Ethereum’s popular scaling solution, Polygon (MATIC), was undoubtedly this week’s star performer in the crypto world.
It is a blockchain network that enables faster and cheaper transactions on the Ethereum network using a combination of the Plasma Framework and the Proof-of-Stake (PoS) consensus mechanism.
Launched in 2017, the Polygon network aims to solve the scalability, interoperability and user experience issues that are prevalent in the Ethereum ecosystem.
With Ethereum’s current block time of about 13 seconds and transaction fees sometimes reaching exorbitant levels, the Polygon network has become an attractive alternative for developers and users.
The crypto and NFT world prefers Polygon (MATIC)
Polygon (MATIC) has achieved another commercial success by acquiring a major NFT collection from Klaytn, a network associated with one of South Korea’s largest business groups and conglomerates, Lotte.
Lotte, South Korea’s fifth largest conglomerate in terms of commercial and financial significance, has decided to transfer its first NFT series to Polygon, which will continue to exist for the next scheduled editions.
This move by Lotte demonstrates Polygon‘s irresistible appeal to the commercial world, particularly its high visibility and relevance.
Lotte’s autonomous decision to transition its collection of NFTs to Polygon will affect already issued NFTs, which include various advantages and benefits for those who own them at various businesses belonging to the Lotte group.
The timing of the transition is not yet clear, but Polygon confirmed that it has no say in the matter, as it is an autonomous decision by the group.
Even though this news may not definitively change the fate of the NFT world and the chains and projects that support them, it is a sign of how attractive Polygon is to business groups that want to attempt experiences in the Web3 and NFT world.
This has also been evident in the past, with Starbucks and other companies choosing Polygon as their infrastructure.
However, this transition is a blow to Klaytn, which metaphorically should be its own backyard. It is a sign that in the face of more established groups like Polygon, resistance becomes increasingly difficult.
It remains to be seen what will happen when the BellyGom series trades on Polygon, and whether more in-depth reports will come out about this move, which is the latest in a clear convergence of the entire industry toward the services offered by this L2 on Ethereum.
The positive week for Polygon (MATIC)
The news that the Polygon platform is enjoying tremendous success in the crypto world has led many investors to focus on the native MATIC token.
Currently, the MATIC token is trading at a price of $1.19 with a market capitalization of $10.3 billion. The volume traded is $445.4 million in 24 hours, with an outstanding supply of 8.7 billion tokens.
These figures make Polygon’s token the fourth most popular cryptocurrency, an extraordinary growth primarily experienced in the last 7 days.
Indeed, the last week has seen an increase in the token of about 20%, and in the meantime, the token continues to grow. Though, the all-time high of $2.92 is still far away.
As for 2023, the outlook for the MATIC token is more than positive, which is greatly related to the recent news that Polygon is being used by many companies in the industry.
Market analysts predict that during 2023, the token will continue to grow to $2.
More optimistic still are the long-term forecasts, with market analysts believing that Polygon’s token could reach $4, more specifically $3.90 by 2025.
They also skew to 2030, where the MATIC token could hover between $5 and $9, almost reaching triple its all-time high.
We can safely say that current trends and forecasts show that Polygon is a project to invest in. Companies in the crypto world are already aware of it and are investing in the project.