Despite the ongoing crisis in the crypto market, the Polygon Network seems to be shaking it all off as it records a new all-time high in the number of unique addresses on the network. As of November 16, the network had 191,255,170 unique addresses after adding over 355K addresses in a single day.
Meanwhile, a report from CryptoRank reports Polygon as the third-ranked smart contract platform in terms of commissions collected every month. According to the crypto analytics platform, the network’s monthly revenue in the past 30 days sits at $3.2 million, a whopping 218% increase from the previous month.
That said, Polygon comes behind Ethereum and BNB Chain with $114 million and $24 million, respectively.
However, most other metrics on the network are flat, given the current state of things in the industry.
Polygon to Host Nike’s .Swoosh
In other news, behemoth sporting gear manufacturer Nike has laid its footprint in the Web3 space through the launch of its NFT marketplace .Swoosh on Polygon.
Nike came up with the idea for the new platform to create and offer digital memorabilia like virtual shoes, jerseys, or accessories, according to a statement from the sports clothing manufacturing company. According to the announcement, RTFKT avatars will be able to use the virtual clothing from .Swoosh. Nike purchased RTFKT in 2021, a well-known team in the Web3 industry.
The user-inclusive concept that Swoosh offers helps designers create digital collectibles (NFTs) for the platform. These designers are also entitled to rewards and royalties for each item of clothing they create; however, this opportunity has yet to be taken advantage of but will be in the future.
The platform is currently available for an invite-only beta phase, indicating that it is just for chosen individuals. When the company releases its first virtual products in January 2023, .Swoosh will reportedly be accessible to an even larger audience.
Nike going with Polygon to launch its NFT marketplace comes as no surprise, considering that Polygon’s NFT projects have performed relatively well and have penetrated critical adoption platforms like Instagram and Reddit.
Finally, while it hasn’t had any effect on the price of the project’s native token, MATIC, the recent partnership announcement was well received by whale investors. Reports show that some days ago, Polygon recorded its highest single-day trading volume in large transactions since February 2021.
MATIC Restests Floor, Remains Steady Above $0.8600
Polygon (MATIC) appears to be retaining its 4-month floor of $0.7500 after suffering a devastating marketwide crash but halting immediately after contact was made with the said support.
This is a notable sign for the cryptocurrency, as it essentially suggests the mentioned floor will be difficult or unlikely to break. As such, it is likely to see a sideways pattern above this level over the coming weeks until the existing bearish pressure acting on the market lifts.
MATIC Statistics Data
MATIC Current Price: $0.9000
MATIC Market Cap: $7.8B
MATIC Circulating Supply: 10B
MATIC Total Supply: 10B
MATIC Market Ranking: #10
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.