A recent article by cnbctv18 analyzing layer-2 altcoin projects explains why we will see a rally in this area with 4 factors.
Here is the tier 2 altcoin project that will see ‘crazy growth’
The New Year brought mobility to layer-2 Blockchain networks. Polygon (MATIC), in particular, has recovered around 13% since the beginning of the year. Polygon is aiming for more gains in 2023, with a few positive developments unfolding over the past month. The first of his trumps to do this is the 3 altcoin projects that migrated to the Polygon network at the end of December 2022. Two major Solana NFT platforms, DeGods and Y00ts, announced they’ve moved to Polygon. In addition, Korea’s popular metaverse platform OrbCity announced that it will transition to the Polygon network on December 27. The platform plans to complete this transition in Q1 of 2023.
These additions lead to a huge increase in activity on the Polygon network. It can also bring new users to the network, thereby helping the overall growth of the ecosystem. However, this progress has come at a price, and reports state that Polygon paid Y00ts and DeGods $3 million to transport the chains.
Mastercard launchpad program
On January 7, traditional finance giant Mastercard announced a launchpad program that will teach emerging artists how to use Web3 and Blockchain technology. The program is called the Artist Accelerator program and is developed in collaboration with Polygon.
The program teaches artists how to use NFTs on the Polygon network, run metaverse-based gigs, etc. will teach. To that end, Mastercard and Polygon have created a curriculum that these artists will cover during launchpad. Of course, once these artists start using Polygon to release their music, engage with followers, drop NFT collections or host virtual concerts, it will bring a few new users to Polygon and result in the growth of the network. cryptocoin.com In this article, we have included the partnerships made by Polygun during the year.
Polygon challenges altcoin market with increase in NFT volume
While sales volumes of many other NFT platforms fell, Polygon set a new record, reaching $324 million in sales in 2022. This figure surpassed the previous record set in 2021. Also, Polygon’s NFT sales volumes have already surpassed $300,000 in the first weeks of 2023, according to Santiment data.
Polygon also registered more NFT users than most other networks. For example, on December 13, Polygon had ten NFT collections with over 180,000 owners and four collections with over 500,000. For comparison, Ethereum only had four collections with over 100,000 owners and only one collection over 500,000, while Solana didn’t even have a single collection above 30,000 on the NFT market.
Also, the number of active Polygon addresses has increased significantly this month. On December 31, 2022, Polygon had 429,998 active addresses; That number jumped to 609,847 on January 8, according to Polygonscan data. Again, such expansion in the middle of the crypto winter is commendable and bodes well for the future of the network.
Polygon has a lot of momentum behind it right now. However, cryptocurrencies are highly volatile and prices can fluctuate wildly even after posting the strongest indicators. Therefore, always remember to do your own research and invest as much as you can afford to lose completely.
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