- Phantom wallet recently announced that it was enabling functionality for assets on Ethereum and Polygon
- The wallet’s multi-chain strategy would focus on NFTs
Phantom, a Solana-focused cryptocurrency wallet, announced it would move to other chains on 29 November. This action followed the recent difficulties Solana had had following the demise of FTX. Could the FTX collapse have been a driving force behind this decision, or were there other influences?
Ethereum and Polygon are now Phantom-able
The company claimed that the perceived necessity for self-custody had driven it to expand its product to these other significant blockchains in the wake of the FTX crash.
Additionally, it explained that authorizing usage on these chains allowed users to access resources from several chains in a single location. The action was also intended to advance the wallet’s goal of developing into a multi-chain wallet.
Phantom claimed that it collaborated with Solana closely to create a premium wallet experience and now had more than three million users. The business has also announced that the private multi-chain beta would start in the coming weeks, with a public release scheduled for later this year.
Phantom’s main aim had been transitioning into a multi-chain network; thus, this development may have merely hastened the process. Non-fungible tokens (NFT) will be at the center of Phantom’s multi-chain strategy, with safeguards against spam dumps and enhanced support for viewing NFTs that include media.
Phantom’s potential migration to various blockchains would provide users, particularly those on the Ethereum blockchain, a competitive choice. Users would have centralized access to all of their assets with the addition of these chains.
The success of this new venture, and the percentage of the market it will be able to seize, will depend on the reaction of its target audience.