THE GREAT MIGRATION
NFT Projects Flock to Polygon
All roads lead to Polygon. At least it seemed that way in 2022.
Heavy hitters in the Web2 field lined up to listen to Polygon’s partnership pitch, and time and time again Polygon’s Business Development team brought the heat. Whether it was social media giants (Meta, Instagram, Reddit), iconic brands (Disney, Coca-Cola, Nike), pacesetters from the auto industry (Mercedes-Benz, Bentley Motors), trendsetters from the fashion world (Prada, Dolce & Gabbana), stars from the sports universe (NFL, DraftKings, Liverpool FC, FC Barcelona), or popular places like Starbucks, it was Polygon’s “pitchers” who kept hitting home runs, as the rapidly ascending blockchain onboarded nearly 500 Web2 companies to the Web3 space.
Existing Web3 projects were also invited to the Polygon party, and many accepted the invitation. Partnerships with Coinbase, Robinhood, Phantom Wallet, and Magic Eden, among others, gave proof that Polygon has established itself as a major league player in the Web3 world. The Christmas Day bombshell that was dropped, announcing that the mega-hit Solana NFT project y00ts was bridging to Polygon, gave further proof that co-founder Sandeep Nailwal’s prediction that Polygon would be a top three project should be taken seriously.
What about this still nascent blockchain attracting big Web2 and Web3 players like bees to honey? Why would y00ts founder Rohun Vora, better known as Frank, move his highly successful Solana project, which ranks second only to his DeGods project in trading volume, to a blockchain better known for DeFi and gaming than for NFTs? Founders and core team members of projects that migrated to Polygon in 2022 spoke about their rationale.
Knights and Peasants, a strategic NFT-based game in a medieval setting, chose Polygon midway through the year. According to Shantastic, the Co-Founder and Community Manager, they sought a less expensive, more secure chain that exhibited potential for future growth. “Gas fees were a huge deciding factor for us. Being a game with a lot of on-chain activity, those fees add up fast. Polygon was a very good mix of gas fees and a larger market cap and active users. Having suffered through the Harmony Bridge Hack, we wanted to provide our community with stability as well as give the project room for growth and a chance at a larger success than a smaller chain might give.”
HellCats, which holds the top spot in sales on OnePlanet, was one of over 60 NFT projects that migrated to Polygon after the collapse of the Terra ecosystem. Taylor Arnold, one of the co-founders, spoke about factors that brought them to Polygon. “We chose Polygon after discovering the fantastic business development team and the connections they had already made with established Web2 companies. Their success in onboarding these businesses is what we think will drive the future growth of Polygon as a layer two solution and beyond.” Arnold also praised the commitment and business acumen of Sandeep and Ryan Wyatt, CEO of Polygon Studios, as integral in their decision to pick Polygon.
Shortly after the news that sent shockwaves throughout the web3 world was dropped, Frank spoke to the y00ts community in a tweet on December 26. “Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that’s just a few. I think that the @y00tsNFT brand just got stronger.”
TOWER Token, a Free-to-Play mobile game project initiated by Animoca Brands, also moved to Polygon in 2022. According to owner Po Chu, there were several factors that led to this decision. First of all, he was excited about the support received from Polygon. “Polygon Studios is creating a shared network to support and connect TOWER with all other builders in the ecosystem.” As is often the case in the business world, the decision was also heavily influenced by dollars and cents. “Despite the ETH price drop, the gas fee in Polygon is still substantially cheaper, which reduces costs for game developing and NFT trading.”
Another impressive project that changed Web3 locales last year was Meta Toy DragonZ, a highly successful Sandbox Network game that had been on the Klatyn chain. Desiring to optimize interchain compatibility, they became multichain on January 1 when they landed on OnePlanet.
With Polygon’s direction and vision aligning with theirs, it was a simple choice to pick Polygon for their journey.
2022 was certainly a roller coaster ride filled with highs and lows, and many project founders are ecstatic about the calendar turning to 2023. Shantastic spoke enthusiastically about the prospects for her project in 2023.
“I’m excited to be a builder on Polygon, I’m excited to be a member of this community, and I’m excited to see where the Polygon team will lead us. I’m also excited to see what one more year of Knights and Peasants is going to look like.”
She sees the arrival of the y00ts and the accumulation of so many massive Web2 partnerships as very bullish for the entire Polygon NFT ecosystem. “I predict the y00ts migrating will be a catalyst for a Polygon NFT season, especially PFP projects. I also predict the Meta and Instagram partnership will explode, and I think it deserves way more hype than it got. It’s literally going to pave the way for mainstream onboarding.”
Arnold, who has seen sales volume with the HellCats project spike in recent weeks, also sees a bright future for NFTs on Polygon. “In 2023, we expect to see some exponential growth in the NFT scene, particularly in Profile Pictures and community development.”
HellCats, who also has a popular collection called the HellHounds, take their position as the current “top dog” on OnePlanet seriously. They desire to do their part to help other projects in the ecosystem prosper.
“We are excited to be at the forefront of technical development and welcome these new teams and projects as they arrive, with the full support of their growth. As a team, we are very excited to be taking on a clear path ahead in 2023. Part of this will be assisting in the development of the necessary infrastructure to help Polygon NFTs succeed in the long term.”
The previous year was epic for Polygon, but Po anticipates even greater things in 2023. “We expect Polygon to remain the major Layer 2 solution for Blockchain Game Developments and related NFTs. With the success of Reddit PFP projects, we’re looking forward to see how Polygon is going to further promote its capabilities on PFPs.”
Moving is always difficult, even on an individual level, as change is never easy. Moving an entire community is a decision that must be made with careful thought and deliberation. No one makes a bad decision on purpose, and often it is only down the road that the merits of a decision can be weighed.
NFT projects that made the move to Polygon earlier this year are pleased with their decision thus far. Frank is confident that history will validate his decision as well. He tweeted on December 26,
“In hindsight, this decision will be a slam dunk, no-brainer in my opinion. It’s alright if you’re worried about being early to an ecosystem. You don’t need to be hyped about this right now. Blue-skies & infinite possibilities ahead for y00ts IMO.”
The decision to move to Polygon can be called a slam dunk or a home run. In the long run, project founders are confident it will simply be called a wise move.
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