- Despite the crypto winter in 2022, the NFT trading volumes on Polygon touched new record highs in the market.
- Polygon is becoming a go-to platform for businesses to launch their NFT and seek entry into 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 crypto MATIC delivered a fairly decent performance in comparison to peer altcoins and made its way into the top ten crypto list.
Furthermore, due to its low fee and instant transfer capabilities, the Polygon blockchain is becoming a go-to network for several market players to launch their non-fungible tokens (NFTs). During the last year, the Ethereum scaling solution witnessed a good volume in NFTs sales. Despite the crypto winter last year, Polygon clocked $324 million in NFT sales while surpassing its own 2021 OpenSea NFT volume record.
Polygon’s NFT OpenSea program in 2022 has seen a record uptake. Furthermore, the Layer-2 blockchain also witnessed a strong spike in the NFT trading volumes during the last week of December 2022.
As Ethereum competitor, Solana is facing major trouble following the collapse of crypto exchange FTX, and a few NFT issuers are moving away from the platform. This has immensely benefitted players like Ethereum and Polygon.
Some popular NFT collections like y00t, a generative art project with 15,000 curated NFTs built by a community of creators and builders, are planning to move to the Polygon blockchain ahead of this year in 2023. Other NFT projects like Aavegotchi are also planning to set up a base on the Polygon blockchain going ahead. This year we expect several more NFT projects to join the Polygon ecosystem.
Polygon will onboard billions in Web3
The craze for Web3 has exploded over the last year and every major business is making a move into this rapidly emerging Web3 industry. Seeing the massive opportunity here, Polygon has served as a bridge for helping Web2 companies to smoothly transition into the world of Web3.
How @0xPolygon will onboard billions to Web3 and why you should be bullish: 🧵 pic.twitter.com/OSCsiTkWCy
— KB {🪁} (@KBVRSE) January 3, 2023
Polygon has partnered with some of the huge brands like Reddit and Starbucks while onboarding them into NFTs and the Web3 ecosystem. Furthermore, Polygon has made important partnerships for businesses operating in multiple verticals. Some of the popular companies Polygon has partnered with are Meta, Adobe, Adidas, Disney, Draft Kings, Dolce and Gabbana, and much more.
Coffee giant Starbucks recently launched its NFT-driven Web3 rewards program Starbucks Odyssey built on the Polygon blockchain network. Starbucks further said that there’s an unprecedented interest in Starbucks Odyssey and the response from the customers has also been overwhelming. Ahead this year in 2023, Starbucks Odyssey plans to launch its NFT marketplace allowing users to buy and sell some limited edition NFTs.
As more and more businesses explore the exciting world of NFTs and Web3, Polygon is making sure to cater to their requirements and ensure a smooth industry transition.
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