Polygon Is Cementing Its Position As The New Umbrella Destination For NFTs

The layer-2 protocol for Ethereum Polygon has been shaking up blockchain technology. Its unique design attracts all kinds of dApps looking to take advantage of its advantages. As part of its ongoing efforts, Polygon Studios was recently established. This branch focuses on NFTs and blockchain gaming.

Polygon is the market leader in NFT and gaming ecosystems. It has more than 100,000 gamers, just behind Ethereum. After introducing low gas fees, which contrasted starkly with Ethereum’s rising costs, Polygon saw a significant increase in its network size this year. Polygon’s TPS (transactions per seconds) is faster, as well as full scalability and interoperability. This makes it an attractive choice for developers and users who are more concerned about cost.

Polygon recently invested in Colexion as part of an initiative to tap into Asia’s burgeoning NFTs ecosystem. Polygon announced today that it will finance half of GameOn Entertainment’s ongoing product development costs to support the creation of new NFT games on its layer-2 scaling platform.

GameOn Entertainment is one of the most prominent game tech startups. It is leading the effort to bring NFTs, collectibles, and other gaming technology into the Asian market. According to Polygon’s press release, the platform plans to invest $100M in NFT and gaming projects to expand its network. GameOn Entertainment was one of the first beneficiaries of this funding. GameOn Entertainment will now be able offer complete crypto services to its existing white label gaming services to media, sports and entertainment companies with the support of Polygon. This includes trading and minting NFTs.

This strategic investment will provide exciting opportunities for Polygon Entertainment and GameOn Entertainment in multi-billion dollar NFT and blockchain gaming markets.

Polygon, Blockchain Games and NFTs – The Perfect Match

Polygon is the top-rated layer-2 scaling solution for Ethereum, providing the necessary solutions to the growing problems. Polygon’s speed and scalability have been a key factor in the success of thousands of NFT and Blockchain gaming projects. This has helped to increase mainstream adoption of NFTs.

Futurent is the first fractional NFT real-estate platform in the world, and it was recently launched on the Polygon network. Futurent will support multiple blockchains in the future, but Futurent will use Polygon’s feature to draw existing Ethereum users looking for alternative solutions.

This platform’s most appealing feature is its ability to allow anyone to buy or sell fractional NFT property. Multiple users can also share one property. It also plans to allow users to purchase luxury boats and cars using cryptocurrency. Futurent DeFi protocols will ensure that users are secure and privacy-secured. They will also have ownership rights to NFT-connected real world assets.

Autonomous Worlds is another company that will be using Polygon. They are the ones behind Xaya and other blockchain-based gaming platforms. Autonomous Worlds, a company that has extensive experience in decentralized gaming, has entered into a strategic partnership to join the Polygon network.

Autonomous Worlds and Xaya will be integrated into Polygon’s EVM compatible sidechain. This will allow Autonomous Worlds to create NFT games in-house within the Polygon ecosystem. The Xaya team is a success story with several projects including Huntercoin (2014), Taurion and Soccer Manager Elite.

Polygon will partner with Xaya to make Polygon-developed games more accessible by using its low cost and high throughput. Polygon will also be able to benefit from the Xaya group’s years of experience in helping to develop a variety of blockchain games.

Mythical Beings, an Ardor-based NFT gaming platform, will also be using Polygon to reach a wider audience. Most people are searching for faster and cheaper alternatives to Ethereum. Ardor, a blockchain powerhouse with native support for NFTs and promising results, is keen to use Polygon bridge in order to bring its NFT collections on OpenSea. This highlights the potential of Polygon network, which is slowly moving towards replacing Ethereum.

The Mythical Beings NFTs utilize the Ignis blockchain (Ardor’s child chain) by design. It was therefore unable to access many Ethereum-based NFT marketplaces or EVM-compatible ones, which severely limited the game’s reach. To overcome this problem, Mythical Beings will use the Polygon Bridge to bring their NFT collections onto OpenSea’s marketplace.

All Mythical Beings NFTs from the Ignis blockchain, will be replicated using ERC-1155 tokens on the Polygon network as part of the collaboration. Jelurida, the company behind Ardor, and Ignis, has created an open-source smart contract that will link two accounts using the bridge. One on Polygon and one on Ardor. This will allow users to send their Ignis based NFTs via the bridge to Polygon. These can then be transferred into OpenSea and traded with alternative currencies such as USDC, MATIC, ETH and USDC.

Web3 gaming and DeFi are not to be overlooked. Creaton, a Web3 subscription-based content-sharing platform, relies on the Polygon network for a completely decentralized, censorship-resistant alternative Web2 platforms like Patreon or OnlyFans.

Creaton, which is based on Polygon’s infrastructure will allow for low gas prices, fast transactions and interoperability between individual chains. This will give content creators a simple way to offer subscriptions in real-time to their followers.

Polygon is the layer-2 scaling solution for Ethereum’s growing problems. It has been established to support a wide variety of dApps and DeFi protocols as well as NFTs and blockchain games. The ETH 2.0 upgrade is still far behind the original roadmap. Polygon’s strategic investments in NFT and blockchain gaming projects will be crucial in helping the blockchain network achieve its dominance in 2022.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

Read More

https://cryptodaily.co.uk/2021/12/polygon-is-cementing-its-position-as-the-new-umbrella-destination-for-nfts