Polygon flying high: MATIC Web3 portal for global brands defies crypto market gloom
Polygon has stormed into a new Web2 alliance after a partnership with Meta (META) to host non-fungible tokens (NFTs) on Facebook and Instagram
The move is part of a wider trend as Polygon looks to become the leading blockchain for brands making the jump into the crypto industry, according to a recent Bernstein report.
MATIC, Polygon’s native cryptocurrency, has rocketed this month and passed the $1 barrier. As of 8 November, MATIC was up 40% in the past 30 days.
MATIC to USD
The bullish Bernstein report
As it looks to on-board notable clients into the Web3 world, Polygon’s Layer 2 solution has been chosen by Starbucks (SBUX), Robinhood (HOOD), Nubank, and most recently Meta.
Bernstein reported that it has acquired talent from technology giants to achieve this, including Amazon (AMZN) and YouTube, according to CoinDesk.
But Polygon is not the perfect destination for large brands just yet. Bernstein argued that the Layer 2 network is not fit for long-term success as it is still attached to the Ethereum (ETH) blockchain. The brokerage said: “Polygon has been parasitic to Ethereum.”
However, Polygon has been able to use this to its advantage. It has managed to acquire multiple teams during the bear market that were originally working on the Ethereum blockchain.
Being based on Ethereum has also allowed it to utilise cryptocurrency standards, including coding languages, software tools and ETH as a gas currency.
Polygon’s price flying high
Chhugani and Agrawal noted that “the market has started rewarding it [polygon] for building through the bear market”.
After the Meta partnership was announced on 4 November, MATIC surged above the $1 mark for the first time since August. It reached an intraday high of $1.19. MATIC continued climbing throughout the coming days and peaked at $1.29 on 7 November.
At the time of writing, MATIC had fallen from this high. It was trading at $1.17, down 4% in the past 24 hours, but still up 40% over the previous month.
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