POLYGON PARTNERSHIP
Whether Polygon will be the breakout star for the upcoming year is uncertain. In 2023, the network is likely to disprove the critics with the help of its expanding number of partners. Surprisingly, Polygon has held up well during this year's dismal market. The mission of Poly is to be a leader in the adoption of web3, and they are aware of the need to provide new web3 technological solutions for major brands and major distribution channels in order to involve users in the process. Polygon Partnership has been announcing a number of brand collaborations over the past several months as they strive to make network crypto goals mainstream.
They are doing their hardest to secure partners despite the weak market. Starbucks and Polygon have joined to provide Starbucks Rewards members and Starbucks Odyssey, an NFT loyalty program. Starbucks customers will be able to collect limited edition NFT through a built-in NFT marketplace and earn digital collectible stamps in the form of NFT.
Nike has joined the fray to make a significant play in web3 technology. Swoosh, a new beta web3 platform that will enable NFT and be based on the Polygon blockchain, has just been announced as being launched. From 2023 onward, digital shoes will be sold as Polygon-based NFTs for less than $50 per pair, however it appears that payment will be made in fiat on the platform, with a Polygon transaction fee. Later this month, registration for this platform will become available.
One of the biggest social media networks in the world, Reddit, will also be collaborating with Polygon. A month ago, Reddit claimed that Polygon's secondary sales, which are based on its NFT collection, have attracted increased interest. Reddit collectible avatar trade activity increased by roughly 800%, with daily sales of about $2 million. According to Reddit's chief product officer, millions of Polygon wallets have been made just for trading these NFTs.
In order to combine the minting and sale of NFTs based on Polygon on Facebook and Instagram, Meta teamed with Polygon. Because Meta will pay the gas fee till further notice, there are presently no gas expenses for buyers or sellers. Additionally, they won't start charging platform fees until 2024 for producing and selling NFT.
The Polygon network has been utilized by even MJ Morgan. They completed their first trade on a public blockchain, transferring $71,000 for just a $0.2 transaction cost. JP Morgan utilized Ava to tokenize $100,000 in USD on the Polygon network before converting it to Japanese Yen. Instant payment settlement could revolutionize international commerce by eliminating middlemen and resulting in significant time and cost savings.
Warren Buffet, who is truly skeptical of cryptocurrencies, is assisting Polygon with the widespread adoption of web3. He has increased his investment in New Bank, a Fintech company in Brazil that chose Polygon to create its digital token New Coin. This implies that through this connectivity, more than 70 million clients might possibly enter the cryptocurrency realm. This agreement aims to increase the demand for Matic tokens by increasing network usage on the Polygon network. A lot of the price movement we are currently observing appears to be in response to the announcement of the new collaborations, but only time will tell if this added value will be what drives the price movement.
Working on the Zero Knowledge functionality, Polygon is developing the upcoming technological advancement. With the addition of the Ethereum virtual machine functionality, the Polygon zkEVM public testnet has launched, enabling developers to create dApps for the Polygon network. Lower gas fees will be made possible by this advancement throughout the Ethereum ecosystem. Wallets, smart contracts, and developer tools will all be a part of the Ethereum Virtual Machine. Before the zkEVM is launched on the test network, Polygon will offer a product called Veil, which is a solution that enables developers to access Polygon blockchain data off chain.
It is interest that big companies are diving into the world of web3.
Polygon will perform greatly in the next bull run because they are partnering with big institutions.