- Ethereum scaling solution, Polygon (Matic) has delved into the lucrative NFT metaverse industry to boost its traction and crypto presence.
- Aavegotchi, ZED RUN, and SkyWeaver have picked Polygon over the Ethereum mainnet and other blockchains to launch their gaming solutions.
- The rise in NFT arts and gaming solutions may be the game-changer for the crypto market amid a new market slide.
- Experts laud the move by Polygon as a step in the right direction to increase its utility and bring its community together.
Popular layer 2 scaling solution, Polygon has been a constant presence in the news this year because of the utilities it offers Ethereum due to the delayed launch of ETH 2.0. Polygon, formally Matic, was rebranded to be more scalable with increased security and reduced fees as a result of the congestion on the Ethereum mainnet.
The company, now backed by Billionaire Mark Cuban, looks to expand into new territory and has now turned to the lucrative NFT gaming business. NFTs as a whole have been hugely popular, especially in the first quarter of 2021. Though the second quarter has been poor, Polygon plans to partner with developers to change the game.
Polygon Launches Polygon Studios
Polygon recently announced that it has launched its NFT gaming studios, Polygon Studios which will be the go-to destination for top developers taking blockchain gaming to the next level.
Polygon, being an innovative company, wants to be the leading platform for web 3 gaming and is seeking to close the gap between web 2 and 3 gaming for its 100,000+ gamers.
Polygon Studios was initiated as a result of the gaming traction which Polygon has received this year.
With over 100,000 gamers and several web 3 gaming solutions including Aavegotchi, ZED RUN, SkyWeaver, etc, Polygon will become the leading gaming destination due to the network’s high speed.
The Rise in NFT Gaming
Gaming has always locked people in, from the traditional video game model to blockchain gaming. Crypto gaming boomed as a result of both the technology behind it and the financial incentives.
CryptoKitties paved the way for modern developments in gaming, gaining significant traction on the Ethereum blockchain and clogging it in the process.
Users play games as a way of deriving entertainment and making money through the decentralized nature of blockchain games. Users can pick up rare NFT‘s which they sell for the native token of the blockchain and convert to fiat.
Sandbox and Decentraland are leading platforms with big Silicon Valley investors looking to buy NFT lands and improve user participation.
On The Flipside
- The full launch of ETH 2.0, which is expected to roll out in 2022, will reduce the growth of Polygon Studios.
- Cardano’s NFT marketplaces will greatly stifle the proposed Polygon’s NFT marketplace due to the first mover’s advantage.
What Does This Means for Polygon?
The crypto market just entered another dip with over $90 billion getting wiped off the market as Bitcoin went down below the $30,000 mark.
Cryptocurrencies and tokens are currently shaking and need a burst of new energy to sail through. Polygon Studios could be the new energy the cryptosphere needs, especially when coupled with Polygon’s already established utility as a scalable solution.
The NFT marketplace will also partner well with gaming studios to sell collectibles. The overall NFT market capitalization hit $22 billion this year and it is still booming with digital collectibles coming out from new sectors.
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