Volatility hits PLANET token after Lionel Messi’s partnership for RWA

Volatility hits PLANET token after Lionel Messi’s partnership for RWA
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Crypto token PLANET is facing a volatile week as traders flock to capitalize on 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 Feb. 21, which is considered high under the methodology that defines high volatility within the range of 5% to 10%.

PLANET’s price climbed to $0.00011 on Feb. 19, gathering over $23.5 million of trading volume in 24 hours after Argentine Messi announced the release of a tokenized product in partnership with Join The Planet, an environmental nonprofit organization behind the PLANET token.

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PLANET’s performance over a seven-day period on Feb. 21. Source: CoinMarketCap.

At the time of writing, PLANET is trading at $0.00009, with abrupt ups and downs during the week. The token has gained 17.9% over the previous seven days.

Tokenization of real world assets (RWA) refers to the process of converting rights to physical or traditional financial assets into digital tokens on a blockchain. Common assets being tokenized include real estate, art and commodities, although the initiative has not yet disclosed which assets it will tokenize with Messi. The RWA debuts on March 1.

The Planet project first announced a partnership with Messi in July 2023, with a video featuring the athlete advocating for environmental sustainability and against pollution using blockchain technology.

Planet’s strategy is inspired by Amazon’s Flywheel, a business model that focuses on offering a wide range of products at a low price to attract more customers. According to the project website, it wants to use RWA collections to fund decentralized autonomous organizations (DAOs) working on social and sustainability challenges in line with the Sustainable Development Goals of the United Nations.

“Our target is an ambitious $100 million in annual revenue,” reads Planet’s page.

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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