CRYPTO CORNER EPISODE 553
Market Analysis, Updates, News & Reviews
Alright, so let’s talk Polygon, formerly MATIC – this is the topic of today’s Crypto Radar – the series where I share with you crypto projects and tokens that I’m researching, investing in, or simply monitoring for some time.
Let’s begin with what is this blockchain doing.
In a few brief words, Polygon is “a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without sacrificing security. Using Polygon, you can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains as you see fit.
In simple words, Polygon effectively transforms Ethereum into a full-fledged multi-chain system – an Internet of Blockchains, if you wish.
We can find similarities with other key players, like Polkadot, Cosmos, or Avalanche for instance.
There are however, a few key advantages and cool things that happened that pushed MATIC, the native token of Polygon jump by 50% in the past week, in spite of the bear market.
These are things like:
Reddit NFTs – If you remember, back in July Reddit launched its Polygon-based NFT marketplace.
Users can manage and store the digital collectibles on their Vault, which is Reddit’s own blockchain wallet. Unlike other companies offering NFTs, Reddit did not force users to purchase these with digital assets like Ether or MATIC, but instead, they allowed users to pay using credit or debit cards. On top of that, the NFTs had a fixed listing price of $9.99, $24.99, and up to and $99.99.
Recently, Reddit launched their second generation’s release of Reddit Collectible Avatars, and within 24 hours the trading volume of those surged over a thousand per cent (1,113% ) surpassing the $2.5 million mark.
At the same time, the number of holders of such digital avatars almost hit the 3 million mark. So, this made quite a splash.
Then there’s other cool things that Polygon is bringing out:
- lots and lots of games being built on the platform right now
- Partnerships with Starbucks, Stripe, Disney and most recently announced META.
- The network also facilitated JP Morgan’s first ever DeFi trade
The META partnership is the one that got everyone to “FOMO” into MATIC over the last two weeks.
Instagram, which is owned by META, (formerly Facebook), will soon allow users to mint and sell NFTs powered by Polygon Network. Instagram will make this an integrated feature, allowing digital creators to mint and sell non-fungible tokens directly from the app.
The update will initially be tested among a small group of creators, and there will also be video-based digital collectibles to be shared on its platform.
Meta noted that it will not charge fees for displaying and sharing a digital collectible on Instagram or Facebook and it will not charge any additional fees for selling digital collectibles until at least 2024.
In addition, it pledged that neither creators nor collectors will need to pay gas fees for digital collectibles bought on Instagram at launch.
On top of that, NFT creators will also be able to choose their royalty percentage between 5% to 25%.
This is great news for Polygon and the MATIC token holders especially.
But if you think you’ve missed that train, let me remind you that we are still in a bear market and as of this week, we entered what seems to me the perfect accumulation phase of the cycle. Anything you buy during these low levels is bound to give you a handsome return, provided you’re investing in projects with strong fundamentals, which Polygon sure is.
With all this in mind, may I remind you that this is by no means a financial advice, I am sharing my personal opinion here and I share with you the projects that I research and invest in, you are obliged to do your own research, so use this as a guide, this is another one of my top picks that I place on your crypto radar. The rest is up to you.
☝These are my opinions, not financial advice, always DYOR.
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.
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