Source: news.google.com
- Despite the crypto winter of 2022, NFT trading volumes on Polygon reached new all-time highs in the market.
- Polygon is becoming a go-to platform for companies to launch their NFT and seek to enter the world of Web3.
Ethereum’s Layer-2 scalability platform, Polygon, continues to be in the news with its expanding ecosystem and footprint in the crypto space. Last year, Polygon’s native MATIC cryptocurrency performed quite decently against altcoins and made its way into the top ten cryptocurrency list.
Also, due to its low fee and instant transfer capabilities, the Polygon blockchain is becoming a go-to network for various market players to launch their non-fungible tokens (NFTs). Over the last year, the Ethereum scaling solution witnessed a good volume of NFT sales. Despite last year’s crypto winter, Polygon posted $324 million in NFT sales and surpassed its own OpenSea NFT volume record from 2021.
Polygon’s NFT OpenSea program in 2022 has seen record acceptance. Furthermore, the Layer-2 blockchain also witnessed a strong increase in NFT trading volumes during the last week of December 2022.
As a competitor to Ethereum, Solana is facing big problems following the collapse of crypto exchange FTX, and some NFT issuers are moving away from the platform. This has benefited players like Ethereum and Polygon immensely.
Some popular NFT collections like y00t, a generative art project with 15,000 NFTs created by a community of creators and builders, plan to move to the Polygon blockchain before this year in 2023. Other NFT projects like Aavegotchi also plan to establish a base in the Polygon blockchain in the future. This year we expect several more NFT projects to join the Polygon ecosystem.
Polygon will incorporate billions in Web3
The Web3 craze has skyrocketed over the last year and every major company is moving into this rapidly emerging Web3 industry. Seeing the great opportunity here, Polygon has served as a bridge to help Web2 companies make a smooth transition to the Web3 world.
How @0xPolygon will add billions to Web3 and why you should be optimistic: 🧵 pic.twitter.com/OSCsiTkWCy
—KB{🪁} (@KBVRSE) January 3, 2023
Polygon partnered with some of the big brands like Reddit and Starbucks while bringing them into NFTs and the Web3 ecosystem. Additionally, Polygon has made significant partnerships for companies operating in multiple verticals. Some of the popular companies Polygon has partnered with include Meta, Adobe, Adidas, Disney, Draft Kings, Dolce and Gabbana, and many more.
Coffee giant Starbucks recently launched its NFT-powered Web3 rewards program, Starbucks Odyssey, built on the Polygon blockchain network. Starbucks further said that there is unprecedented interest in Starbucks Odyssey and that customer response has also been overwhelming. Moving ahead of this year in 2023, Starbucks Odyssey plans to launch its NFT marketplace that allows users to buy and sell some limited edition NFTs.
As more and more companies explore the exciting world of NFTs and Web3, Polygon makes sure to meet their requirements and ensure a smooth industrial transition.
Read More at news.google.com