Polygon’s blockchain expands into the world of Non Fungible Tokens (NFT) with two new partnerships.
On the one hand, the entry of Unstoppable Domains on the blockchain, an NFT domain naming service on web3, and on the other hand Polygon’s investment in Colexion, Asia’s largest NFT marketplace.
Polygon, NFTs and the entry of Unstoppable Domains
Today, Polygon welcomed Unstoppable Domains, which offers 10 domain endings in the NFT world, including .crypto, .wallet, .nft, and .x. The .crypto domain remains the fastest growing and most popular domain with over 750,000 registrations.
Famous for offering its users purchases of NFT domains without paying claim fees and renewal fees, now those using the service on Polygon will also be able to avoid paying gas fees.
Polygon, in fact, by covering the fees with its full-stack scaling solution, ultimately makes NFT domains free to mint and manage.
Not only that, users who are part of Unstoppable Domains’ 1.5 million registered NFT domains will also be able to take advantage of the new partnership, moving their domains from Zilliqa and Ethereum to Polygon to manage their domains for free.
Matthew Gould, founder and CEO of Unstoppable Domains commented:
“Moving to Polygon was the logical next step for us to make NFT domains more accessible, especially at a time when Ethereum costs and speeds are becoming prohibitive. We’ve already sold the highest number of NFT domains, and by integrating with Polygon, we expect this number to increase rapidly, ultimately facilitating more innovation in the NFT and DeFi space”.
Polygon NFT and investment in Colexion to expand into India
Polygon also decided to invest in Colexion to expand NFT adoption in India.
The aim of the investment will be to be able to offer highly advanced tools for NFT trading on a reliable platform, free from theft and forgery, that serves as an infrastructure for bringing together artists, talent, fans and NFT traders.
In this regard, Sandeep Nailwal, Co-Founder and Chief Operations Officer of Polygon commented:
“The main purpose of this investment is to bring transformation in the NFT marketplace. The rapidly growing adoption of Polygon can alone answer its vast popularity in this ecosystem. While Polygon ensures the security and ownership transparency of non-fungible digital tokens, Colexion aims to give NFTs the value that it deserves, thereby also allowing artists and fans to interact and trade on this trustworthy platform”.
Polygon’s expansion and MATIC’s performance
When it comes to transactions, scalability is one of the key factors and Polygon knows this well.
The platform for scaling Ethereum is riding the wave and continues to expand due to its qualities in both the DeFi and NFT worlds.
Just last month, Polygon also managed to win over EY, the group formerly known as Ernst & Young, which operates in 150 countries worldwide.
By integrating Polygon’s protocol and framework on the Ethereum Scaling Solution, EY wants to create and implement scaling solutions for the Ethereum network.
Not only that, EY’s idea is also to launch its own flagship blockchain products, even directly on Polygon’s blockchain. The motivation for this choice is to take advantage of the network’s cheap fees and high-speed transactions.
Even Coinbase, early last month, reportedly announced that it is working to integrate Polygon’s scaling solution, while waiting for Ethereum to move to Proof-of-Stake.
In the meantime, with a market cap of over $11 billion, MATIC remains among the top 20 cryptocurrencies, at a price that, at the time of writing, hovers around $1.70.