Should You Buy Polygon (MATIC) for 2023?

NEW DELHI (CoinChapter.com) — MATIC, the native token of blockchain platform Polygon, might become a strong buy in 2023, riding on the back of several important partnerships. The Etheruem scaling platform has been making many waves with tie-ups with a series of corporate bigshots.

Polygon has partnered with Walt Disney, Meta, and Nike, to name a few. Partnerships with mainstream companies help the partnering blockchain platform and the crypto ecosystem.

Disney chose Polygon as one of the six companies for its “Accelerator Program,” which aims to promote the growth of innovative companies globally.

Meta, Nike, Starbucks Join The Polygon Bandwagon

Meanwhile, Meta, formerly Facebook and the parent company of WhatsApp and Instagram, announced plans to develop an NFT minting and sale feature on Instagram. As part of the launch, Meta leveraged the Polygon blockchain for NFT minting.

Additionally, the platform partnered with data storage protocol Arweave to store creators’ NFTs.

However, partnering with Meta is not Polygon’s first foray into the metaverse. Messaging platform Reddit recently leveraged Polygon’s blockchain for its Collectible Avatars NFTs. The project was a roaring success, with Reddit ending up with more than 3 million NFT wallets.

In Sept, Starbucks tapped Polygon to be its blockchain partner for launching its Web3 experience, Starbucks Odyssey. In detail, the program would allow Starbucks Rewards loyalty program members and Starbucks employees in the US to mint and buy digital collectible stamps as NFTs.

The Odyssey program would help Starbucks interact with its loyalty program members through various activities. For example, users could play interactive games, take on challenges, etc. The members would receive a digital ‘journey stamp‘ for completing the activities.

Meanwhile, Nike launched a new platform—called Swoosh—to enhance its presence in the Web3 world. The apparel giant was already one of the biggest fashion world players in the metaverse after it acquired RTFKT, an NFT sneaker studio, in 2021.

.Swoosh would act as the epicenter of Nike’s efforts to establish its presence in the Web3 ecosystem. Nike would use the platform to launch virtual apparel like t-shirts and sneakers for avatars in the metaverse. In addition, the platform would use Polygon to mint its NFT apparel.

Traditional Banks

Another feather to Polygon’s hat came from the multinational bank JP Morgan executing its first-ever cross-border transaction using DeFi.

The Monetary Authority of Singapore’s (MAS) Project Guardian, established to explore DeFi’s “applications in wholesale funding markets,” facilitated the trade. The program examined the benefits that tokenized assets and DeFi protocols can bring to traditional finance’s table.

Also Read: Ethereum Price Downtrend Far From Over, Why ETH Could Drop Below $1K

Interestingly, the bank executed the trade on Polygon using a modified version of the Aave protocol’s smart contract code.

Adoption Likely To Help MATIC Survive The Crypto Winter

The ongoing onslaught in the crypto markets has seen major tokens register massive losses. Moreover, the nearly back-to-back blows to the sector from the Terra collapse and the FTX debacle have increased FUD among investors.

However, Polygon’s MATIC token has fared better than two of the largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). Between Jun 18 and Nov 17, while MATIC price has risen steadily, ETH has crabbed, and BTC’s price has fallen.

MATIC (blue wave) has jumped over 187% between Jun 18’s low of $0.32 and Nov 17’s intraday high of $0.91, an impressive feat compared to other so-called “Ethereum killers” like Solana, which is currently struggling to survive.

Meanwhile, Ethereum’s ETH token (ochre wave) has registered comparatively modest gains of 39% in the same timeframe. ETH price jumped between Jun 18’s low of $880 and Nov 17’s intraday high of $1227.2.

On the other hand, Bitcoin, the world’s largest crypto, saw its price (red wave) fall 21% between Jun 18’s high ($20,758) and Nov 17’s intraday low ($16,412).

The different partnerships that Polygon built likely helped its token MATIC price outperform other crypto assets. Moreover, adoption by mainstream firms like Nike, Disney, Starbucks, etc., might help Polygon gain exposure to more users.

Historically, cryptocurrencies have nearly often gained from their partnerships with established firms. For example, when Elon Musk announced that Tesla would accept BTC payments, the token started a bullrun to reach an ATH that it broke in Nov 2021.

The partnerships have helped MATIC survive the current market conditions. However, once buyers return to the market, they might push MATIC price to start an uptrend.

VeChain’s hard fork event is here. Will its token VET soar? Read here to know more.