Nike is introducing SWOOSH, their new proprietary platform. Users may gather Nike virtual creations in this exclusive online space. Additionally, they declared that Polygon would be the blockchain on which they would develop their web3 experiences. Will MATIC price increase because of this news? Let’s analyze in this MATIC price prediction article.
What is Polygon (MATIC)?
Polygon is an Ethereum Blockchain scaling solution. It should make transactions faster and more efficient. Polygon utilizes “sidechains” to better distribute the transaction load on Ethereum. This is the intent of a layer 2 solution.
For years, the Ethereum blockchain has struggled with slow transaction speeds and high gas fees. Polygon provides so-called “parachains,” which can take over the transaction load from Ethereum, particularly when smart contracts are executed.
The entire network was previously known as MATIC, and it was solely focused on increasing Ethereum scalability. The network then rebranded to Polygon in 2021, intending to become “Ethereum’s Internet of Blockchains.” Polygon wishes to make Ethereum a multi-chain network.
What is Nike Swoosh?
Nike is introducing SWOOSH, a brand-new platform where users can gather Nike virtual creations online.
Users signed up on the waitlist to be among the first to experience it. Users need an access code to register to create a SWOOSH ID because SWOOSH is currently in beta, and they’ll also need to be a Nike member.
Nike Swoosh uses Polygon
Nike announced that they chose Polygon as the exclusive blockchain to build their web3 experience. In fact, Nike was not the only one to do so, as there have been many big brands on the Polygon bandwagon. From Starbucks to Meta, those big names are definitely seeing the big advantage to build and scale on Polygon.
MATIC Price Prediction: Will MATIC price increase soon?
The problem currently is that the crypto market suffered severe losses in the past week. The FTX bankruptcy sent the entire crypto market crashing. This includes stablecoins which depegged for a brief period of time. However, despite all of this, MATIC prices remained on an uptrend that started back in June 2022. In figure 1 below, we can see how MATIC prices are still on an uptrend, unlike most other cryptocurrencies.
MATIC is expected to reach the price of $1 again soon. When the crypto market goes back bullish, MATIC prices should boom and continue higher to reach $2 somewhere in Q42023.
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