockchain that has amassed over $12 million in total value locked, as well as boasting a market cap for its stablecoins exceeding $15k.
In the long run, the Conflux ecosystem stands to gain substantially as its own token, CFX, becomes widely adopted for transaction fees. As per recent market trends, the value of CFX has jumped by over 15% in just two weeks, reaching approximately 14 cents during the early New York trading hours on Wednesday.
As a seasoned investor with over two decades of experience in the cryptocurrency market, I have witnessed countless trends and fluctuations. However, one altcoin that has caught my attention recently is the mid-cap coin, with a fully diluted valuation of approximately $781 million and an average daily traded volume of around $38 million. Over the past year, this coin has been forming a bullish divergence, which, based on my observations, could be indicative of potential growth in the near future. Given its relatively stable market position and steady trading volume, I believe it could be a solid addition to any investment portfolio for those looking for moderate risk and potentially high returns.
As a crypto investor, I’ve noticed that the price of CFX against the US dollar has been testing the significant support level at approximately 10 cents. This could potentially lead to a bullish rebound in the short term. However, if there’s a consistent close below 10 cents, it might signal a more bearish trend towards the next notable support level around 7.7 cents. Interestingly, this level aligns with the daily 1.618 Fibonacci Retracement, adding an extra layer of technical analysis to the potential price movement.
Bigger Picture
It was mentioned before by Coinspeaker that market experts anticipate China will soon lift its ban on cryptocurrency trading as a way to rival other leading economies like the U.S. In fact, certain Chinese firms have been purchasing web3 goods based in Hong Kong because of the clear regulatory environment already in place there.
As an analyst, I’ve noticed that Hong Kong has recently given the green light for the public listing and trading of Ether and Bitcoin Exchange-Traded Funds (ETFs). This move is aimed at enticing both domestic and foreign investors.
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2024-08-21 18:16