Polygon studio to fund gaming NFT projects – Offers $100M

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Polygon Studio announces $100M fund to help blockchain gaming and gaming NFT projects

Polygon has launched Polygon Studio that focuses on helping the advancement of blockchain gaming NFT projects.

Polygon, a maker of a crypto-based platform for Non Fungible Tokens (NFTs), has set up a $100 million fund through Polygon Studio for gaming NFT projects.

The aim is to focus on gaming projects so that developers can fuse their Web 2.0 games with the Web 3.0 decentralized technology through Polygon studios.

Polygon, which started in 2019, is being used by more than 90 decentralized apps (DApps) and it has had more than seven million transactions and 200,000 users.

Polygon added a layer on the popular cryptocurrency platform to enable faster and more efficient process. This layer enables it to remove the gas fees that is associated with the computing costs of blockchain transactions, from the NFT purchases that consumers make.

NFTs use blockchain to uniquely identify digital items. This allows the authentication of digital collectibles or auctioning the transparent and secure digital ledger behind cryptocurrencies. Polygon enables users of companies like OpenSea, an NFT marketplace, to buy and sell NFTs without onerous fees.

“We don’t want to be a VC. This is not our strength. We will incubate some products and teams that want to build projects. Maybe we can get them an external license and support them. We are here to support the entire ecosystem. We want to add value and bring the next 100 million users.”

said Shreyansh Singh, the head of gaming and NFTs at Polygon

NFTs have exploded applications in art, sports collectibles, and music. NBA Top Shot is one example. Built by Dapper Labs, NBA Top Shot has surpassed $700 million in sales, just seven months after going public. An NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million. Gaming has a couple of new unicorns, or startups valued at $1 billion, in Animoca Brands and Forte. NFTs are now selling at a rate of $62 million a week, though the initial hype around NFTs is dying down from a peak in May of $175 million a week, according to nonfungible.com.

Polygon’s goal is to scale Ethereum so that it can be a mass adoption platform enabling NFTs to enter the mainstream. Just a few months ago, as NFTs were exploding, the gas fees were derailing the market adding up to $300 per Ethereum transaction. This was making NFTs prohibitively expensive to mint.

“We have lowered those fees to zero. We handle the transaction on the Polygon chain itself.”

Singh

While sitting on top of Ethereum, Polygon gets the advantage of being compatible with an extremely popular cryptocurrency as well as being able to rely upon the security of Ethereum, which is protected by a broad community of computing sources that can fulfill the blockchain verification tasks.

More than 60% of today’s NFT and blockchain-based web 3.0 games, including Decentraland, Sandbox, Somnium Space, and Decentral Games, have chosen Polygon’s Proof of Stake blockchain as the preferred scaling solution. This means those games can use it to scale up their operations to handle lots of transactions.

Partners include the gaming brand Atari, which launched a partnership with Polygon in February, harnessing the protocols’ speed, scalability, tooling, and community to bootstrap development of Atari’s entry into the Web 3.0 gaming and NFT space.The studio follows the footsteps of its parent company, Polygon (formerly Matic), which is a scaling solution for the Ethereum network. It has previous raised funds from billionaire serial entrepreneur, Mark Cuban. Polygon is also a member of the Blockchain Game Alliance, a consortium of blockchain and gaming firms, including Ubisoft, AMD, and Consensys.

Polygon Studio will now extend plug-and-play software development kits (SDKs) for developers such as Ubisoft, Electronic Arts, Atari, and others, enabling them to integrate blockchain attributes into non-blockchain games. The studio will leverage Polygon’s $100 million treasury fund to provide investment, marketing, technology, and community support. This will attract big brands and franchises to launch games and NFT’s.

The announcement is actually some good news for Polygon, which has recently seen some high profile hacks taking down some of the projects built on the protocol.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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