HomeBlockchainPolygon: here's the latest on the blockchain and its NFTs

Polygon: here’s the latest on the blockchain and its NFTs

The last few hours have seen important and diverse news regarding Polygon, the Indian blockchain that also supports NFTs. Polygon as a blockchain and associated crypto has a relatively short history in the area of antiquity, though a busy one. 

Indeed, the Polygon crypto has gained much popularity in recent years, so much so that it can be called a fearsome rival to Ethereum. Just last year Polygon gained more than 1,000% in exchanges. 

Today Polygon is among the twenty cryptocurrencies with the highest market capitalization, which at the time of writing is close to $13.2 billion. Not surprisingly, Polygon is considered one of the cryptocurrencies to watch in 2022 and whose performance will be interesting to watch.

Nubank creates Nucoin tokens on Polygon

One of the recent news concerns Nubank, the fintech bank located in Brazil. Which announces the creation of Nucoin tokens on the Polygon blockchain. Nubank says the tokens will be available by the first half of 2023 and will pave the way for a rewards-rich program for its seventy million customers throughout Latin America. 

In addition, the tokens will be redeemable for benefits and discounts on selected products, and Nubank will make sure to recognize customer loyalty and engagement through banking products at no cost or fee to its users. 

Fernando Czapski, general manager of Nuicoin at Nubank, states:

“This project is another step forward in our belief in the transformative potential of blockchain technology. We want to make it even more democratic, going beyond the purchase, sale and maintenance of crypto in the Nu app.”

Nubank’s recent decision for this new project that includes Polygon is to involve a group of customers in the co-creation phase of the project. This is for the purpose of refining the product before the public launch and to be sure that the program really meets the needs of the customers. 

The fact that Nubank, which ranks among the most prestigious and largest digital banking institutions in the world, decides to offer its currency on the Polygon blockchain is a clear indication of the usefulness and power that Polygon has taken on in recent years. 

Polygon being supported in the Exodus Web3 wallet

Exodus Movement, the leading self-custody software platform for cryptocurrencies has announced the addition of Polygon support in the browser-based Exodus Web3 wallet.

The Exodus Web3 wallet represents the leading multi-chain self-custody solution for exploring Web3. Indeed, within it customers can easily switch between networks and buy, sell, and display NFTs on all supported blockchains within the platform. 

Polygon was recently added to the network, causing no small amount of excitement as Exodus’ network is able to connect customers to thousands of dApps within its growing ecosystem. 

JP Richardson, CEO and co-founder of Exodus, announces:

“The addition of Polygon support in our Web3 wallet offers another fast and low cost alternative to Ethereum for our clients.”

The enthusiasm is not confined to Exodus’ co-founder, even Hamzah Khan, Head of DeFi and Labs at Polygon Technology, displayed his good intentions within this project:

“The addition of Polygon to Exodus’ web3 portfolio will result in a significant leap forward in the accessibility of DeFi, allowing anyone to gain continuous access to over 53,000 decentralized services. Exodus provides an easy-to-use solution for both cryptocurrency veterans and newbies alike, and the integration of Polygon will further help the goal of bringing a new wave of adoption to the DeFi industry.”

Concern over a possible collapse of NFTs on the Ethereum Layer 2

Complicated market conditions threaten the Polygon blockchain, which seemed destined to overtake Ethereum in the NFT sector but is now at great risk. 

Just a year ago, Polygon ranked as the second-largest network in terms of users in the NFT sector. Data is certified and collected by Footprint Analytics, which collects it from wallets that bought or sold an NFT at least once during the previous month.

The blockchain had a remarkable growth story, as it had gone from 0% NFT users to over 48% in just 6 months. Until it overtook Ethereum and Solana, the other two blockchains that had been leaders in the industry for several years. 

However, the market has traveled downward and conditions have changed. In fact, we see Solana reconfirming its position as the second leading blockchain in the field of NFT users and Polygon, unfortunately, collapsing in terms of NFT user numbers. 

Although Polygon has been able to capitalize on its prioritization, Solana has gradually gained popularity, particularly in the field of non-fungible tokens.

No final word has yet been said, as Polygon in its short history has managed to confirm itself as the best Layer 2 solution. In fact, the network has greatly improved the scalability of Ethereum. In particular, the network has been able to process far more transactions than Ethereum, all at a reduced cost.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.