Just recently, Polygon (MATIC) has made an announcement that is raised the excitement level among its entire community. Polygon has announced that it has entered the nonfungible token sector. Ethereum-based is a scaling solution that is layer-two protocol-based.
However, Polygon is planning to do it in a different manner. According to Polygon, it will be Polygon Studios getting into the nonfungible token space. Polygon Studios is the gaming unit for Polygon and it will be exploring the gaming space within the nonfungible token sector.
The teams at Polygon have announced that it has partnered with GameOn Entertainment Technologies Inc. The partnership will be strategic and it would revolve around coming up with newer technologies and innovations within the NFT space.
GameOn is prominently known as a gaming and sports prediction firm that is based in the United States. As of now, GameOn hosts and caters to entertainment spaces related to media and sports.
Polygon reportedly made the announcement about its partnership with GameOn on Thursday, December 2, 2021. Following the deal, GameOn will be providing its technology and support to Polygon Studios in launching new games based on nonfungible token technology.
On the other hand, Polygon Studios has announced that GameOn will be receiving around 50% funding that will be non-dilutive. These funds will support the development costs of developing games that GameOn would incur.
Polygon had recently made an announcement in regards to launching a fund that was going to support NFT-based projects. Polygon Studios has confirmed that it will be using the funds from the $100 million investment fund to support GameOn and develop NFT-based games.
Polygon had also announced that it would provide its support for projects based on the Web 3.0 network. So far, Polygon investments have supported projects such as DeFine, DraftKings, and the latest addition is GameOn.
With the help of the funds and support from Polygon Studios, GameOn will be able to launch many services and features. These features will offer capabilities that would enhance the creation and minting of nonfungible tokens. The platform will also be working to help users proceed with selling nonfungible tokens.
As the nonfungible token sector is already growing bigger, the development and release of NFT-based games through Polygon is going to be a huge profiting factor for the NFT sector.
In the cryptocurrency industry, many tokens are being launched on a daily basis that is either NFT-based or are linked with the NFT technology.
The overall valuation of the nonfungible token sector at present is $60,259,892,142, which is expected to experience a great surge once Polygon launches NFT-based games.
With the launch of the new games within the NFT sector, the overall trading volume for the particular space would be surged, which currently stands at $12,285,203,058.