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.
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.
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.
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.