Aptos [APT] diversifies into NFTs and music: How did its price react
- Aptos revealed its next growth plan involving NFTs and the music industry.
- APT struggled to maintain bullish momentum as sell pressure slowly trickled back.
The Aptos [APT] network is tapping into the latest hype around its platform to pursue more growth opportunities. Two of its latest announcements reveal that the network is eyeing growth opportunities in the music industry as well as pushing deeper into the NFT market.
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Aptos recently affirmed its plans to play an active role in the music industry and potentially even revolutionize it. The network aims to achieve this by bringing WEB3 benefits to the music industry through KYD apps.
This is what Web3 consumer adoption looks like! ?@KYDLabs is turning music-lovers into new Web3 consumers with seamlessly integrated onboarding: buying tickets and RSVPing for shows by their favorite artists.
? Another Aptos win, where culture meets innovation. pic.twitter.com/SwuDvbQAGd
— Aptos (@Aptos_Network) March 24, 2023
Aptos is likely going to leverage its NFT capabilities as part of its plans for the music industry. The network also conveniently launched OrderDAO, its new community governance protocol for NFT projects. The protocol will make it easier for projects to make efficient decentralized decisions regarding their future.
Community governance for NFT projects on Aptos is here.
OrderDAO is officially live, offering a no-code solution to empower communities to influence the future direction of their project.
Check it out! ? https://t.co/y5k6Y56313
— Aptos (@Aptos_Network) March 23, 2023
Can these announcements breathe new life into APT?
Aptos’ native cryptocurrency APT struggled to find directional performance this week after its rally last week. This suggests that the bulls ran out of momentum. Meanwhile, the bears have been pushing to take over. APT tanked by 6.8% to its $12.20 press time price.
There are other reasons for investors to expect sell pressure to prevail. For example, APT’s RSI attempted to push below the 50% level. The price also encountered resistance above the $13.7 price range and it has been struggling to rally above its 50-day moving average.
Numerous Aptos metrics show a higher potential for a pivot. For example, APT’s price volatility has been declining and is currently at a weekly low. In addition, the price experienced a sizable drop in volume between 23 – 24 March, confirmation that the bulls were losing strength.
APT’s weighted sentiment dropped slightly in the last 24 hours at press time, confirming that some investors were losing faith in the bulls. However, its press time level was notably higher than its weekly low on 20 March.
How many are 1,10,100 APTs worth today?
Aptos’ social dominance metric had its highest weekly spike in the last 24 hours. This was an important observation, as it may indicate that APT investors were aware of the bulls’ sluggishness.
They may thus act in accordance with the current observations, potentially contributing to more sell pressure. Of course, this will depend on the overall market direction, which may regain its upside unexpectedly.