If Bitcoin is the blockchain for digital currency, and Ethereum is the chain for provenance and top-shelf collectibles, what will the Polygon blockchain be known for? Seemingly, everything.
From boasting some of the biggest Web3 games and metaverses like Zed Run, Aavegotchi, The Sandbox Game and Decentraland, to partnerships with the world’s biggest brands, Polygon is showing itself to be as versatile as it is ambitious.
Over the past two years, the young blockchain has attracted the attention of traders who want fast transactions and low gas fees combined with the provenance that Ethereum offers. It’s an attractive package, and brands like Disney, Starbucks, Adobe, DraftKings, Reddit, Square Enix, and countless others seem to agree.
Compared to this time last year, Polygon is seeing roughly 3-5x the number of unique sellers, buyers, and total transactions monthly. This is largely due to non-NFT traders now being exposed to non-fungible tokens through Starbucks rewards and Reddit Avatars. I have to remind you, we’re seeing all of this extra action in the thick of a bear market.
Decentralized finance (DeFi) platforms have always had a large presence on Polygon, driven by crypto traders who believe in a future free of centralized points of failure. Many of these platforms now offer NFT-backed staking positions, as tracked by CryptoSlam’s new DEFI Swap rankings.
We’re working through dozens of NFT/DeFi projects on Polygon and other chains so our readers will have clarity into the massive demand for this new type of crypto investment.
While the Forkast 500 NFT index does not reflect DeFi NFTs, it is clearly being impacted by the strength of Polygon. The rise in trading volume and transfers on the Polygon blockchain is helping to buoy the index, as it has remained nearly even for the past 7 days.
Polygon’s game plan to deliver NFTs to the masses has made them one of the world’s top blockchains, with a ceiling that’s not yet in sight. As a technology enthusiast, I’m always rooting for builders, and with tokens representing all corners of Web3 (rewards programs, collectibles, DeFi, gaming, etc) along with scalable zkEVM tech, Polygon has me on my feet cheering.
(Disclaimer: The author of this commentary owns assets on Polygon, including NFTs from CyberKongz, Aavegotchi, and Decentraland)