“It only represents the start of our great support for the NFT community,” said Zhou.
Enhancements for NFT Holders
According to a SafePal announcement, upgrades to their hardware wallet and wallet app have been completed to support Non-Fungible Tokens (NFTs) on the Solana and Polygon blockchains.
According to a SafePal announcement, upgrades to their hardware wallet and wallet app have been completed to support Non-Fungible Tokens (NFTs) on the Solana and Polygon blockchains.
“Since we recently supported Solana and Polygon NFTs, we have noticed a significant increase in NFT activities and user demand from our community. According to Tyler Zhou, SafePal’s Head of Growth & Partnerships, “it is just the beginning of our great support for the NFT community.”
SafePal made the decision to add support for Solana NFTs and Polygon ERC721 NFTs after researching the market and user trends. As a result, after updating to the most recent version, users can interact with NFT assets on the SafePal wallet with both blockchains.
You can find instructions on how to activate the most recent SafePal wallet version here. Additionally, users have detailed access to the project’s application upgrade history.
Why Polygon and Solana?
Due to its lower fees, quicker transactions, and significantly reduced energy consumption, Solana has become a well-liked alternative blockchain. Solana NFT has generated $2.5 billion in revenue despite having been in operation for only about a year, trailing only Ethereum and Ronin.
The move-to-earn trend and StepN’s meteoric rise have also sparked activity in the ecosystem, as StepN keeps releasing new updates like launching realm 3 on ETH and reporting a $122.2M Q2 profit despite the challenging market conditions.
For new generation NFT projects in the ecosystem like @DeGodsNFT, @SolanaMBS, or @okaybears, Solana has attracted a lot of attention. As a result, according to HyperSpace.xyz, Solana NFT’s market capitalization has increased once more to $725 million, and trading volume has also significantly increased recently.
The total number of unique active wallets increased by 47% to 1.51 million in Q2 2022, according to data from OpenSea, who noted the creation of 1.2 million new NFT wallets online on Polygon. NFT transactions’ overall USD value decreased by 64%, but trading volume rose by 47% to $122.45 million.
NFTs are currently transitioning from potential to reality for Polygon. Due to the fact that the market-leading NFT Marketplace OpenSea went live on Polygon in early 2021 and quickly rose to the top position among NFT trading platforms within the Polygon ecosystem. With $453 million in total NFT sales, Polygon is sixth on the market overall.
Traditional businesses are increasingly using Polygon as their preferred blockchain for creating their own NFT projects. For instance, Facebook has started using Polygon to test NFTs, Reddit has started using Polygon to exchange NFT avatars, and partners Prada and Adidas have started using Polygon to test NFTs. After $LUNA collapsed in May, nearly 50 Terra platforms—mostly NFT-focused—moved to Polygon Studio.
It’s unusual for a cryptocurrency wallet project to receive funding from Binance Labs and to take part in fundraising on Binance Launchpad. That project is SafePal.
The SafePal project’s long-term growth depends on carefully building and bolstering connections with other blockchains and their users in addition to its foundation on Binance.
What is SafePal?
SafePal is now serving more than 3,000,000+ users from more than 196 countries through its unique hardware wallet and software wallet product lines, all paired and managed through the SafePal App, where users can easily secure, manage, swap, trade, and grow their crypto wealth without compromising asset security.
SafePal is dedicated to providing a secure and user-friendly crypto management platform for the masses to secure and grow their crypto assets safely and conveniently. It is the first hardware wallet invested and backed by Binance.
To learn more about SafePal, visit their website
