- Dolce & Gabbana reveals Collezioni Genesi, a debut non-fungible token collection built on the Polygon network to be auctioned on September 20.
- The Ethereum rival expands its utility with the acquisition of layer-2 scaling solution Hermez in a key technical upgrade for the network.
- Polygon's hold on the NFT ecosystem strengthens, 60% of OpenSea users are on the 0xPolygon network.
The latest updates on the Polygon network have fueled a bullish outlook among traders. Analysts consider that the altcoin has upside potential.
MATIC rally widely anticipated as Polygon’s market share in DeFi and NFTs increases
Polygon network has established a strong foothold in the exploding non-fungible token ecosystem. Fashion giant Dolce & Gabbana worked on their debut NFT collection through Polygon network’s support. The brand has now scheduled the auction for September 20.
The luxury fashion house has a nine-piece collection, “Collezione Genesi,” depicting the illustrations and digital art of pieces designed by Dolce and Gabbana. The NFTs have utility as wearables in the metaverse.
Interestingly, the auction is exclusive and “approved bidders” are allowed to participate in it.
Dolce & Gabbana tweeted:
1/ Today is a big day. We proudly reveal Collezione Genesi, @DolceGabbana’s debut NFT collection — a one-of-a-kind, 9-piece collection personally designed by Domenico Dolce and Stefano Gabbana, exclusively for UNXD.https://t.co/IK2fIP515v
— Dolce & Gabbana (@dolcegabbana) September 6, 2021
Dolce & Gabbana has led the fashion industry forward and their association with MATIC for their NFT debut has fueled a positive outlook in the altcoin’s holders and traders. The community is now awaiting the announcement of Polygon’s integration with Coinbase, the world’s second largest crypto exchange.
Coinbase chose Polygon as a scaling solution to reduce transaction costs and level the playing field for retail traders, however, the exchange is yet to set a date for the upgrade. The announcement is expected to positively impact traders’ sentiments on MATIC.
Among key technical updates planned by the Polygon network is the acquisition of Hermez, a zero-knowledge roll-up. Hermez’s network facilitates hundreds of transfers off-chain and generates cryptographic proof as validity and posts it on Layer 1.
Polygon’s acquisition of Hermez for a total of $250 million boosts the Ethereum rivals technical infrastructure.
The competition between MATIC and ETH ensues as Polygon makes attempts to claim a bigger share of the NFT ecosystem. About 60% of users of the world’s largest peer-to-peer NFT marketplace, OpenSea, are on Ethereum’s rival network, Polygon.
Analysts expect technical upgrades in the Polygon blockchain to trigger a price rally. A pseudonymous analyst on crypto Twitter, @AltcoinSherpa expects MATIC to hit $2 soon.
$MATIC: I think its likely this goes to $2 pretty soon. I say this bc of the way price consolidated around here. Of course it needs to break this $1.70 resistance level first but the chart looks good +narrative also good (ETH is expensive rn). #MATIC pic.twitter.com/SoL493i1GV
— Altcoin Sherpa (@AltcoinSherpa) September 4, 2021
FXStreet analysts state that the altcoin has already bottomed out and is now ready for a bull run.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?