FTX is known for its marketing strategies. The home of the Miami Heat officially became the FTX Arena in June 2021. In fact, the crypto derivatives aboard celebrities such as Stephen Curry and Naomi Osaka trade as brand ambassadors.
All this goes to show that FTX knows how to impress its traders. Well, these announcements have had a somewhat impressive impact on the price of FTX token. However, the most recent announcement did not have the same effect.
FTX brings NFTs to Coachella
On April 1, the cryptocurrency exchange teamed up with Coachella, one of the largest music festivals in the world, to launch NFTs for the festival. Known as the In Bloom FTX NFT, the NFT can be claimed by all attendees. And the NFTs will be one of six unique designs that will provide VIP access and other privileges.
All 2022 attendees can now claim a free 2022 In Bloom seed NFT commemorative coin 🌱
Redeem it for special entry line access, limited edition merchandise, food and drink vouchers, and a chance at a rare flower NFT with premium festival upgrades 🌺 https://t.co/lRfQRVOQjC pic.twitter.com/qFygtRc7XG
— Coachella (@coachella) Apr 1, 2022
It’s important to note that the announcement could be a marketing strategy by both FTX and Coachella to attract more people to the concert, as NFTs are all the rage right now.
After a choppy start to 2022, NFTs appear to be taking the reins again as sales surged in March.
By the end of February, daily volumes were $50.9 million. However, on April 4, the same rose to $173 million.
Daily NFT Sales Volume on Opensea | Source: Dune – AMBCrypto
So getting on the NFT train right now might be the right opportunity. Exactly, this is what Coachella seems to be doing.
Despite such a huge announcement, on-chain stats do not support the exchange’s token FTT.
When the news came out, there was only one day of a spike in transactions, but other than that, daily volumes averaged a paltry $15 million.
FTT transaction volumes | Source: Intotheblock – AMBCrypto
Importantly, the rally has held over 27% of all FTT investors in losses in recent weeks. But investor sentiment has been quite low lately. In this regard, it should be noted that the lack of investor participation is a result of the current price movement.
FTT investors in profit | Source: Intotheblock – AMBCrypto
In the past ten days, despite all the fluctuations, the price action has not changed much. FTT closed on March 25 at $49.7 and traded at $50.75 on April 5.
FTT price promotion | Source: TradingView – AMBCrypto
However, FTT does have room for growth as the Relative Strength Index (RSI) is far from signaling a trend reversal and is trading moderately bullish for now.
This post Could FTT signal a trend reversal on the back of Coachella’s partnership?
was published first on https://ambcrypto.com/could-ftt-be-signaling-a-trend-reversal-at-the-back-of-coachellas-partnership/
