Skip to content Skip to sidebar Skip to footer

NEAR Foundation and Alibaba Cloud partner to accelerate Web3 expansion, resulting in NEAR price surge

By Solomon Victor

NEAR Foundation has announced a partnership with Alibaba Cloud to promote the adoption of web3 technology in Asia and the Middle East, leading to a significant increase in the price of NEAR tokens. 

Strengthening Web3 Adoption through NEAR and Alibaba Cloud Partnership

NEAR Foundation, a non-profit organization supporting the growth of the NEAR protocol ecosystem, has joined forces with Alibaba Cloud, the computing and storage arm of Alibaba, to drive the advancement of web3 technology in Asia and the Middle East. The strategic partnership between these two entities sparked a remarkable surge in the price of the NEAR token, highlighting the market’s positive response to the collaboration.

By leveraging Alibaba Cloud’s expansive network of developers, NEAR Foundation aims to attract more developers to build innovative applications on the NEAR protocol. This collaboration grants NEAR access to Alibaba Cloud’s developer ecosystem, offering a promising avenue for accelerating the adoption of web3 technology.

As part of this partnership, the NEAR Foundation and Alibaba Cloud will provide remote procedure calls (RPC) as a service to developers and consumers within the NEAR ecosystem. RPC facilitates seamless data access from blockchains and allows for the secure transmission of transactions across different networks. Additionally, developers will gain access to multi-chain indexing, which simplifies data query APIs. With Alibaba Cloud’s user-friendly “plug-and-play” infrastructure-as-a-service, developers can effortlessly create new NEAR validators.

Read also: Algorand price jumps by over 20% after it scored partnership with FIFA

Positive Response from the Market

Following the announcement of the NEAR Foundation and Alibaba Cloud partnership, the price of NEAR experienced a substantial surge of over 10.5% within 24 hours. The surge reflects the market’s recognition of the potential impact of the collaboration and the increased investor interest in NEAR.

Read also: What is Fundamental Analysis and how is it used in the crypto market?

Continued Commitment to Web3 Innovation

This partnership between NEAR Foundation and Alibaba Cloud follows Alibaba Cloud’s recent collaboration with Avalanche to establish a metaverse launchpad on the blockchain. Known as Cloudverse, this collaboration offers companies a comprehensive solution for customizing, launching, and maintaining their metaverse spaces. By building all the blockchain components, including digital land and wearables, on the Avalanche network, Cloudverse contributes to fostering innovative customer engagement. 

NEAR price currently 

Despite the initial surge in NEAR’s price following the announcement of the partnership between NEAR Foundation and Alibaba Cloud, the token has experienced a recent decline in value. Today, the price of NEAR Protocol (NEAR) is $1.35, representing a 4.36% decrease in the last 24 hours. Over the past seven days, NEAR has seen a 1.08% price decline.

NEARUSDT Weekly Chart @ TradingView

NEAR Protocol Price Chart (NEAR) @CoinGecko

With a circulating supply of 930 million NEAR tokens, the current market capitalization of the NEAR Protocol amounts to $1,248,531,928. 

Short-term price fluctuations may occur, but the long-term success of NEAR depends on the continued development of applications, user adoption, and other solutions.

Read also: Avalanche Blockchain: All You Need To Know

Credit: Solomon Victor is a Technical Analyst who is also knowledgeable about various aspects of blockchain and cryptocurrency.