Amid the bearish crypto winter and all of the doom and gloom about cryptocurrencies and the way forward for NFTs, Polygon Technology had a scorching summertime. Since hitting its low in June, it has rallied over 170 percent to $0.87 (MATIC -0.52 percent). Whereas we have now seen a substantial uptake, it’s nonetheless early days for the EVM-compatible chain, with its greatest days nonetheless forward.
Earlier this 12 months, Polygon raised $450 million in its newest financing spherical, with a market cap of about $13 billion, to aggressively broaden its portfolio of Ethereum scaling options and work to draw conventional manufacturers and the bigger blockchain developer ecosystem. This financing spherical was led by Sequoia Capital India and included massive names comparable to SoftBank, Tiger World and Animoca Manufacturers, amongst 20 others. Polygon has since made good use of the funds.
Polygon, the popular accomplice of top-tier manufacturers
In the previous few months, we have now seen family names partnering with Polygon, leveraging their expertise to get their foot into Web3. High-tier manufacturers comparable to Coca-Cola (Coca-Cola Co +0.35 per cent), Reddit and Starbucks (SBUX +6.10 per cent) launched their NFTs and, in Starbucks’s case, their NFT-based loyalty program throughout the community.
Polygon, which counts Mark Cuban amongst its backers, has additionally been focusing on the booming gaming business, and we see younger and upcoming gaming corporations comparable to JEDSTAR Gaming just lately launch their Dynamic NFTs or, extra precisely, SFTs (semi-fungible token) on the Polygon community, out there on each their native market AGORA Marketplace and Opensea.
Coming into the bull market
Clearly, we’re nonetheless within the mid of a bear market, and most cryptocurrency tasks, together with Polygon and JEDSTAR Gaming, are nonetheless down from their all-time highs. However the resilient and constant supply of those tasks over the previous few months exhibits that the crypto winter could also be thawing.
As a matter of truth, regardless of market circumstances, issues are wanting fairly optimistic for tasks like JEDSTAR Gaming, which just lately launched its charge-to-earn app for avid gamers SILVERVOLT, a local NFT market, a P2E recreation and scheduled to launch its much-anticipated staking platform that rewards JED holders (JED +2.8 per cent) with common passive earnings.
With their efficiency metrics, and rising listing of distinguished partnerships, Polygon and JEDSTAR Gaming appear to be strong bets to return to or surpass their earlier highs because the market rebounds.
Word: Funding in cryptocurrency and crypto property is topic to monetary danger and readers ought to do their very own due diligence. Entrepreneur Media doesn’t endorse any such funding.