Helps shape NFTs on a large scale

by James · April 4, 2023

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? Apparently 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 proving 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 about 3-5x the number of unique sellers, buyers and total transactions each month. 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 that we are seeing all this extra action in the middle of a bear market.

Decentralized financial platforms (DeFi) 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 Ranking.

We work through dozens of NFT/DeFi projects on Polygon and other chains, so our readers will have clarity on the huge demand for this new type of crypto investment.

Although the Forkast 500 NFT index does not reflect DeFi NFTs, it is clearly influenced by the strength of Polygon. The increase in trading volume and transfers on the Polygon blockchain is helping to strengthen the index, as it has remained almost flat over the past 7 days.

Polygon’s game plan to deliver NFTs to the masses has made them one of the world’s best blockchains, with a ceiling yet to be seen. As a tech enthusiast, I’m always on the lookout for builders, and with tokens representing all corners of Web3 (reward programs, collectibles, DeFi, gaming, etc.) along with scalable zkEVM technology, Polygon has me on my feet and cheering.

(Disclaimer: The author of this comment owns assets on Polygon, including NFTs from CyberKongz, Aavegotchi and Decentraland)