Polygon Expands Its Footprint As Evolving NFT And Gaming Ecosystems Seek Ethereum Alternatives
January 17 2022 - 12:24PM
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Built with an emphasis on simplicity and ease of use, Polygon
(previously Matic) is designed to let organizations and businesses
create and deploy their own decentralized applications (dApps). The
platform serves as a layer-2 scaling solution that addresses the
scalability and rising gas costs of Ethereum and other
EMV-compatible networks. Additionally, it also works as a
fully-functional chain on its own, thereby cementing itself as a
preferred choice for a diverse range of blockchain-based projects.
The Polygon development team is also tapping into the NFT and
blockchain gaming ecosystems to expand its offering footprint even
further. As part of its efforts to bridge Web2 and Web3, Polygon
recently launched Polygon Studios, a new initiative that will focus
on NFT and blockchain gaming. As of date, Polygon has bloomed into
a vibrant ecosystem with more than 100,000 active gamers on its
network. More than 3,000 dApps are already harnessing the power of
the Polygon network as the platform inches closer towards becoming
the go-to layer-2 destination for blockchain gaming, DeFi, and NFTs
atop Ethereum. Polygon’s multichain infrastructure offers many
features, including one-click deployment, extended modules for
developing custom networks, and interoperability with Ethereum and
other individual chains. In 2021, Polygon announced its intention
to leverage the growth of NFTs by investing in Colexion, Asia’s
biggest NFTs marketplace. The platform also highlighted that it
would finance 50% of all development costs for projects on GameOn,
one of the leading Asian game tech startups, to help bring NFT
games on its network. In the meantime, the Polygon team has also
launched grants to support promising projects building on its
network. Recently, blockchain game Gaia EverWorld, built on the
Polygon technology stack, received an undisclosed amount from the
Polygon Foundation via a grant. Harnessing Polygon’s unmatched
speed and low gas fees, Gaia EverWorld unlocks unlimited
opportunities for users in the metaverse. The Gaia EverWorld
project is backed by some of the biggest names within the crypto
ecosystem, including Binance, BSCStation, AU21, Panda Capital, and
others. The platform completed a successful $3.7 million funding
round set to be allocated towards expanding into Binance Smart
Chain via its NFT collection launch on the Binance NFT platform. As
the blockchain gaming and NFT markets continue their upward
trajectory, users often face issues like slow throughputs and
sky-high gas costs. Polygon combines the best of Ethereum and
sovereign blockchains into an attractive feature set, making it one
of the most preferred platforms for up-and-coming projects. While
there are hundreds of projects harnessing the power of Polygon, two
NFT gaming use cases stand out for their potential to play crucial
roles in the nascent blockchain gaming industry’s evolution amid
the transition to Web3 and the metaverse. Facilitating A Diverse
Range Of Use Cases XAYA, the blockchain game development studio
behind the first-ever blockchain game Huntercoin (2014), is
bringing over its experience and innovative game development
product suite to Polygon. Per a recent announcement, Autonomous
Worlds, the company behind XAYA, has entered into a long-term
strategic partnership with Polygon to bring its decentralized
gaming infrastructure onto the layer-2 scaling network. As part of
this partnership, Autonomous Worlds will integrate XAYA into
Polygon, enabling the development of new blockchain and NFT games
on the EVM-compatible sidechain. By leveraging XAYA’s Game Channels
technology and Polygon’s inherent features, the next wave of
blockchain games can finally deliver unprecedented levels of
scalability and interoperability alongside instant settlement and
unlimited transaction capability. Jelurida, the company behind
Ardor, Ignis, and Nxt chains, has also announced an integration
with Polygon. Even though the Ardor and Ignis chains offer the
first-of-its-kind parent-child chain architecture merged with
native support for NFTs, high speed, and low costs, projects built
atop these chains aren’t currently directly compatible with
Ethereum or other EVM-compatible chains. Through this integration,
Ardor-based NFT game Mythical Beings will be able to expand its
reach by tapping into Ethereum and other chains while ensuring that
users (and projects) benefit from Polygon’s built-in features.
Mythical Beings will use the Polygon bridge to bring its NFT
collection on OpenSea, the largest secondary NFT marketplace on
Ethereum. The Mythical Beings development team will replicate all
NFTs minted on the Ignis chain on the Polygon network via ERC-1155
tokens. Jelurida has already developed an open-source smart
contract that will connect users’ Ignis and Polygon accounts via a
bridge, enabling users to send all Ignis-based NFTs to Polygon.
Once transferred, users can easily list them on OpenSea and other
Ethereum-based marketplaces and trade using MATIC, ETH, and USDC
tokens on the Ignis chain. Besides facilitating a range of unique
projects, the Polygon team is also expanding its footprint in the
evolving blockchain ecosystem. In November 2021, the Polygon team
introduced the network’s own community-driven and trustless IDO
(Initial DEX Offering) launchpad called Polygen. To overcome the
problems of existing launchpads whereby whales get the most
priority and the core goals of the participating projects are often
overshadowed, the Polygen decentralized launchpad is designed to
offer participating projects complete freedom. Projects can
directly set the amount they want to raise, choose their preferred
auction format, and manage their offerings. The Polygen launchpad
also enables projects to implement multiple individual rounds and
interconnected rounds for seed, private, and public funding
campaigns. While most traditional launchpads follow the
“gatekeeper” system whereby only a few select projects are launched
each month, primarily focused on short-term gains, the Polygen
launchpad intends to facilitate the long-term success of promising
projects. With so much happening in the cryptoverse, Polygon,
Ethereum’s “internet of blockchains,” is rapidly forging a presence
across all domains. Now home to more than 3,000 dApps, the platform
ranks among the fastest-growing ecosystems in the blockchain
ecosystem. Accordingly, all eyes are on Polygon, as it positions
itself to support the next wave of blockchain and NFT gaming.
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