Connect with us

Stocks

Polkadot Crypto Price Predictions: Where Will DOT Go With NFT Support?

Interest around Web 3.0 player Polkadot (DOT-USD) is back, and investors are seeking out Polkadot crypto price predictions as a result. The network, known for its innovative “parachains,” is looking to compete with layer…

Interest around Web 3.0 player Polkadot (DOT-USD) is back, and investors are seeking out Polkadot crypto price predictions as a result. The network, known for its innovative “parachains,” is looking to compete with layer-1 blockchain networks like Ethereum (ETH-USD). But now, recent news shows the project taking a new lane, competing for dominance in the non-fungible token (NFT) industry.

Source: shutterstock.com/nurionstd

Advertisement

Polkadot is best known as the blockchain network that’s most prominently pushing users toward the Web 3.0 era. With its Web3 Foundation backing, the network is taking the centralized network to task. It’s doing this through development of its unique parachains. These parachains are interweaving yet independent chains, each of which is dedicated to a single project. Projects vie for the chains in auctions, and the winning projects get support from the Polkadot team. After 96 weeks, the project’s lease is up and another auction takes place.

In addition to its parachain tech, Polkadot also has a “canary network,” Kusama (KSM-USD), which operates in the same way as Polkadot. However, these two networks will be known for something else soon.

Advertisement

According to Polkadot founder Gavin Wood — also one of the founders of Ethereum — both Polkadot and Kusama are slated for upgrades that will greatly increase the usability of NFTs on the networks. Several projects with parachains have NFT capabilities, like Moonriver (MOVR-USD). However, an upgrade to the Polkadot consensus mechanism will allow users to “teleport” NFTs; the upgrade will greatly improve the interoperability of NFTs on the Polkadot network.

Advertisement

Polkadot Crypto Price Predictions Get Hot With NFT Upgrade

The upgrade will surely help Polkadot carve out its own niche in the growing NFT space. And as it does this, the DOT crypto will be sure to benefit. But just how much might the coin grow in the coming months? Let’s take a look at some Polkadot crypto price predictions and see what analysts think:

  • CoinPriceForecast predicts plenty of growth for the DOT coin. Its price target for DOT through the end of 2022 is $25.13.
  • Similarly, DigitalCoinPrice forecasts a year-end price of $22.38 for the crypto.
  • WalletInvestor’s 12-month prediction for Polkadot targets a value of $35.84 by February 2023.
  • Gov Capital is far more bullish than the rest of the pack. It predicts that by February of next year, DOT will be worth $106.49.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

  • Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
  • Man Who Called Black Monday: “Prepare Now.”
  • Get in Now on Tiny $3 ‘Forever Battery’ Stock

The post Polkadot Crypto Price Predictions: Where Will DOT Go With NFT Support? appeared first on InvestorPlace.

Advertisement

InvestorPlace | Stock Market News, Stock Advice & Trading Tips

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.