Nubank, a Brazilian fintech company backed by warren buffet has decided to endorse polygon and MATIC token technology as its web3 technology for its “Nucoins” development. The investment into this web3 token and crypto space by Nubank has been resulting in a 100% hike in the share prices of MATIC since last week.
What is Nubank?
Nubank is a fintech company in brazil that has been funded by global investors like warren buffet’s Berkshire Hathaway company along with other investors like SoftBank. The 2013 starter fintech company Nubank is the largest fintech company in Latin America and the company is having its global operations in countries like Argentina, Germany, and Mexico.
What is Polygon?
In Polygon Technology, decentralized development such as the Ethereum scaling and operations like user-friendly decentralized app creation will use low transaction fees for security purposes. Polygon also called MATIC uses cryptocurrency and Technology which is used for building on Ethereum-based projects and blockchain technologies. Tokens that are issued by this polygon technology are called MATIC tokens. These tokens work upon the network along with the transaction processes involved in the exchange. Technology build up the polygon network helps to provide scalable secure and fast transactions which can be used in the cryptocurrencies likely Ethereum. Any individual who wants to buy NFTs on the polygon will be required to buy Ethereum crypto coins at the MATIC tokens in the process of transaction in the platform.
What is a Web3 token?
The understanding of web3 tokens can be analyzed effectively with help of the concept of web3. In this concept, the user will be able to get the benefits of the metaverse and can gain authority over their products such as NFTs. The individuals who will make these NFTs have all the rights over them and they can sell or auction these NFTs.
The NFTs are created by these users through their creativity in the network and they can monetize this creative work by selling these NFTs. It can be said that NFTs are the by-products of the interactions of the users will the digital world like games or metaverse. The polygon network’s MATIC tokens witnessed a rise of 6.5 % in its crypto exchange space after the nubank announced that it will use polygons technologies for the developments and as the base of its “nucoins” in the near future.
It is predicted that considering the foundations polygon technology witnessed over time along with the technical indicators of the time, the price of Polygon’s MATIC (MATIC) coin can increase to double by the end of 2022.