Polygon has made significant strides in the DeFi space. It is now set to branch out to the burgeoning world of Metaverse.
Polygon Studios, which happens to be the gaming and NFT arm of Polygon, has announced partnering with Earth 2. The main objective behind the move is to offer Polygon’s full-stack scaling solutions, zk-proofs, and rollups, to Earth 2’s users.
For the uninitiated, Earth 2 is a global 3D Metaverse simulation of the world. The platform allows its members to search, claim and purchase on any piece of virtual land within its periphery. The owners of these virtual pieces of land can also name the land in anticipation of a future sale or for personal use.
It aims to utilize Polygon Studios’ scaling protocols and framework to convert the in-game assets. The official announcement stated that the Polygon helps in eliminating the inefficiencies that plagues the gaming community now leveraging Ethereum blockchain which is known for its slow transaction speed and high gas fees. Alternatively, the latest partnership is also expected to help the simulation platform to benefit from Polygon’s non-custodial ownership of digital assets.
Scalable solutions on the Ethereum blockchain like zk proof, full-stack scaling is also expected to scale up the transaction volume and enhance experience for Earth 2’s community.
The blog post stated,
“Earth 2 will start its decentralization initiative by putting select digital assets on-chain within the Ethereum ecosystem. To facilitate their plans they are collaborating with Polygon Studios in an exclusive partnership”
Polygon’s Metaverse Expedition
Metaverse has become the hotbed of capital inflow. As a result of the growing popularity, several high-profile cryptocurrency firms have revealed their plans to jump into the bandwagon. Polygon Studios, for one, had recently forged partnerships with Metaverse giant Decentraland and leading NFT marketplace OpenSea as the ecosystem heads towards an expansion.
Besides, Polygon Foundation has backed next-gen of gaming Gaia Everworld last week. More recently, sports and entertainment company GameOn Entertainment has also announced leveraging Polygon’s capabilities to innovate the rapidly growing sectors of Web3 and metaverse economies following its strategic partnership.
Due to scalability issues on Ethereum, Polygon has managed to attract significant market players across various verticals. It has positioned itself as one of the largest developer ecosystems. A group of venture capital (VC) investors, including Sequoia Capital India and Steadview Capital, are reportedly looking to invest around $50 million and $150 million on the Ethereum scaler.