Polygon Soars 170% as Top-tier Brands Choose Them as Their Preferred Partner
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Amid the bearish crypto winter and all the doom and gloom about cryptocurrencies and the future of NFTs, Polygon Technology had a scorching summer. Since hitting its low in June, it has rallied over 170% to USD 0.87 (MATIC -0.52%). While we have seen a considerable uptake, it is still early days for the EVM-compatible chain, with its best days still ahead.
Earlier this year, Polygon raised USD 450 million in its latest financing round, with a market cap of about USD 13 billion, to aggressively expand its portfolio of Ethereum scaling solutions and work to attract traditional brands and the larger blockchain developer ecosystem. This financing round was led by Sequoia Capital India and included big names such as SoftBank, Tiger Global and Animoca Brands, amongst 20 others. They have since made good use of their funds.
In the last few months, we have seen household names partnering with Polygon, leveraging their technology to get their foot into Web3. Top-tier brands such as Coca-Cola (Coca-Cola Co +0.35%), Reddit and Starbucks (SBUX +6.10%) launched their NFTs and, in Starbucks’s case, their NFT-Based Loyalty Program within the network.
Polygon, which counts Mark Cuban among its backers, has also been targeting the booming gaming industry, and we see young and upcoming gaming companies such as JEDSTAR Gaming recently launch their Dynamic NFTs or, more accurately, SFTs (Semi-Fungible Token) on the Polygon network, available on both their native Marketplace AGORA Marketplace and Opensea.
Clearly, we are still in the midst of a bear market, and most cryptocurrency projects, including Polygon and JEDSTAR Gaming, are still down from
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