Polygon Launches NFTs to Grow Blockchain Gaming

Polygon Launches NFTs to Grow Blockchain Gaming

Polygon Studios, an advanced branch of Ethereum-based project Polygon, will help the company bridge the gap between Web-2 and Web-3 gaming. The studio, which was revealed on Monday, will focus on both blockchain video gaming and non-fungible currencies.

Polygon Studios will try to attract large companies and negotiate different NFT (non-fungible token) agreements, following in the footsteps of Dapper Labs, which is recognized for its relationship with NBA Top Shot. According to the business, at least 100,000 active gamers are already connected to various games via 500 decentralized applications.

On Monday, Polygon stated:

“With the introduction of Polygon Studios, games will have 360-degree building assistance, large brands and well-known franchises will be able to debut on Polygon, and gamers will have access to a whole new universe of chances and decentralized gaming.”

The consolidation of Polygon’s existing dominant position as the de-facto platform for NFTs and games is one of two projects fulfilling Polygon’s main aim.

Polygon NFT Studio is another initiative aimed to assist brands and intellectual property owners in developing bespoke NFT models and marketplaces.

Polygon makes use of a customized version of the Plasma framework, which is based on Ethereum main chain’s proof-of-stake (PoS) checkpoints. Polygon’s sidechains are built to enable a variety of DeFi protocols that operate on the Ethereum blockchain.

There are presently over 100,000 players and over 500 decentralized apps, including gaming projects such as Decentraland, Aavegotichi and Skyweaver, as well as the NFT market OpenSea.

What Are the Opportunities for Blockchain Gaming?

It appears that the company is considering imitating the Dapper Labs strategy, with NBA Top Shot raking in $700 million in revenue. However, Polygon Studios replicates Socios.com, a global market where fans may acquire fan tokens and participate in the decision-making process of a variety of clubs.

Rario, according to Sandeep Nailwal, co-founder of Polygon Studios, is laying the groundwork for digital collectibles.

These brand-new sorts of assets, he said, were “the most prized property for sports enthusiasts in India and throughout the world.”

Polygon Gaming Studios will also work with other designers to create blockchain-powered gaming experiences, as well as continue to address some of Ethereum’s major issues, such as high transaction fees and network congestion.

Polygon has gained a lot of traction among developers looking to avoid the Ethereum mainnet’s high transaction fees, and in May it received an undisclosed investment from billionaire investor Mark Cuban.

The Other Side of Polygon Announcement

Polygon was able to grow tremendously because it was able to provide cheap gas prices while Ethereum’s gas fees had risen, but it can no longer hope to exist solely on that basis now that Ethereum’s gas fees have cooled and other networks now offer comparable gas fees.

Polygon has a significant head start, but it must maintain a fast rate of growth in order to scale up and offer the support that developers and consumers want.

  • While the firm has been playing all the right tunes and making all the proper announcements to demonstrate the amazing growth it is attempting, there has been a long list of concerns from both developers and users, despite the fact that the Polygon ecosystem continues to expand.
  • The lack of help from the network’s administrators has been a recurrent complaint among developers. Support for such developers has been poor, and the developers have been shuffled around with no clear answers to their inquiries or support for any of their work.
  • There are holes in their documentation, and any development team would feel comfortable and secure if there was excellent communication between the network and the development team, but that does not appear to be the case here.

Customer service has also been questioned, implying that they may have grown too big, too fast, and so are experiencing scaling difficulties. Because there are so many alternative options on the horizon, unless these scalability difficulties are resolved rapidly, they are likely to suffer in the short and the long run.