Matic Crypto Investment: Worthwhile Or Worthless?

Matic, or Polygon, is a cryptocurrency that has been making waves in the crypto world. It is a blockchain that aims to work with other blockchains like Ethereum to make transactions quicker and easier. Matic's native token, also called Polygon, is used to pay fees, staking, and governance on the Polygon network. In this paragraph, we will explore the topic 'Is Matic a good crypto investment?' by looking at its past performance, price predictions, and the pros and cons of investing in it.

Matic's price history

Matic, now known as Polygon, was first launched in April 2019 with a value of around $0.00263. By the end of the year, its value had risen to $0.04168, but it fell again and started 2021 at $0.01781. In February 2021, Matic became Polygon, and this, along with a market upturn, caused its price to rocket. On 9 May, it broke past $1, and on 18 May, it surpassed $2. However, market conditions caused a downturn, and Polygon ended the year at $2.53.

In 2022, a series of market crashes hit Polygon hard, and on 18 June, it fell to $0.3228. The announcement of zkEVM, a new technological upgrade, caused a brief peak above $1 at the end of July, but the price soon dropped again.

In October 2022, Polygon announced a collaboration with Robinhood for its new Web3 wallet, and it also partnered with Meta to work on non-fungible tokens (NFTs). As a result, Polygon reached a high of $1.29 on 7 November before the collapse of the FTX exchange caused another drop to $0.773 on 21 November 2022.

Polygon started 2023 at around $0.9486, but it soon dropped to close the year at $0.7585, down 70% across the year. However, in January 2023, Polygon's price went back above $1, and it reached a high of $1.56 in February, its best price since April 2022. In February, Polygon made 20% of its workforce redundant, and this caused its price to drop to around $1.35. In March, the collapse of Silvergate bank caused another downturn, with Polygon sinking to a low of $0.9493. However, it made a recovery to stand at around $1.15 on 20 March 2023.

Polygon's all-time high was $2.92, and it is currently valued at 86.34% below this.

Matic's future price predictions

Matic, or Polygon, is a blockchain that works with other blockchains to increase speed and efficiency. It was founded in 2017 by former Ethereum employees and is designed to counteract problems caused by extra traffic on the Ethereum blockchain.

Other sources give the following predictions:

• $1.40 in 2023, $2.85 in 2025, and $17.76 by the start of the next decade (PricePrediction)
• $2.43 in 2023 and $3.91 in 2025 (DigitalCoinPrice)
• $0.4484 in September 2024, with a maximum level of $0.4857 (3)
• $1.29 to $1.91 in 2025, $8.29 to $10.95 in 2030, $40 to $70 in 2040, and $100 to $180 in 2050 (5)

It's important to remember that price predictions can be wrong, especially in the volatile cryptocurrency market.

Matic's advantages over Ethereum

Matic, now known as Polygon, has several advantages over Ethereum.

Firstly, Polygon is a Layer 2 solution that works on top of the Ethereum blockchain, and it addresses some of Ethereum's major limitations, including its throughput, poor user experience, and lack of community governance. Ethereum's growing popularity has led to rising gas fees and excessive traffic, making it harder to use. Polygon, on the other hand, offers lower gas fees and higher throughput, making it a more attractive option for users.

Secondly, Polygon provides faster transaction processing speeds. It can process more than 32 transactions per second on average, whereas Ethereum transactions are typically slower due to its larger block size and higher network activity.

Thirdly, Polygon has consistently lower transaction fees, with a typical transaction fee of less than $0.01, compared to Ethereum's higher gas fees.

Fourthly, Polygon is designed to be interoperable with Ethereum and can scale without limits. It enables communication between Ethereum and other blockchains, helping existing blockchain networks become compatible with Ethereum.

Finally, Polygon's shared security model is entirely optional. This means that sovereign platforms can retain their independence and flexibility without sacrificing additional security if it is not needed.

Overall, Polygon's advantages over Ethereum include improved scalability, faster transactions, lower fees, and enhanced interoperability, making it a more user-friendly and cost-effective option.

Matic's partnerships

Matic, now known as Polygon, has formed partnerships with several well-known companies, including Meta, Nike, Starbucks, Mastercard, Adobe, Disney, Adidas, Mercedes, Reddit, Google Cloud, JPMorgan, and Robinhood.

The partnership with Meta (formerly Facebook) focuses on launching an NFT platform within the Metaverse. The aim is to create a secure and efficient ecosystem for Meta's users to collect and trade digital assets, such as digital art, virtual real estate, or other Metaverse components. Polygon's role is to provide the technological foundation for these transactions, ensuring they are conducted smoothly and with minimal transaction fees.

Nike's partnership with Polygon centres around their Swoosh platform, which is conceptualised as a digital marketplace and innovation hub. Nike aims to offer NFTs and digital fashion items, creating a seamless and interactive virtual experience that could revolutionise the intersection of fashion, gaming, and technology.

Starbucks' collaboration with Polygon was brought to life with the Starbucks Odyssey experience, a part of their larger Web3 project. This partnership introduces a novel loyalty program that incorporates the collection and trading of digital assets. Through Starbucks Odyssey, customers can engage with the brand in a more immersive way, earning NFTs as rewards that can unlock unique experiences and benefits.

Mastercard initiated the Artist Accelerator Program on the Polygon Blockchain to empower new musical talent. The program is designed to mentor artists and help them leverage Web3 technologies to build their brands and fan engagement. Artists can learn about and utilise NFTs and other blockchain functionalities to innovate in music distribution, fan experiences, and brand partnerships.

Adobe's partnership with Polygon allows artists on their platform, Behance, to list their NFTs minted on Polygon. Adobe actively plans to scale its reach by partnering with Polygon.

The collaboration with Disney involves the entertainment giant using Polygon's blockchain to develop its own NFT platform called Disney+. This allows Disney to offer a digital collectibles experience to its audience, ensuring security and efficiency in the collection and trade of these assets.

In the sports apparel domain, Adidas entered the blockchain space by partnering with Polygon to launch its own NFT platform, Adidas Originals. The collaboration aims to explore the possibilities of digital ownership and new forms of customer engagement through NFTs.

While the specific details of the partnership between Polygon and Mercedes were not disclosed, the luxury automobile manufacturer's foray into the blockchain space with Polygon suggests an interest in exploring the use of NFTs or other blockchain-based initiatives.

Reddit's partnership with Polygon provides its users with a more efficient and cost-effective way to manage community points, which serve as a measure of reputation and contribution within Reddit's various sub-communities.

The partnership with Google Cloud is geared towards accelerating the adoption of blockchain technology within enterprise solutions. Google Cloud's infrastructure combined with Polygon's blockchain technology enables enterprises to deploy and manage blockchain applications more efficiently.

JPMorgan, meanwhile, conducted its first decentralised finance transactions using the Polygon platform. The investment bank recently made its first decentralised finance transaction in collaboration with the Monetary Authority of Singapore.

Overall, Polygon's partnerships with these global brands have helped to establish it as one of the top blockchain service providers worldwide.

Matic's environmental impact

Matic's Real-time Operational Intelligence (RtOI) is a solution that enables manufacturers to achieve agile and data-driven factory floors. It helps them meet reporting requirements and establish regulatory compliance in their operations with complete production data.

Matic's RtOI features tools for both material and energy consumption management, allowing manufacturers to maintain compliance with regulations on recycled content use and energy efficiency. It provides real-time oversight of KPIs and production goals, helping to reduce large material waste and energy consumption.

Matic's data analytics solution aggregates data from multiple sources, including machines, information systems, peripheral systems, and human resources. It then delivers insights and predictions to relevant stakeholders via a dedicated PA app, enabling them to make informed decisions and take necessary actions.

Matic's solution also includes work management tools that allow for easy implementation of changes on the factory floor. Real-time monitoring shows the impact of these changes immediately, helping manufacturers meet new regulations and adapt to future changes.

Additionally, Matic's RtOI offers structural communication and notifications, task and process automation, and advanced visualization capabilities. These features enhance inter-factory communication, enable rule-based automation, and break down information silos, respectively.

Frequently asked questions