Polygon NFT trading explodes – This is how MATIC wants to board billions
- Despite the crypto winter of 2022, NFT trading volumes on Polygon hit new market highs.
- Polygon is becoming a go-to platform for businesses to launch NFTs and seek entry into the Web3 world.
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 pretty decent performance compared to peer altcoins and made it into the top ten crypto list.
Moreover, due to the low fee and the possibilities of instant transfers, the Polygon blockchain is becoming a go-to network for several market players to launch their non-fungible tokens (NFT). Over the past year, the Ethereum scaling solution has witnessed a good volume of NFT sales. Despite the crypto winter last year, Polygon achieved $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 rise. Furthermore, the Layer-2 blockchain also witnessed a strong increase in NFT trading volumes in the last week of December 2022.
As an Ethereum competitor, Solana is facing major problems after the collapse of the crypto exchange FTX, and a few NFT issuers are moving away from the platform. This has been of great benefit to 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 moving forward. This year, we expect more NFT projects to join the Polygon ecosystem.
Polygon wants to board billions in Web3
The craze for Web3 has exploded over the past year, and every major business is making a move into this fast-growing Web3 industry. Seeing the huge opportunity here, Polygon has acted as a bridge to help Web2 companies transition smoothly into the Web3 world.
How @0xPolygon will bring in billions on Web3 and why you should be bullish: 🧵 pic.twitter.com/OSCsiTkWCy
— KB {🪁} (@KBVRSE) 3 January 2023
Polygon has partnered with some of the big brands like Reddit and Starbucks while bringing them into NFTs and the Web3 ecosystem. Furthermore, Polygon has entered into important partnerships for businesses that operate in several verticals. Some of the popular companies Polygon has worked with are Meta, Adobe, Adidas, Disney, Draft Kings, Dolce and Gabbana, and much more.
Coffee giant Starbucks recently launched its NFT-powered Web3 rewards program Starbucks Odyssey built on the Polygon blockchain network. Starbucks further said that there is unprecedented interest in the Starbucks Odyssey and the response from customers has also been overwhelming. Later this year in 2023, Starbucks Odyssey plans to launch its NFT marketplace that will allow users to buy and sell some limited edition NFTs.
As more and more businesses explore the exciting world of NFTs and Web3, Polygon is committed to meeting their demands and ensuring a smooth industry transition.
