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Amid the bearish crypto winter and all the doom and gloom about the future of cryptocurrencies and NFTs, Polygon Technology Had a hot summer. Since hitting a low in June, it has risen more than 170% to $0.87 (MATIC -0.52 percentage). While we’ve seen quite a bit of uptake, it’s still early days for EVM-compatible chains, and the best days are yet to come.
Earlier this year, Polygon raised $450 million in its latest funding round, with a market cap of around $13 billion, to aggressively expand its portfolio of Ethereum scaling solutions and work to attract legacy brands and larger blockchain developers ecosystem. The round was led by Sequoia Capital India and included 20 well-known companies including SoftBank, Tiger Global and Animoca Brands. Since then, Polygon has made good use of the funds.
Polygon, the partner of choice for top brands
Over the past few months, we’ve seen household names partner with Polygon to leverage their technology into Web3. Top brands such as Coca-Cola (The Coca-Cola Company +0.35%)Reddit and Starbucks (SBUX +6.10 %) launched their NFT, and in Starbucks’ case, they launched an NFT-based loyalty program within the network.
Polygon, backed by Mark Cuban, has also been targeting the booming gaming industry, and we see young and upcoming gaming companies such as JEDSTAR Games Recently launched their Dynamic NFTs, or more precisely SFTs (Semi-Fungible Tokens) on the Polygon Network, both available on their local market AGORA Market and open sea.
enter a bull market
Clearly, we are still in a bear market and most crypto projects including Polygon and JEDSTAR Gaming are still below their all-time highs. But the resilience and continued delivery of these projects over the past few months suggests that the crypto winter may be thawing.
In fact, despite the poor market conditions, things look quite positive for projects like JEDSTAR Gaming, which recently launched Paid application game player silver volta native NFT marketplace, a P2E game, and plans to launch its highly anticipated Staking platform that rewards JED holders (JED +2.8%) Have fixed passive income.
With their performance metrics and growing list of high-profile partners, Polygon and JEDSTAR Gaming look like solid bets to recover or surpass their previous highs when the market rebounds.
Note: Investing in cryptocurrencies and cryptoassets carries financial risks and readers should conduct their own due diligence. Entrepreneur Media does not endorse any such investment.