Why Polygon’s metaverse upgrade could change the game for MATIC holders

Polygon has recently celebrated a number of victories, but its most recent one stands out. Polygon, with its emphasis on metaverse products, has become the first blockchain network to host an airport metaverse, courtesy of BLR Airport. Here’s why this is significant.

The new BLR Airport metaverse on Polygon emphasises the various use cases, particularly for commercial purposes. Airports, for example, may use the metaverse to promote their services. It may also make it easier for customers to virtually familiarise themselves with the airport. It could be used to increase customer engagement.

Hello flyers ✈️ @BLRAirport launches #Metaport, the 🌏’s first airport metaverse exclusively #onPolygon💜 to showcase the T2 Terminal.

Experience the phygital world of
🤝 Socializing
🛍️ Shopping
🤹 Entertainment

Welcome to the future powered by #Polygon, @AWS & @Intel 🔥 pic.twitter.com/9ESUoIvplm

— Polygon – MATIC 💜 (@0xPolygon) November 12, 2022

Polygon ready for lift off

This is the first time that an airport was released a metaverse version. It could work out well for Polygon and other blockchain networks dabbling in the metaverse. More importantly, it highlighted the potential for Polygon to contribute to the metaverse’s rapid development.

Speaking of development and growth, Polygon managed to maintain a healthy growth trajectory as far as adoption was concerned. Its total addresses have grown consistently over the last four weeks, despite the disruptive market conditions.

Though the number of new addresses slowed down in the first week of November, the network regained its stride. This was confirmation that the network was still attracting new users despite the latest bearish conditions. But does this necessarily reflect MATIC’s demand?

Polygon’s receiving addresses outweighed the number of receiving addresses in the last few days. This indicated that there was healthy demand for MATIC despite the recent crash.

On paper, MATIC saw higher receiving addresses than sending addresses and that should act as a bullish momentum confirmation. However, that wasn’t the case, considering that, like most other cryptocurrencies, MATIC struggled to bounce back after the latest crash.

MATIC price action

MATIC attempted a recovery in the second half of last week. It bounced back by as much as 37% on 10 November, but then tanked some more during the weekend. Its $0.89 press time price still represented a slight premium from its recent lows despite its bearish weekend performance.

MATIC was headed for a retest of the 50-day moving average at press time, as well as a cross below the 50% Relative Strength Index (RSI) level. These observations highlighted higher chances of a bullish start this week.