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Bittime - Soccer star Lionel Messi has revealed his upcoming partnership in RWA with the Join The Planet initiative, sparking volatility for the project's native token.
Token PLANET
Facing a volatile week as traders flock to take advantage of the upcoming release of its first tokenized product in collaboration with soccer legend Lionel Messi.
According to data from crypto aggregator CoinCodex, the token's volatility reached 6.82% on February 21, which is considered high according to a methodology that puts high volatility in the 5% to 10% range.
Also read : Understanding Volatility in the Cryptocurrency Market
PLANET price rose to $0.00011 on February 19, garnering more than $23.5 million in trading volume in 24 hours after Argentina's Messi announced releasing a tokenization product in partnership with Join The Planet, an environmental non-profit organization behind the PLANET token.
Tokenization
Real world assets (RWA) tokenization refers to the process of converting rights to traditional physical or financial assets into digital tokens on the blockchain. Assets that are commonly tokenized include real estate, art, and commodities, although the initiative has not revealed what assets will be tokenized with Messi. RWA debuted on March 1.
Announcement of Partnership with Messi
The Planet Project first announced a partnership with Messi in July 2023, with a video showing the athlete championing environmental sustainability and fighting pollution using blockchain technology.
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Planet's strategy was inspired by Amazon's Flywheel, a business model that focuses on offering a variety of products at low prices to attract more customers. According to the project's website, they want to use the RWA collection to fund decentralized autonomous organizations (DAOs) working on social and sustainability challenges in line with the United Nations' sustainable development goals.
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Target of The "Planet" Coin
"Our goal is ambitious annual revenue of $100 million," the Planet page states.
Messi has been involved in the Web3 space for some time. In 2022, the player partnered with crypto exchange Bitget, becoming its official ambassador.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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