The studio will be “facilitating a hotbed of digital culture” according to its official page. It will bridge the gap between web 2 and web 3 gaming. The studio will partner with Open Sea; the NFT platform. Decentraland; The Metaverse gaming platform. Atari, Horizon, Somnium space, Polymarket, Neondistrict, and Sandbox.
The $100 million studio funding is to scale its blockchain projects, especially gaming and NFTs. The gaming studio will enable developers to create blockchain-enabled games.
- Polygon launches polygon studios to scale NFTS and gaming
- The studio will enable developers to create gaming projects and NFs on top of the protocol
- The studio will act as a bridge between web 2 and web 3 gaming.
- Web 3.0 is the solution to replace the old 2.0 model
Polygon pain points solutions
Polygon is a layer 2 Ethereum scaling project. A protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Polygon is known for creating a protocol that sidelines Ethereum gas fees in interacting with the blockchain.
Polygon solves pain points associated with blockchains. Pain points like high gas fees and slow speeds, without sacrificing security. In May, polygon grew its customer base to 75,000 users. This growth saw the price of its native token skyrocket to new all-time highs. Ian Kane, Dapprader, senior analyst reports.
As mentioned above, in the last 7 days over 75,000 unique active wallets have interacted with the top 20 Polygon dApps ranked by users. Interestingly, of those 20 dApps, 16 are in the DeFi and Exchange categories which shows Polygons’ intention to nurture a DeFi ecosystem to rival Binance and Ethereum more clearly. Moreover, success can not only be seen through the usage of the applications running on the network but also in the price of the native token.
The Euphoria of NFTs
It has become a common scenario for blockchain-based projects to wade into NFTs and gaming. These trends are the next evolution of buying and selling collectibles online. Polygon’s interest in gaming and NFTS is to meet the growing needs of its users. Many Exchanges and Defi platforms are also going into the space in order to expand the ecosystem.
Consequently, the digital collectibles ecosystem is expanding from art pieces to all other areas. These new focus areas are in the niches of betting, sports, gambling, and music. On March 11, EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann broke auction records. It became one of the most record-breaking NFTs sales in a traditional institution. The NFT sold at Christies for $69 million. This made Beeple the third most expensive living artist according to reports.
But, After Beeple, other NFT artists have also made headlines. Twitter CEO, Jack Dorsey’s First tweet sold for $2.9 million as an NFT. Coca-Cola, Luiz Vuitton, and many other global brands are all auctioning their own NFTs. These trades became a catalyst that pushed the demand for non-fungible tokens to new highs. Reuters reported that NFT market cap hit a $2.5 billion record in July.
“The market for non-fungible tokens (NFTs) surged to new highs in the second quarter, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020, marketplace data showed”
WEB 3.0 Scalability Model and the Polygon Solutions
The protocols of the first internet do not give room for scalability. But, the rise of Artificial intelligence, Virtual reality, and blockchain technology increased the possibilities of a decentralized internet. Web 3.0 is a trustless network that protects and moves objects of value in a shared decentralized way.
An increase in the demand for valuable objects and VR gaming has tested the possibilities of decentralization and proved that it’s obtainable. Virtual reality is the future of gaming and social media. Therefore, Polygon’s move to create this new subsidiary that pays attention to gaming and NFTs is to position itself as a leader in blockchain’s most lucrative and rising sectors. This will also enable those nursing ideas on gaming of the future to think about polygon.
We are moving into an era of experiencing the internet using our own unique digital identities and avatars. But for Polygon studios, the future is decentralized.