Polygon Expands Footprint as Evolving NFT and Gaming Ecosystems Seek Ethereum Alternatives
Built with a focus on simplicity and ease of use, Polygon (formerly Matic) is designed to enable organizations and businesses to build 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-enabled networks. Moreover, it also functions as a fully functional blockchain in its own right, thus establishing itself as a preferred choice for a diverse range of blockchain-based projects.
Polygon’s development team also leverages NFT and blockchain gaming ecosystems to further expand the footprint of its offering. 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 games. To date, Polygon has grown into a vibrant ecosystem with over 100,000 active players on its network. Over 3,000 dApps are already harnessing the power of the Polygon network as the platform moves closer to becoming the premier Layer 2 destination for blockchain, DeFi and NFT gaming atop Ethereum.
Polygon’s multi-chain framework offers many features, including one-click deployment, extensive modules for custom network development, and interoperability with Ethereum and other individual chains. In 2021, Polygon announced its intention to capitalize on the growth of NFTs by investing in Colexion, the largest NFT marketplace in Asia. The platform too Underline that it would fund 50% of all project development costs on GameOn, one of Asia’s leading gaming tech startups, to help bring NFT games to its network.
In the meantime, the Polygon team has also launched grants to support promising projects building on its network. Recently, the blockchain game Gaia EverWorld, built on the Polygon technology stack, received an undisclosed amount from the Polygon Foundation via a grant. Harnessing Polygon’s unparalleled speed and low fuel costs, Gaia EverWorld opens up limitless opportunities for metaverse users.
The Gaia EverWorld project is backed by some of the biggest names in the crypto ecosystem, including Binance, BSCStation, AU21, Panda Capital and others. The platform has successfully completed a $3.7 million funding round which will be allocated to the expansion of Binance Smart Chain through the launch of its NFT Collection on the Binance NFT Platform.
As the blockchain gaming and NFT markets continue their upward trajectory, users are often faced with issues such as slow speeds and exorbitant gas costs. Polygon combines the best of Ethereum and sovereign blockchains in an attractive feature set, making it one of the most preferred platforms for promising projects.
While there are hundreds of projects harnessing the power of Polygon, two NFT gaming use cases stand out for their potential to play a crucial role in the evolution of the nascent blockchain gaming industry amid the transition. to Web3 and the metaverse.
Facilitate a diverse range of use cases
XAYA, the blockchain game development studio behind the first-ever blockchain game Huntercoin (2014), brings its experience and suite of innovative game development products to Polygon. According to 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 to 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-enabled sidechain. By leveraging XAYA’s Game Channels technology and Polygon’s inherent functionality, the next wave of blockchain games can finally deliver unprecedented levels of scalability and interoperability, along with instant settlement and unlimited transaction capacity. .
Jelurida, the company behind the Ardor, Ignis, and Nxt chains, also announced an integration with Polygon. Even though the Ardor and Ignis chains offer the first parent-child chain architecture of its kind merged with native support for NFTs, at high speed and low cost, projects built on these chains are currently not directly compatible with Ethereum or other EVM compatible Chains.
Thanks to this integration, the NFT game based on Ardor mythical beings will be able to expand its reach by leveraging Ethereum and other blockchains 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 to 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, allowing 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.
In addition to 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, trustless Initial DEX Offer (IoT) launch pad called Polygene.
To overcome the problems of existing launchpads where whales have the highest priority and the fundamental goals of participating projects are often overshadowed, the Polygen decentralized launchpad is designed to provide participating projects with complete freedom. Projects can directly define the amount they wish to raise, choose their preferred auction format and manage their bids. The Polygen Launchpad also allows projects to implement multiple individual cycles and interconnected cycles for seed, private and public fundraising campaigns.
While most traditional launchpads follow the “gatekeeper” system whereby only a select few projects are launched each month, primarily focused on short-term gains, the Polygen Launchpad aims to facilitate success at long-term promising projects.
With so much going on in the cryptoverse, Polygon, Ethereum’s “internet of blockchains”, is rapidly forging a presence in all areas. Now home to over 3,000 dApps, the platform ranks among the fastest growing ecosystems in the blockchain ecosystem. As a result, all eyes are on Polygon as it positions itself to support the next wave of blockchain and NFT gaming.