Polygon is a successful maker of a crypto-based platform for NFTs (non-fungible tokens). It has recently launched its subdivision – Polygon Studios. The company has set up a total of $100 million funds for the projects that aim at combining the trendy blockchain technology with gaming.
Polygon Establishing The Division To Grow NFT Gaming
Polygon Studios was originally created with the notion in mind to just provide a framework for building as well as connecting the Ethereum networks. But now it is also planning to enter the NFT gaming market. Thus, it has set up a $100M fund as per the Venturebeat report. With such an upgrade, the platform surely has spread its ecosystem-wide. Polygon studios were set up with the aim in mind to support all the major game companies as the developers will integrate their Web 2.0 games with the Web 3.0 decentralized technology. Also, it has added an extra layer to the famous cryptocurrency platform Ethereum for faster and more efficient processing. This will greatly help in reducing the “gas fees”. This fee is basically the computational costs of blockchain transactions and they occur from the NFT purchases that consumers make.
Polygon has stated that currently, the company has more than 500 decentralized apps under it. OpenSea is one of the most popular NFT marketplaces. Furthermore, their project includes several gaming projects such as Decentraland, Aavegotichi, and Skyweaver. More than 100k gamers are already using these platforms. Shreyansh Singh, Polygon’s head of gaming and NFTs said, “We will incubate some products and teams that want to build projects. Maybe we can get them an external license and support them. We are here to support the entire ecosystem. We want to add value and bring the next 100 million users.”
Currently, Ubisoft, EA, and Atari are Polygon’s gaming partners.
The NFT Market
But, blockchain technology currently seems very active as it is evidenced by recent investments such as Polygon. The whole concept of NFT-powered games seems to have great potential. Moreover, investments like these will help make it a reality soon. NFTs are also greatly backed up by big companies such as Marvel Entertainment with its digital goods store and also Fox with its NFT and blockchain business. The market crash coincided with the crash of Bitcoin and cryptocurrencies. As seen recently, the price of BTC is approximately US$319,000, which has fallen by 2.6% in the past 7 days.