HomeBlockchainPolygon and the airport metaverse: MATIC close to a breakthrough?

Polygon and the airport metaverse: MATIC close to a breakthrough?

Polygon, the popular Indian blockchain with the network heavily geared toward metaverse offerings, has become the first to host an airport metaverse courtesy of BLR Airport. 

BLR Airport’s new metaverse on Polygon highlights potential use cases, especially for commercial purposes. For example, airports will be able to use the metaverse to showcase their offerings and more. 

Indeed, Polygon’s metaverse could also make it easier for customers to become virtually familiar with the airport, a useful factor in increasing customer engagement.

Polygon contributes to the rapid development of the metaverse: why 

The official announcement was made by Polygon’s Twitter account, which reads: 

“BLR Airport launches Metaport, the world’s first airport metaverse exclusively on Polygon showcasing Terminal T2. Experience the phygital world of socialising, shopping and entertainment. Welcome to the future with Polygon, AWS and Intel.”

With Polygon and BLR Airport, this is the first time a metaverse version has been released at an airport, which will work well for Polygon and other blockchain networks that dabble in the metaverse

Above all, this move highlighted the potential for Polygon to contribute to the rapid development of the metaverse. With regard to development and growth, this is not the first time Polygon has made good headlines. 

Indeed, the Indian blockchain based on Ethereum has managed to maintain a healthy growth trajectory in terms of adoption. Its total addresses have grown steadily over the past four weeks, despite disruptive market conditions. 

Although the number of new addresses slowed in the first week of November, the network picked up its pace. This was confirmation that the network was still attracting new users despite the latest bearish conditions. 

How much does the metaverse reflect on the demand for MATIC? 

Polygon’s receiving addresses exceeded the number of receiving addresses in recent days. This indicated that there was good demand for MATIC, Polygon’s native crypto, despite the recent crash.

On paper, MATIC saw higher receiving addresses than sending addresses, and this should act as confirmation of bullish momentum. However, this has not been the case, considering that, like most other cryptocurrencies, MATIC has struggled to recover after the latest crash due to the FTX collapse

Indeed, MATIC attempted a recovery in the second half of last week by bouncing up to 37% on 10 November. However, it then deteriorated again over the weekend. Its $0.89 print price still represented a slight premium to its recent lows, despite its bearish performance over the weekend.

MATIC was headed for a retest of the fifty-day moving average at press time, as well as a cross below the 50% Relative Strength Index (RSI) level. These observations pointed to a greater chance of a bullish start this week.

“The Ethereum killer” Polygon: what it is and how it works  

Polygon (MATIC) is one of the crypto on which the spotlight has turned in 2021. Indeed, it gained more than 1,000% on exchanges last year, and it has emerged as one of the big “Ethereum killers,” i.e., those blockchains that contend with Ethereum for primacy in decentralized finance and smart contracts

Today Polygon is among the twenty cryptocurrencies with the highest market capitalization, which at the time of writing is close to $8 billion. Not surprisingly, Polygon has been closely monitored in 2022 to observe its performance.

The Polygon platform was born in 2017 under the name “Matic Network” from the idea of three Indian entrepreneurs, Jaynti Kanani, Anurag Arjun, and Sandeep Naiwal

The current name was not adopted until early 2021, but MATIC is still used in reference to the crypto, i.e., the project’s native token. 

Technically speaking, Polygon is a framework with which developers can build decentralized applications and blockchain structures that are scalable and compatible with that of Ethereum

Polygon’s blockchain is a layer-2 network built on top of Ethereum, and was created with the aim of remedying the scalability, speed and efficiency problems encountered on the latter, but without changing its main features.

Polygon’s technology is distinguished by the presence of so-called plasma chains, i.e., secondary blockchains connected to a main blockchain through multi-chain “bridges.”

A success story 

Polygon has its own native cryptocurrency, MATIC, launched to the market in 2019 through an IEO managed by Binance. 

It is an ERC-20 token that serves as a true exchange currency within the Polygon ecosystem, as anyone who wants to use the framework to create a DeFi application is obligated to pay MATIC in exchange for the service.

Polygon has a success story behind it, as from its listing to date it has seen its price rise more than 4,200%

Moreover, last December it reached its all-time high above $2.87. Currently, the cryptocurrency’s price is about 40% below the levels it touched at the end of 2021. 

Despite this, according to many observers, there would exist several elements capable of ferrying Polygon’s growth in the long run. 

First, the eco-sustainability of its network, thanks to the full use of the Proof-of-Stake consensus protocol. 

Then, the gradual spread of the Polygon framework among decentralized exchange developers. 

Also no small part is the growth of the market for NFTs, which can be created without high fees by means of Polygon’s blockchain. 

And, last but not least, the future use of Polygon’s network in metaverse platforms, as we have seen, or in Web3 projects.

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.