Is Algorand worth buying after Universal Music Group’s deal with LimeWire?

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Algorand ALGO/USD is a public blockchain network that has its own native cryptocurrency token. ALGO is used to power the network.

Algorand uses a consensus mechanism known as Pure-Proof-of-Stake, where ALGO holders get randomly selected to validate and approve new blocks on the chain.

Algorand has become the home to many non-fungible tokens (NFTs) based projects, decentralized finance (DeFi), and decentralized applications (dApps).

LimeWire’s deal with Universal Music Group as a catalyst for growth

On May 3, 2022, we covered how ALGO’s price surged after their FIFA partnership. We could now see a new surge after a deal with LimeWire.

Web3 is setting new standards when it comes to digital music-sharing services.

LimeWire, which was formerly a peer-to-peer (P2P) music sharing service, announced that they would launch their own Algorand-based marketplace in March.

Then on May 17, 2022, they announced that they had signed a major label known as Universal Music Group to their platform.

This global deal will essentially let artists who are signed to Universal Music Group and its myriad imprint labels be fully able to create tokenized, digital collectibles on top of the LimeWire marketplace.

Some imprints that are included are Interscope Records, Def Jam Records, Motown Records, Geffen, Virgin Music, EMI, and others.

Note that this deal does not directly claim that any of these artists or imprint labels will release music in the form of NFTs through LimeWire but that they are given the opportunity to do so if they showcase a desire to.

Should you buy Algorand (ALGO)?

On May 18, 2022, Algorand (ALGO) had a value of $0.4809.

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In order for us to get a better perspective as to what kind of value point this is for ALGO, we’ll go over its ATH point and its performance throughout the previous month.

Algorand (ALGO) had its all-time high on June 20, 2019, with a value of $3.56. Here we can see that, at its ATH, the token was $3.0791 higher in value or by 640%.

When we look at its performance throughout the previous month, Algorand (ALGO) had its highest point on April 2 at $0.9686, while its lowest point was on April 30 at $0.6041. Here we can see that the token decreased by $0.3645 or by 37%.

With the LimeWire addition as a marketplace that runs on top of the Algorand (ALGO) blockchain network and their deal with Universal Music Group, we can see an increase in utility, as well as the value of the ALGO token.

ALGO can reach a value of $1 by the end of May 2022.

The post Is Algorand worth buying after Universal Music Group’s deal with LimeWire? appeared first on Invezz.

from Market Analysis – Invezz

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