Highlights:
- IOTA has found strong support at $0.120 after a multi-month selloff
- IOTA could rally to $0.20 if the $0.137 resistance is broken
- Recent innovations by the IOTA team could trigger the rally
IOTA, one of the older cryptocurrencies, has lagged behind its 2017 all-time highs for years. However, recent developments suggest a potential rally for this digital asset. As the broader crypto market flashes bullish signals, IOTA has shown promising upward movement. At the time of writing, IOTA was trading at $0.135, up by 2.64%, mirroring the overall positive sentiment in the market.
Technical Analysis – IOTA Rally to $0.20 Depends on Breaking $0.1377 Resistance
From a technical standpoint, IOTA has demonstrated significant potential for further gains. The 1-day chart reveals a bullish reversal on August 8, breaking a prolonged downward trend. This reversal has set IOTA on a path toward potential upward momentum. However, the cryptocurrency faces stiff resistance at $0.1377, a level it has struggled to surpass.
If IOTA breaks through the $0.1377 resistance, a rally toward $0.20 or higher could be on the horizon. Conversely, if bears take control and push IOTA below the $0.120 support level, the price could drop below $0.10. The odds favor a bullish breakout despite these possibilities, given the current market conditions and IOTA’s recent innovations.
Innovative Developments in Intellectual Property Rights
One of the most exciting developments for IOTA is the recent announcement of its Intellectual Property Rights (IPR) Tool. This tool, developed by the IOTA Foundation within the European Blockchain Pre-Commercial Procurement, aims to streamline intellectual property rights management using distributed ledger technology and Smart Contracts for Media.
[#EBSI Update III] #IOTA has developed an Intellectual Property Rights (#IPR) tool as part of the @EU_EBSI PCP. Using Distributed Ledger Technology (#DLT), it streamlines music rights management in films 🎹 🧵⤵️ https://t.co/DDtldXbX80 pic.twitter.com/wjShd1Fm7H
— IOTA (@iota) August 12, 2024
The IPR Marketplace platform developed by IOTA simplifies securing rights and replaces traditional negotiations with automated, transparent digital contracts. This system ensures fair, immediate compensation for rights holders and enhances transparency using Non-Fungible Tokens (NFTs).
Impact on the Music and Film Industry
The significance of IOTA’s IPR Tool cannot be overstated, particularly in industries such as music and film, where managing intellectual property rights is notoriously complex. For example, when a movie features a song, royalties are due to various stakeholders, including songwriters, performers, record labels, and music publishers. Traditionally, tracking these royalties and ensuring fair compensation involves a cumbersome and opaque process.
With IOTA’s IPR Tool, this process is revolutionized. The tool leverages Smart Contracts to automate and streamline payments, ensuring that all parties receive their due share promptly and transparently. This reduces the manual effort required and minimizes disputes and delays in payments.
Case Study: Sam’s Film Project
To illustrate the impact of IOTA’s IPR Tool, consider the case of Samantha Sequel, a film producer looking to secure the rights to a song for her latest project. Traditionally, securing these rights would involve lengthy negotiations and paperwork. However, Sam can navigate this process more efficiently using the IPR Marketplace platform.
By logging into the IPR Marketplace platform, Sam selects a predefined contract template and fills out the terms for the synchronization license with the publisher and the master license with the record label. Any adjustments are made in real-time, minimizing misunderstandings and delays. Once the terms are set, digital contracts are signed, and Smart Contracts for Media are deployed on the IOTA Smart Contract Chain, ensuring immutability and security.
Sam’s use of the song triggers automated royalty payments directly from her Web3 Wallet, such as Metamask, to the Smart Contracts, which then distribute payments to the music publisher, record label, songwriters, and featured artist. This immediate, transparent payment method ensures fair and prompt compensation for all parties involved.
IOTA’s Potential Surge to $0.20 Fueled by Market Momentum
The introduction of the IPR Tool positions IOTA as a critical player in the asset tokenization space, potentially drawing more investors. The broader market momentum, driven by Bitcoin’s recent surge, further enhances IOTA’s prospects. If Bitcoin continues its upward trajectory, altcoins like IOTA could see significant gains.
Overall, IOTA’s recent price movements and innovative intellectual property rights management developments suggest a promising future. With the market gaining momentum, IOTA might rally to $0.20 soon.