Bullish news for Polygon: Partnerships, wallets & future outlook – Will MATIC price rise to $5?

  • The popular Phantom wallet announced support for the rapidly growing number of NFTs, games, and apps powered by Polygon.
  • Polygon has seen a nearly 200 percent jump in NFT sales on its platform since September 2022.

One altcoin that has grabbed everyone’s attention this year has been Polygon’s native cryptocurrency MATIC. Although the MATIC price has been subject to volatility during the crypto winter of 2022, it has relatively performed well in comparison to its peers.

As of press time, MATIC is trading 3 percent up at $0.86 with a market cap of $7.5 billion. This also makes MATIC the tenth-largest cryptocurrency by market value. There’s been a flood of new surrounding Polygon MATIC including Phantom wallet integration, gaming platform partnerships, and much more.

While other players have been struggling to sail through the current period, Polygon is making its foundations stronger so that it could be ready for the next mega bull run. On Tuesday, November 29, the popular Solana-based crypto wallet Phantom announced that it shall be extending its support to Ethereum and Polygon blockchains. The official announcement from Phantom reads:

By partnering closely with the @0xPolygon team, we’re offering a first-class wallet experience for the rapidly growing number of NFTs, games, and apps powered by Polygon.

Phantom is your companion for the Ethereum, Polygon and Solana ecosystems in a single wallet. In the same way people don’t switch web browsers to access different websites, we believe web3 needs one wallet to access what you need seamlessly.

Commenting on the development, Polygon co-founder Sandeep Nainwal said: “The amazing @phantomwallet adds support for @0xPolygon. Have heard a lot of great things about UX enabled by Phantom. Happy to see it available for Polygon community”.

Latest developments by the Polygon team

Fan-first commerce platform Token Events has recently announced its partnership with the 0xPolygon team. They will leverage the Ethereum Layer-2 scalability platform as a foundation to power its Non-Fungible Web3 Experiences.

Token Events said that they decided to use the Polygon blockchain to power its infrastructure considering factors such as security, scalability, interoperability, transaction speed, costs,  sustainability, etc. for its $FAN tokens. Jennifer Kattula, SVP, Marketing at Polygon said:

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We’re excited to welcome Token Events to the Polygon family. Token Events’ plug-and-play middleware makes it incredibly easy for brands to make the leap into Web3, with solutions for experiences, fans, and live events crossing a wide range of industries. It’s promising to see more Web3 experiences being brought to the live events space.

In the past, Polygon has also partnered with NFT marketplace Magic Eden and will help them dive deeper into the blockchain gaming and NFT spaces.

While the NFT market has slowed down amid the crypto winter of 2022, 0xPolygon has witnessed a mammoth increase in NFT sales on its platform. As per data from Messari, there’s been a nearly 200 percent jump in NFT sales on Polygon since September 2022.

As said Polygon’s native crypto MATIC has been one of the top holdings of crypto enthusiasts. During the 2021 bull run, analysts were saying that the MATIC price can touch $10 and more in the future. Although it is currently trading under $1, we can expect MATIC to hit at least $5 by the next bull run.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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