Polygon Crypto

• Ayushi Abrol
• June 22, 2024

What is Polygon Crypto?

Polygon, previously known as Matic Network, is a Layer 2 scaling solution for Ethereum, designed to enhance the speed and reduce the costs of transactions on the Ethereum blockchain. It achieves this by providing a framework for building and connecting multiple blockchain networks compatible with Ethereum, offering solutions like sidechains, rollups, and other scaling technologies to improve the overall performance and user experience of decentralized applications (dApps) on Ethereum.

Top Partnerships of Polygon with Global Brands

Polygon has become one of the top Blockchain service providers around the globe that has partnered with more than ten top-tier brands. Companies like Nike, Starbucks, Reddit and others have launched their non-fungible tokens as an introductory web 3 product. We have brought together the top 10 polygon partnerships that brought polygon technologies among the top-rated Blockchain technology service providers. Ready to go?

Let’s get started:

Nike

Nike’s partnership with Polygon centers around their Swoosh platform, which is conceptualized as a digital marketplace. This marketplace is not just a trading space but an innovation hub where Nike aims to offer NFTs and digital fashion items. By leveraging Polygon’s Blockchain, Nike intends to create a seamless and interactive virtual experience that could potentially revolutionize the intersection of fashion, gaming, and technology. This collaboration is particularly significant as it brings a major fashion and sports brand into the fold of Blockchain and Web3 technologies, which could encourage other brands to explore similar avenues.

Starbucks

Starbucks’ collaboration with Polygon was brought to life with the Starbucks Odyssey experience, a part of their larger Web3 project. This partnership is transformative for the customer experience, as it introduces a novel loyalty program that incorporates the collection and trading of digital assets. Through Starbucks Odyssey, customers can engage with the brand in a more immersive way, earning NFTs as rewards that can unlock unique experiences and benefits. Polygon’s technology facilitates a more interactive and community-focused platform, aiming to enhance the way consumers interact with loyalty programs.

Mastercard

Mastercard initiated the Artist Accelerator Program on the Polygon Blockchain, with a vision to empower new musical talent. The program is designed to mentor artists, aiding them in leveraging Web3 technologies to build their brands and fan engagement. Artists get to learn about and utilize NFTs and other Blockchain functionalities to innovate in music distribution, fan experiences, and brand partnerships. This program marks an important step in bringing the music industry into the Blockchain era, providing tools and knowledge for artists to thrive in a digital ecosystem.

Adobe

Adobe has a community hub of elite artists around the globe. It also has its separate platform, namely Behance. Behance was launched in 2005 as a platform for developers, creators and artists to showcase their talent to potential collaborators and fans worldwide. Currently, the platform has a massive active user base of 10 million. The company is excited to level up Behance as an NFT marketplace to transition its presence for NFT artists and creators. The collaboration between Polygon and Adobe allows them to list their NFTs minted on Polygon. Adobe actively plans to scale its reach by partnering with Polygon

Disney

The collaboration with Disney involves the entertainment giant using Polygon’s Blockchain to develop its own NFT platform called Disney+. This allows Disney to offer a digital collectibles experience to its audience, ensuring security and efficiency in the collection and trade of these assets. With its broad intellectual property portfolio, Disney’s foray into NFTs could mean a new way for fans to engage with their favorite characters and franchises. Polygon’s scalable infrastructure is critical to accommodating the potentially high demand and transaction volume that a company like Disney can generate.

Meta

Meta’s partnership with Polygon is focused on launching their NFT platform within the Metaverse. The aim is to create a secure, efficient ecosystem for Meta’s users to collect and trade digital assets, possibly including digital art, virtual real estate, or other Metaverse components. This could significantly impact how social media and virtual interactions occur, transforming Meta’s platforms into spaces where digital goods are not just showcased but actively traded and authenticated via Blockchain. Polygon’s role is to provide the technological foundation for these transactions, ensuring they are conducted smoothly and with minimal transaction fees.

Adidas

In the sports apparel domain, Adidas entered the Blockchain space by partnering with Polygon to launch its own NFT platform, Adidas Originals. The collaboration aims to explore the possibilities of digital ownership and new forms of customer engagement through NFTs. With Polygon’s Blockchain technology, Adidas can provide a secure and scalable platform for its customers to buy, sell, and trade digital assets tied to apparel and possibly exclusive experiences or products. This move aligns with Adidas’ strategy to innovate in the digital space and offer more value to its brand enthusiasts.

Mercedes

While the specific details of the partnership between Polygon and Mercedes were not detailed in the initial search results, the luxury automobile manufacturer’s foray into the Blockchain space with Polygon suggests an interest in exploring the use of NFTs or other Blockchain-based initiatives. This could involve unique digital collectibles, enhancing the customer experience, or leveraging Blockchain for supply chain transparency. Given the stature of Mercedes in the automotive industry, their partnership with Polygon is likely to be watched as a bellwether for Blockchain adoption in the sector.

Reddit

Reddit has been actively experimenting with community points and tokens on Blockchain platforms, and their partnership with Polygon indicates a focus on utilizing Blockchain for decentralized community engagement. By integrating with Polygon, Reddit can provide its users with a more efficient and cost-effective way to manage community points, which serve as a measure of reputation and contribution within Reddit’s various sub-communities. The collaboration is pivotal in demonstrating how social media platforms can leverage Blockchain to enhance user interaction and value exchange.

Google Cloud

The partnership with Google Cloud signifies a major step for Polygon in the enterprise Blockchain space. This multi-year partnership is geared towards accelerating the adoption of Blockchain technology within enterprise solutions. Google Cloud’s infrastructure combined with Polygon’s Blockchain technology enables enterprises to deploy and manage Blockchain applications more efficiently. This collaboration has the potential to bring Blockchain’s benefits, such as transparency and security, to a variety of business applications across industries.

Why Are Businesses Investing In Web 3.0 Space?

Web 3, Metaverse, NFTs, Blockchain, and Decentralization have been trending for some time now. The increased demand for Blockchain technology and Facebook renamed Meta, has compelled businesses to adapt to web 3. 

However, despite a broad portfolio, most businesses are using Polygon’s technology to build NFT marketplaces or NFT-related applications. Apart from NFTs, Polygon also deals in decentralized applications and finance solutions. These services include helping a business from payments to basic mobile and web applications and safer and more secure data sharing to more efficient data management and storage. 

As statically reported, the NFT marketplace also has an impressive compound annual growth rate of 33.9% and projects a market value of $211.72 billion by 2030. The market size of Web3, encompassing Blockchain, NFTs, and the Metaverse, is estimated to reach a staggering $81.5 billion by 2030.

In 2021, the banking and financial sector accounted for 33.0% of the total Web3 Blockchain market. These sectors benefit from the scalability and efficiency of Web3 technologies. Furthermore, other industries such as IT, media, retail, and e-commerce are increasingly embracing Web3, contributing to its expanding market. Notably, the Metaverse, a part of Web3, is projected to have a value of $678 billion by 2030.

Leading companies in the Web3 space include Binance, Polkadot, Braintrust, OpenSea, Immutable, Helium Systems, and Spatial. For instance, OpenSea alone was valued at $13.3 billion as of January 2022.

A recent survey found that 54% of participants expressed a desire for more companies to accept cryptocurrencies, indicating a growing interest in digital currencies for transactions. This trend is reinforced by the significant advertising spending by the Web3 community during events like the US Super Bowl, demonstrating increased mainstream exposure.

Apart from it, here are a few benefits of shifting to the web 3 architecture:

• Decentralization: Web 3.0 is all about decentralization. Unlike the current Web 2.0, where big companies control most things, Web 3.0 aims to give more power to users. This means users can become owners and have more control over the content and services they use.
• Shared Economic Model: In Web 3.0, the idea is to have a “winners-share-all” approach. This means that everything is built and managed collectively, and the benefits are shared among all the people involved. This encourages innovation and user-focused products and services.
• Improved Security and Transparency: Web 3.0 promises better security and a focus on being transparent and accountable. This is crucial because people are increasingly concerned about their data privacy and want to trust the services they use.
• Economic Activity and Financial Innovation: Web 3.0 is not just a concept; it’s happening right now. It’s already facilitating trillions of dollars in economic activity. The use of Blockchain technology and decentralized finance is changing how we do transactions, making them more secure and efficient.

Why Do Businesses Choose Polygon?

Polygon is beneficial for businesses for several reasons:

• Scalability: Polygon allows businesses to scale their operations without worrying about high transaction fees and slow transaction times, which are common issues on the main Ethereum network.
• Low Transaction Costs: Transactions on Polygon are faster and cheaper compared to the main Ethereum network. This low transaction cost is especially important for businesses that conduct numerous transactions daily.
• Interoperability: Polygon is compatible with Ethereum, which means businesses can seamlessly move assets and data between the two networks. This interoperability opens up a wide range of possibilities for businesses in terms of partnerships and collaborations.
• Smart Contracts: Polygon supports smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This automation can streamline various business processes, reducing the need for intermediaries and saving both time and money.
• DApp Development: Businesses can build decentralized applications (DApps) on the Polygon network. These DApps can provide unique services or products, and the decentralized nature ensures security and transparency, which can attract more users.
• Community Support: Polygon has a vibrant and active community of developers and enthusiasts. Being part of this community can provide businesses with valuable insights, support, and potential collaborations.
• Ecosystem Growth: As more projects and businesses adopt Polygon, the ecosystem continues to grow. This growth leads to more opportunities for businesses, including partnerships, investments, and customer acquisition.

What’s In It For You?

You might be questioning the profitability angle from the popularity of Polygon’s Ethereum scaling solutions and their partnerships with top global brands leading the mass adoption of Web3, Metaverse and NFT space. The increased demand for the end product will primarily affect the supply scale. A career in the NFT domain to develop and create quality NFTs can be a better alternative than the most nuanced career options globally. 

Conclusion

Professionals worldwide are interested in upskilling to join the NFT creator space. Non-fungible tokens are the key to a new era of digitization in a virtual space. Since this new generation of the internet is more intended towards ownership and ‘for the people, by the people; generating career opportunities is now more straightforward, accessible and quicker than ever. Check out our Certified NFT Expert and Certified Polyon Expert certification courses and get one step closer to your career in the Web3 & Blockchain industry.

FAQs

What brands are on Polygon?

• Polygon has partnered with various well-known brands, including Nike, Starbucks, Mastercard, Adobe, Disney, Meta (formerly Facebook), Adidas, Mercedes, Reddit, and Google Cloud.

Who are the big investors in Polygon?

• Polygon has received investments from prominent venture capital firms and investors, including Binance, Coinbase Ventures, Mark Cuban, and Galaxy Digital, among others.

Why do brands choose Polygon?

• Brands choose Polygon for its scalability, low transaction costs, interoperability with Ethereum, support for smart contracts, decentralized application (DApp) development, active community support, and growing ecosystem. 
• These features make it attractive for businesses looking to enter the NFT space and explore Blockchain technologies.

Does Polygon have a good future?

• The future of Polygon looks promising due to its essential role in Ethereum scaling solutions and its partnerships with major brands in the Web3, Metaverse, and NFT space.
• Polygon’s technology addresses key issues in the blockchain industry, such as scalability and cost-effectiveness, making it attractive to businesses.
• The growth of the NFT market and the broader Web3 ecosystem suggests that Polygon is well-positioned for continued expansion.
• However, like any technology, its success will depend on its ability to adapt to evolving industry trends and maintain its competitive edge.