The ongoing crypto scenario, amidst the FTX collapse and others, a lot many Web3 projects has been taking place or are getting introduced to the world. Brands like Starbucks, Reddit, Meta, Nike, Disney, and Coca-Cola have either already built on Polygon; the Ethereum scaling network or have announced their plans to do so.
Before diving into the news, a small recap of what is Polygon..
Polygon is one of the best ‘2-layer’ or a ‘sidechain’ scaling solutions that work alongside the Ethereum network, enabling faster transactions at affordable costs. The chain works parallelly with the Ethereum network and to use the chain one can easily bridge their cryptos over to Polygon and interact with the wide range of Ethereum-based crypto apps. The Polygon chain uses the Proof-of-Stake mechanism aiming to scale Ethereum with its abundance of sidechains which are intending to unclog with the main platform in an effective & cost-efficient manner.
With so much happening in the crypto world, the Polygon network has shown that it is going strong and provenly, big brands have joined hands with the network to work on various Web3 projects! Some of the recent highlights of Polygon’s various projects include:
- Meta tapped into Polygon to explore the NFT space via the social platform; Instagram. Users will soon be able to mint NFTs within the app. The upcoming “end-to-end toolkit” for NFTs will also be allowing the users to create and launch their own NFTs for sale through Instagram.
- Starbucks is building an NFT-driven loyalty rewards program. The program, known as The Starbucks Odyssey program will not only give away NFT stamps to customers and employees but also sell limited edition NFTs!
- Reddit using the Polygon network to introduce minting unique NFT avatars. The platform will be launching a new Collectibles Avatar marketplace leveraging non-fungible tokens and hosting them on the Ethereum scaling network.
- Nike revealed plans to not only explore the minting of digital apparel as NFTs but also introduced an NFT collectibles partnership with Disney after Polygon announced about the network taking part in the entertainment giant’s accelerator program.
SOME CHEERFUL NEWS FOR YOU 💜
Remember, all these companies have decided to build on @0xPolygon!
Then there’s gaming: pic.twitter.com/yKBdCZsWWJ
— Ryan Wyatt (@Fwiz) November 17, 2022
Due to so many projects that have chosen Polygon as their hoster, there has been a buzz around the native token of the Polygon network; MATIC. The buzz has not only resulted in the rise of the price of Polygon’s MATIC token and built up the biz-dev reputation of Polygon Studios and CEO Ryan Wyatt, but the initial results of these projects are also looking promising as per various reports. Reddit has also announced that recently its users have created a little more than 3 million Polygon wallets in order to claim a free NFT avatar! The whole project from a wider angle is generating more momentum around them and also around the broader crypto space!
Read more: Polygon MATIC Price Prediction
Wyatt commented, “With Web2 companies, the impact is bigger and the implications are always bigger for those partners because they’re navigating the space for the first time. And so they are being very strategic in the way that they’re doing it. They want to talk through it. That’s a little bit of a different experience.” The good handshake between the Web2 giants and the Web3 people who breathe and live the space is kind of the secret sauce for the team.
What more is to come? Keep your eye out on Crypto News by CoinDCX for more important updates!
Bitcoin price soars, reaching $57,000, its highest in 27 months.
The Dencun Upgrade is one of the most important Ethereum upgrades.