Polygon (MATIC) likely to be used for IPL fan tokens and other sports
Polygon (MATIC), the Layer 2 solution on Ethereum, has been seeing some strong growth in its prices over the last week or so that have been driven by some strong fundamentals and growing rumors of some special announcements from the team related to the sports domain in the coming weeks.
The crypto market has been maturing over the last couple of years and now the trend seems to be following that of the stock prices where the prices are driven by a combination of fundamentals and rumors rather than pure speculation. These growing signs of maturity are now being seen in the crypto market as well and one of the prime examples has been the prices of Polygon which has risen by over 20% over the last week or so backed by some strong fundamentals. The fact that the prices of most of the cryptos have been rising has also contributed to this push higher but it is interesting to see the fundamentals and rumors surrounding the network.
The network has seen increasing adoption in recent weeks with the number of active addresses on the network seeing some exponential growth during this period. The transaction volumes have remained fairly stable but there have also been announcements of new funds being launched by Bitwise and other companies that offer exposure to Polygon and these have been pretty much lapped up so far.
Another major announcement that is likely to be on the cards is the launch of Indian Premier League fan tokens that are backed by Polygon. IPL is the biggest sporting league by far and is followed by millions of fans not only in India but around the world. Active adoption of these tokens by the League would bring in a huge number of fans to the network and it would also help to take crypto onto the mainstream. This would be huge for the crypto industry in India but it remains to be seen how this would be fashioned as crypto isn’t legal in India as yet.
It also makes sense for fan tokens to be issued as this has been one of the prime use cases of crypto since its launch. With many sporting leagues, especially the soccer clubs, choosing to engage with the fans using such tokens, it was only a matter of time before IPL also followed but the rumor that it would be on Polygon has helped to push the MATIC prices higher.