Why Polygon’s metaverse update could be a game changer for MATIC holders

• Polygon becomes the first ecosystem to host an airport metaverse
• MATIC is still struggling to recover despite healthy network growth.

Polygon has been celebrating different wins lately but its latest one slaps different. With the network leaning heavily towards metaverse offerings, Polygon has become the first blockchain network to host an airport metaverse courtesy of BLR Airport. Here’s why this is important.

Read Polygon’s [MATIC] price prediction 2023-2024

BLR Airport’s new metaverse on Polygon highlights the potential use cases, especially for commercial purposes. For example, airports may use the metaverse to showcase their offerings. It might also make it easier for customers to familiarize themselves with the airport virtually. One could think of it to boost 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.

Source: Glassnode

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.

Source: Glassnode

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.

Source: TradingView

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.