The US Fed minutes showed that officials believed they should delay interest rate increases, which led to a surge in the cryptocurrency market. 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.
In this crypto bear market, one project that stands out is Polygon, which has repeatedly shown that it can still sign up major brands despite a significant decline in the crypto market.
The MATIC ecosystem now includes brands like Reddit, which is producing original NFT avatars; Starbucks, which is introducing an NFT-driven loyalty rewards program; and Nike, which has announced plans to roll out digital apparel NFTs.
Disney and Polygon will collaborate to create an NFT collectible, and Meta and Polygon will allow Instagram users to mint NFTs.
Cardano has had a difficult week, with two projects abruptly ceasing development and one being abandoned not long after its 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 declared that its public NFT sale would be suspended temporarily before starting again soon.
They announced two days ago that the Orbis project had run out of money and would have to be put on hold until they could get more money.
Yesterday, Ardana halted its development because of funding concerns. Last but not least, the launch of Indigo didn’t go as planned because a single wallet dumped about 35,000 of the project’s native token, causing its price to fall shortly after public sales went live.