It seems that Ethereum has a very important competitor, namely, Polygon. While not often cited as a direct competitor to Ethereum, it is still a rapidly growing network with lots of interesting features that are appealing to corporations looking into expanding their platforms with web3 elements. Currently, Polygon is home to Reddit NFTs that have been quite popular and revived the NFT market.
Another important addition to the party is Starbucks. The international corporation wants to implement NFTs in its products and offer a unique experience to its customers.
Polygon is rapidly evolving and threatening other networks
Qaudrata has just announced that the company will be integrating its identity tech with Polygon by deploying a new platform that will be offering its security and data integrity to applications that require access to identity and compliance without leaving the network. It is a huge improvement to the second-biggest network after Ethereum in terms of how many platforms are currently deployed on the layer 1 network.
Polygon is being eyed by multiple other corporations that also looking into ways to expand their presence in the digital world. Starbucks, Disney, and VC Plays are either deploying or thinking about being featured on Polygon. It is the most demanded technology that puts a lot of pressure on other industry players like Ethereum and Algorand.
Thanks to the arrival of Reddit NFTs, the network saw a massive jump in NFT trading volume reaching an impressive $97 million over the month with many huge deals making news like the sale of the #1 Reddit NFT avatar for 15 ETH.
Polygon is growing amidst the crypto winter
The current situation in the crypto market is far from ideal with many networks losing a lot of momentum and struggling to hold on to their investors. While many slowed down their development, Polygon is just getting started with more and more exciting partnerships announced each month. It is great to see a network that does not look at the competition and just focuses on evolving into its best possible form as quickly as possible.