NEAR Protocol achieves RWA milestone, rolls out first ETP – Impact on price?

• NEAR Protocol’s partnership with Valour yielded their first ETP, which is now available for trading.
• The announcement highlighted the pace at which NEAR protocol was setting for current market narratives.

NEAR Protocol [NEAR] is celebrating an important real-world assets (RWA) milestone following a recent announcement by its partner, Valour.

The latter is an issuer of digital assets exchange traded products (ETPs).

The official announcement revealed that Valour has successfully rolled out its first ETP supported by the Near Protocol. The ETP is a first of its kind and is available for trading at Sweden’s Spotlight spot market.

NEAR Protocol explores RWAs, AI, and DePIN

The announcement marked an important development for NEAR protocol because it highlighted a step towards making RWAs on blockchain a reality.

Blockchain-based RWAs have been championed as one of the key narratives for the next bullish wave. This is because they stand to push blockchain technology much deeper into the mainstream and enhance adoption.

It makes sense for NEAR Protocol to explore growth opportunities in the key areas that have been highlighted for growth this year and moving forward.

The same applies to the AI segment, where the protocol has also been exploring.

Short-term price analysis

NEAR Protocol’s involvement in key WEB3 growth areas may have a positive impact on NEAR’s long-term price action.

As far as short-term performance is concerned, NEAR has achieved a 35% bounce back in the last seven days. It exchanged hands at $6.13 at press time.

Will this new-found short-term momentum push back above current yearly highs? A glimpse at the ratio of shorts versus longs at NEAR’s press time price level indicated that sentiment was overwhelmingly in favor of the bears.

Source: Hyblockcapital

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There were roughly 528,000 shorts against 263,000 longs on Binance [BNB] at the same price level. This is not surprising, considering that traders who bought at recent local lows were up 35% on their investment at press time.

So, this was an incentive to sell, if the overall market sentiment failed to maintain strong support for the upside.