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Big platforms eye Polygon NFTs 👾

Polygon advances into the mainstream!

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William M. Peaster
Jul 07, 2022
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Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles


Dear Bankless Nation,

“Bringing the world to Ethereum.” 

That’s one of the trumpet calls of the team behind Polygon, an Ethereum scaling suite whose flagship sidechain has become a popular haven for fast, low-fee token transactions. 

Twitter avatar for @andy8052
andy @andy8052
seems like most major platforms are partnering with Polygon
12:59 PM ∙ Jul 7, 2022
240Likes7Retweets

Recently, Polygon’s builders have indeed been making good on their fundamental mission by racking up one big mainstream embrace after the other. The latest of these came via Reddit, which just unveiled a new Polgyon-based NFT avatar marketplace.

Yet this development is only the latest example of a major mainstream platform opting to use Polygon’s tech. As such, let’s explore this Polygon surge a bit for today’s Metaversal. 

-WMP


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Polygon’s mainstream NFT surge

Image via Reddit

Reddit’s new Collectible Avatars storefront

On July 7th, Reddit announced a new Collectible Avatars system that offers Redditors “limited-edition avatars made by independent artists … [that] provide owners with unique benefits on the Reddit platform.”

The avatars ⁠— which can be purchased without using crypto ⁠— live on Polygon, so the NFTs will be usable on Reddit and outside of the platform. On selecting Polygon as its infra of choice, Reddit’s leadership explained: “We chose Polygon for its low-cost transactions and sustainability commitments.”

Image via Reddit

Reddit’s product and design team additionally noted:

“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.

Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”

Polygon’s other recent major mainstream inroads

In May 2022, Instagram kicked off a pilot program that allowed participating U.S. users to share Polygon NFTs (and Ethereum, Flow, and Solana NFTs) directly on their profiles. There’s no word for now on when this program will be expanded, though. 

In June 2022, Facebook — another one of Meta’s main services alongside Instagram — also began testing support for letting users post Ethereum and Polygon NFTs on their profiles. 

Twitter avatar for @navdeep_ua
Navdeep Singh @navdeep_ua
We're launching NFTs on Facebook! Excited to share what I've been working on with the world.
Image
11:37 PM ∙ Jun 29, 2022
773Likes232Retweets

Most recently, Polygon announced a partnership with consumer electronics giant HTC that began with an integration of Polygon support to the manufacturer’s newest “metaverse phone,” the Desire 22 Pro.  

Twitter avatar for @MihailoBjelic
Mihailo Bjelic @MihailoBjelic
Mass adoption of Web3 will happen on mobile and @0xPolygon is preparing for it. Our strategy is not to make our own devices. Instead, we will integrate with existing manufacturers. Today, we are proud to announce the first major integration. Onwards. 🔥 finance.yahoo.com/news/htc-launc…
finance.yahoo.comHTC launches metaverse phone with Ethereum, Polygon supportHTC launched metaverse phone “Desire 22 Pro” on Tuesday, which comes with a digital assets wallet and virtual reality (VR) headset pairing feature, as part of the Taiwanese firm’s Web3 expansion. See related article: Solana bets on mobile, launches US$1,000 ‘Saga’ Web3 phone Fast facts HTC preloaded…
6:06 PM ∙ Jul 4, 2022
1,727Likes370Retweets

Why are big platforms choosing Polygon?

  • The tech 

    • Polygon’s proof-of-stake (PoS) sidechain commits security checkpoints to Ethereum, making it more robust than a straightforward sidechain. 

    • EVM-compatibility allows users open access to the cryptoeconomy’s DeFi and NFT activity centers throughout Polygon and beyond.

Twitter avatar for @Coin98Analytics
Coin98 Analytics @Coin98Analytics
Polygon Ecosystem $MATIC Full list: polygon.technology/ecosystem/
Image
6:45 PM ∙ Jul 6, 2022
646Likes131Retweets
  • Polygon is also developing a suite of full-fledged layer two (L2) scaling solutions that will offer users even more impressive technical possibilities going forward.

Image via Messari
  • The green factor

    • Polygon’s PoS infra is exponentially less energy-intensive than proof-of-work (PoW) blockchains, so its main sidechain has been positioned and increasingly embraced as an environmentally-friendly option ahead of Ethereum’s own full transition to PoS later this year.

    • The Polygon team has also pledged millions of dollars toward offsetting its carbon footprints and taking the project carbon negative.

  • The UX

    • High demand for Ethereum blockspace often makes its transactions too slow or too expensive for casual mainstream users — in contrast, Polygon offers Ethereum-like and Ethereum-adjacent blockspace but with faster and much more affordable transactions.

Twitter avatar for @sandeepnailwal
Sandeep | Polygon 💜🔝3️⃣ @sandeepnailwal
Ethereum mainchain offers the most secure and decentralised blockspace. But that also means blockspace is very precious & is becoming increasingly costly for end users. It will eventually become settlement layer for Layer2 chains and user transactions will be better off on L2
Twitter avatar for @Fwiz
Ryan Wyatt @Fwiz
The @yugalabs Otherdeed sale (excluding secondary sales) for if the mints took place on Polygon vs. ETH. ETH = ~$148M Polygon = $830 Not a typo…. $830.00 USD.
7:27 PM ∙ May 5, 2022
195Likes27Retweets
  • The team

    • Polygon Studios, the gaming and NFT wing of the wider Polygon project, has been building out an impressive team this year — for example, in January 2022 the group brought on Ryan Wyatt a.k.a Fwiz as its CEO, and Wyatt’s a legend in the gaming industry who was capably serving as YouTube’s head of gaming until then.

Twitter avatar for @Fwiz
Ryan Wyatt @Fwiz
For those that missed it, I had a blast going up at Radio City Hall and giving a keynote on why @0xPolygon remains a leader in this space. Shoutout to the incredible team who makes it all possible! 🎮 Web3 Games 🧬 Why ETH + Polygon ⛓️ The future of our ZK technology $MATIC
4:34 AM ∙ Jul 6, 2022
659Likes127Retweets
  • The biz dev focus

    • It’s no secret that the Polygon team’s business development prowess is currently unparalleled in the cryptoeconomy. That said, other chains could definitely learn a thing or two from Polygon’s ability to cultivate and convert on big partnerships. 

Twitter avatar for @iamDCinvestor
DCinvestor.eth ⌐◨-◨ @iamDCinvestor
@andy8052 not sure exactly what they do, but im guessing they do a really good job with ecosystem development and are probably better at communicating a value prop without making apps feel like they are shackled for life a lot of L2 teams could learn a thing or two from their approach
1:03 PM ∙ Jul 7, 2022

What comes next?

At this rate, more of the same from Polygon. And as the project’s early major partnerships progress and evolve, a strong flywheel dynamic may take hold and help bring in considerable new waves of adopters and mainstream activity going forward. Keep your eyes on Polygon’s NFT and gaming scenes accordingly.


Action steps

  • 🟣 Explore Polygon’s NFT app ecosystem

  • ♨️ Check out my previous post Sudoswap is leveling up if you missed it!


Author Bio

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!


Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.


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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.


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DabDragon's avatar
DabDragon
Jul 7, 2022

It was only a matter of time.

Dabdragon Approved Polygon at it's inception

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