Will NEAR’s ICC partnership enhance the protocol’s adoption?

• NEAR’s new partnership with the ICC marked an necessary step ahead in real-world utility.
• It would pave the way in which for extra NEAR adoption sooner or later.

The Worldwide Cricket Council (ICC) is exploring the usage of blockchain to enhance buyer engagement within the sport. The ICC thus plans to make use of NEAR Protocol [NEAR] to attain that goal, in a transfer that would doubtlessly enhance the latter’s recognition.

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The official X (previously Twitter) account of the Close to Protocol confirmed the information on 30 September. Notably, the ICC has chosen the protocol as its blockchain of selection attributable to its sturdy WEB3 presence.

The cricket group acknowledged that it’s exploring concepts via which it may possibly develop beneficial and lasting experiences for followers. This may increasingly additionally embrace competitions for fan engagement with gamers.

ICYMI: The NEAR Basis companions with the @ICC ????

Whether or not you possibly can clarify the foundations of cricket or not, that is set to knock the fan engagement expertise in sports activities for six ???? https://t.co/Gk92ZIC3Vl pic.twitter.com/cBLZYTbGWZ

— NEAR Protocol (@NEARProtocol) September 29, 2023

Whereas it’s fascinating that the ICC is embracing blockchain, it’s much more fascinating that it has chosen NEAR Protocol. This might be a giant deal for the blockchain, contemplating that cricket has one of many largest fan bases of any sports activities league on the planet, at 2.5 billion followers.

The event might provide NEAR community some advantages, particularly when it comes to visibility. The protocol’s social dominance has just lately been slipping downward.

The announcement about NEAR’s new partnership with the ICC might provide an opportunity for a pivot within the community’s social dominance.

A collaboration with one of many main sports activities leagues on the planet is actually a big achievement. This might doubtlessly encourage extra collaborations sooner or later, thus doubtlessly boosting demand for the NEAR token.

Assessing the state of NEAR’s demand

NEAR has been on an general bearish trajectory since February this 12 months. There was a bullish try between mid-June and mid-August, which was short-lived as the value resumed its bearish trajectory.

Bears have notably been shedding their momentum since August, indicating that we might witness one other bullish rally try someday quickly.

NEAR exchanged arms at $1.18 on the time of writing after rallying by over 5% within the final three days. An prolonged rally past this stage may point out that the bulls had been gaining momentum.

It’s because the cryptocurrency has been struggling to safe sufficient demand to exit the low vary at press time.

Learn Close to Protocol’s [NEAR] Value Prediction 2023- 2024

Regardless of the bullish 3-day efficiency, different observations don’t point out the opportunity of extra bullish stress. For instance, the MFI appeared to have flat-lined, suggesting that there was little or no liquidity pushing up the value at press time.

Nevertheless, on-chain information advised that there was some optimism, as indicated by the slight upside within the weighted sentiment metric on the time of writing. The community has additionally maintained wholesome growth over the last 4 weeks.