Blockchain News

SafePal Supports Solana, Polygon NFTs

Zhou: “It marks just the beginning of our great support for the NFT community.”

Upgrades for NFT Holders

SafePal announced that they have completed upgrades to their wallet app and hardware wallet to add support for Non-Fungible Tokens (NFTs) on Solana and Polygon blockchains.

After studying market conditions and users’ behavior, SafePal decided to add support for Solana NFTs and Polygon ERC721 NFTs. Accordingly, users can interact with NFT assets on the SafePal wallet with both blockchains after updating to the latest version.

“We have seen a tremendous amount of NFT activities and user demand from our community, with our recent support for Solana and Polygon NFTs. It marks just the beginning of our great support for the NFT community,” SafePal Head of Growth & Partnerships Tyler Zhou told BSC News.

Instructions for users to activate the latest version of SafePal wallet can be found here. Users can also track the project's application upgrade history in detail.

Why Solana and Polygon?

Solana has emerged as a popular alternative blockchain due to its lower fees, faster transactions, and significantly lower energy consumption. Despite being in business for only about a year, Solana NFT has recorded $2.5 billion in revenue, behind Ethereum and Ronin.

Solana has gained a lot of attention for new generation NFT projects in the ecosystem like @DeGodsNFT, @SolanaMBS, or @okaybears. As a result, the market capitalization of Solana NFT has returned to $725 million, with trading volume also increasing sharply in the past few weeks, according to HyperSpace.xyz.

In addition, the explosion of StepN and the move-to-earn trend has generated activity in the ecosystem, as StepN continues to provide new updates, such as launching realm 3 on ETH and reporting $122.2M Q2 profit despite the difficult situation of the current market.

For Polygon right now, NFTs are moving from potential to reality. Because the market-leading NFT Marketplace OpenSea officially went live on Polygon in early 2021 and became the number one NFT trading platform in the Polygon ecosystem. All-time NFT sales on Polygon are also ranked sixth on the market with $453 million.

In Q2 of 2022, OpenSea recorded 1.2 million new NFT wallets online on Polygon, increasing the total number of unique active wallets by 47% to 1.51 million. While the total USD value of NFT transactions fell 64%, trading volume increased 47% to $122.45 million.

Source

Polygon is also becoming a blockchain of choice for traditional companies to develop their own NFT projects. For example, Facebook has begun piloting NFTs with Polygon, Reddit launched an NFT avatar exchange on Polygon, and partners Prada and Adidas used Polygon to launch their NFT project. Nearly 50 Terra platforms, mainly NFT-oriented, moved to Polygon Studio after $LUNA collapsed in May.

SafePal is a rare crypto wallet project to draw investment from Binance Labs and to participate in fundraising on Binance Launchpad.

In addition to its foundation on Binance, conscientiously developing and strengthening connections to other blockchains and their users is essential to the long-term development of the SafePal project.

What is SafePal:

SafePal is a cryptocurrency wallet founded in 2018. It aims to provide a secure and user-friendly cryptocurrency management platform for the average user. It is the first hardware wallet backed by Binance and is now catering to over 3 million users globally. The company provides both a hardware wallet and software wallet, both of which can be paired and managed through the SafePal application available through the Apple App Store and the Google Play Store.

Find about more SafePal here:

Website | Twitter | Youtube | Blog | Telegram | Medium |

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