Coinspeaker
Conflux (CFX) Network Partners with China Mobile’s Migu to Launch Blockchain-Based Video Ringtones
Amid the mainstream adoption of Web3 platforms and digital assets Conflux (CFX) network, a Chinese-regulated smart contract-oriented blockchain, has announced a strategic partnership with Migu, China Mobile’s digital content division, to revolutionize the digital art collectibles. According to the announcement, the partnership between Conflux and Migu will introduce blockchain-based video ringback tones, digital identities (DIDs), and communication hardware to the users.
Through tapping the Conflux TreeGraph public blockchain, more than 1 billion monthly users of China Mobile will benefit from cutting-edge products. Furthermore, Migu takes pride in more than 380 million users of its ebooks and cloud-based games.
In this regard, the duo announced plans to release the first blockchain-based digital collectible video ringtone dubbed ‘MIGO and His Friend ConFi’ on Friday, August 23. Notably, the upcoming series will feature Conflux’s mascot ‘ConFi’ and ‘MIGO’, an NFT product backed by China Mobile’s Migo.
The ‘MIGO and His Friend ConFi’ series will involve 5k units that will be sold for 13.9 RMB, approximately $2 each. Out of the 5k units, approximately 1 percent will be rare editions.
Market Impact on Conflux and Migo’s Partnerships
The strategic partnership between Conflux and China Mobile’s Migu will have a long-lasting impact on the respective business operations. For instance, Conflux is a fast-growing layer one (L1) blockchain, with more than $12 million in total value locked and over $15k in stablecoins market cap.
Ultimately, the Conflux ecosystem will significantly benefit from the adoption of its native token CFX, used to pay for transaction fees. According to the latest market data, CFX price has surged more than 15 percent in the past two weeks to trade about 14 cents on Wednesday during the early New York session.
The mid-cap altcoin, with a fully diluted valuation of about $781 million and an average daily traded volume of around $38 million, has been forming a bullish divergence in the past year.
From a technical standpoint, CFX price against the US dollar has been retesting the macro support level of around 10 cents, which could be a basis for a bullish rebound in the near term. However, a consistent close below $0.1 will trigger a further bearish outlook towards the next major support level around $0.077, which coincides with the daily 1.618 Fibonacci Retracement.
Bigger Picture
As Coinspeaker previously explained, market experts believe that China will unban the trading of crypto assets in the near term to compete with other major economies led by the United States. Already, some Chinese companies have been investing in Hong Kong-based web3 products following the clear regulatory framework.
Furthermore, Hong Kong recently approved the listing and trading of spot Ether and Bitcoin ETFs to attract both local and international investors.
Conflux (CFX) Network Partners with China Mobile’s Migu to Launch Blockchain-Based Video Ringtones
