Every major blockchain aims to break through the veil of Real-World Assets [RWA], and Aptos [APT] is the latest layer-1 to make progress on that front. It is currently involved in a development aimed at bridging the gap between fans and merchandise.
Aptos will power a new Shopify plugin that was developed as part of a collaboration with KYD Labs. The plugin will reportedly allow artists to leverage the power of blockchain to provide merchandise to their fans.
This announcement highlighted Aptos’ unique opportunity to be part of a project that is rooted in real-world utility.
The push towards real-world utility is important for blockchains and their efforts to attain mass adoption. This is because it brings networks closer to offering undeniable value that is enough to encourage more users to jump on board.
Assessing the state of the bulls
While real world adoption will likely accelerate the demand for Aptos’ native cryptocurrency, APT, it will likely not have much of a short-term impact. Nevertheless, it could contribute to significant demand growth if it manages to attract strong demand.
Speaking of demand, APT has been struggling to secure enough bullish momentum to propel itself back on to a bullish outcome. Its 5.17 press time price meant that it was still trading near its monthly low.
This was a sign that demand levels were still low, despite things improving considerably over the years.
The downside pressure on the RSI and MFI reflected the unenthusiastic state of short-term demand. This is also in line with the prevailing state of the crypto market, which was underpinned by low demand.
Nevertheless, it is also good to see that the press time support level was still active and strong, hence the likelihood of a short-term rally. As far as on-chain observations are concerned, here are some things to consider.
Aptos just registered a substantial spike in Social Dominance in the last 24 hours at the time of writing. Such a spike usually translates to a significant shift in activity. However, APT’s on-chain volume remained unchanged.
Despite the failure of demand to manifest at recent low, Aptos has some commendable observations. For example, its Development Activity remained high, which could signal ripe conditions for a sentiment shift.