The cryptocurrency market gained yesterday as the US Fed minutes showed that officials believed interest rate increases should be slowed down. This follows a 75 basis point increase earlier in the month. A 50 basis point increase in interest rates is now anticipated for this December.
The project Polygon (MATIC), which has continuously shown that it can still recruit major brands despite a severe crypto market fall, stands out in this crypto bear market. The MATIC ecosystem now includes brands like Reddit, which is producing original NFT avatars, and Starbucks, which is introducing an NFT-driven loyalty rewards program. And Nike has announced intentions to roll out digital apparel NFTs.
Disney will enter into an NFT collectible collaboration with Polygon, and Meta and Polygon will collaborate to enable Instagram users to mint NFTs.
Read: Binance Provides $1 billion More for Its Crypto Recovery Initiative
While Cardano struggles this week, Polygon enjoys a steady surge
However, Cardano has had a tough week with two projects abruptly ceasing work and one being abandoned soon after debut. The first is Orbis, a project that used Cardano to create a Layer-2 ZK-rollup.
The project advertised an NFT mint a week ago, declared that 50% of the NFTs had been sold, and then announced that the public NFT sale would be suspended temporarily before starting again soon. However, they revealed two days ago that the Orbis project has run out of money and will have to be put on hold until they can get more money.
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Yesterday, Ardana ceased its growth as well because of financial concerns. Last but not least, the launch of Indigo didn't proceed as planned since a single wallet dumped almost 35,000 of the project's native tokens, forcing its price to fall after public sales went live.
