Polygon Technology had a sizzling summer despite the negative crypto winter and all the negativity surrounding cryptocurrencies and the future of NFTs. It has increased by more than 170 percent to $0.87 (MATIC -0.52%) since reaching its bottom in June. Although there has been a sizable acceptance, the EVM-compatible chain is still in its infancy, and its best days are still to come.
With a market worth of around $13 billion and $450 million raised in its most recent financing round earlier this year, Polygon was able to aggressively grow its portfolio of Ethereum scaling solutions while also attempting to draw in traditional brands and the broader blockchain developer ecosystem. Along with 20 other investors, this financing round was spearheaded by Sequoia Capital India and featured well-known companies including SoftBank, Tiger Global, and Animoca Brands. Since then, Polygon has wisely used the money.
Polygon, the preferred collaborator of top-tier brands
Recently, we have seen well-known brands collaborating with Polygon and utilizing their technologies to enter Web 3. Top-tier companies like Coca-Cola (Coca-Cola Co +0.35%), Reddit, and Starbucks (SBUX +6.10%) launched their NFTs within the network, as well as their NFT-based loyalty program in the case of Starbucks.
Young and emerging gaming companies like JEDSTAR Gaming recently launched their Dynamic NFTs or, more precisely, SFTs (semi-fungible tokens) on the Polygon network, which are accessible on both their native marketplace AGORA Marketplace and Opensea. Polygon, which counts Mark Cuban among its backers, has also been focusing on the booming gaming industry.
Taking part in the bull market
The majority of cryptocurrency projects, like Polygon and JEDSTAR Gaming, are still down from their all-time highs, indicating that we are still in the middle of a bear market. The tenacious and reliable delivery of these initiatives over the previous several months, however, suggests that the crypto winter may be thawing.
For projects like JEDSTAR Gaming, which recently launched its charge-to-earn app for gamers, SILVERVOLT, a native NFT marketplace, a P2E game, and is planning to launch its highly anticipated staking platform that pays JED holders (JED +2.8% ) with consistent passive income, things are actually looking pretty optimistic despite market conditions.
In the event that the market recovers, Polygon and JEDSTAR Gaming appear to be good bets to reach or beat their previous highs based on their performance metrics and growing roster of notable collaborations.
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