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Wednesday, December 7, 2022
HomeCryptoPolygon’s ‘Secret Sauce’: Why Starbucks, Meta, and Reddit Selected the Ethereum Scaler

Polygon’s ‘Secret Sauce’: Why Starbucks, Meta, and Reddit Selected the Ethereum Scaler

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In transient

  • Brands like Starbucks, Reddit, Meta, Nike, Disney, and Coca-Cola have constructed on the Ethereum scaling community or introduced plans to.
  • Despite the FTX collapse, Polygon Studios CEO Ryan Wyatt advised Decrypt to count on Web3 model momentum to proceed to construct.

Amid a brutal crypto downturn that has solely gotten worse with FTX’s collapse, one blockchain platform has repeatedly proven that it may nonetheless onboard huge manufacturers with a collective attain of billions into the Web3 world: Polygon, the Ethereum scaling community.

Recent highlights embrace Meta tapping Polygon to let Instagram customers mint NFTs, Starbucks constructing an NFT-driven loyalty rewards program, Reddit minting distinctive NFT avatars, Nike revealing plans to mint digital attire NFTs, and an NFT collectibles partnership with Disney after Polygon took half within the leisure large’s accelerator program.

The ensuing buzz has not solely pushed up the value of Polygon’s MATIC token and constructed up the biz-dev popularity of Polygon Studios and CEO Ryan Wyatt, however the early outcomes of those initiatives are additionally telling. Reddit stated just lately that its customers created greater than 3 million Polygon wallets to say a free NFT avatar, producing momentum round them and the broader crypto house.

Wyatt advised Decrypt that when he joined Polygon Studios in February—following a number of years main YouTube’s Gaming vertical—he noticed a necessity to herald extra folks with conventional net and model expertise to pair with the extremely technical, Web3-savvy builders already within the house. “I wanted to fill that gap,” he stated.

“With Web2 [companies], the impact is bigger and the implications are always bigger for those partners, because they’re navigating the space for the first time,” Wyatt defined. “And so they are being very strategic in the way that they’re doing it. They want to talk through it. That’s a little bit of a different experience.”

Polygon Studios CEO Ryan Wyatt at Camp Ethereal 2022. Image: Vincent + Chie

Whether it’s a Web2 model or a crypto upstart, Wyatt stated that his workforce’s purpose is essentially the identical: perceive the possible accomplice’s Web3 imaginative and prescient, persuade them that Polygon is the best platform to construct it on, after which present assist to carry that imaginative and prescient to life.

Bringing collectively skilled huge tech veterans with Web3 natives who “live and breathe this space” yields a bunch at Polygon Studios that may assist Web2 manufacturers recover from the hump and embrace NFTs and decentralized fashions, Wyatt stated. “It’s kind of like the secret sauce of the team,” he added.

Polygon is having a second proper now with mainstream model adoption, however Wyatt admits that what he sees because the Studios workforce’s benefit over rival scaling options like Immutable X and Arbitrum won’t final.

“That is something that others will replicate over time,” he stated. “I think we’re taking advantage of the moment.”

But the model push might also yield community results that persuade different firms to construct on Polygon. While finest generally known as an Ethereum sidechain that allows sooner, chapter transactions than Ethereum’s mainnet, Wyatt additionally pointed to its upcoming zkEVM scaling tech, suggesting that it reassures builders that they will “be on Polygon protocols forever.”

He additionally believes that there’s rising consensus round Ethereum because the platform the place most Web3 customers and builders are firmly established and that Polygon offers a manner for manufacturers to launch large-scale initiatives in that ecosystem.

Polygon’s push

Wyatt wouldn’t share any new particulars about its outstanding companions’ plans, however commented on a few of their initiatives. He referred to as Meta’s plan to unlock NFT minting for Instagram’s estimated two billion customers a “forward thinking” transfer, and stated that Starbucks’ unique rewards program was already “ahead of its time” and that the espresso large “gets it” concerning NFT use circumstances.

Meanwhile, Wyatt stated, Reddit’s announcement that its NFT avatars had impressed three million new Polygon pockets customers was “an enormous win for our business.” Reddit avoids NFT terminology in its branding, but Wyatt said that the move is less about “masking” NFTs and more about exploring use cases that aren’t subject to speculative frenzy and “right-click-save” pushback.

Rival Ethereum scaling solution Immutable X—from Immutable, itself a game developer and publisher—has made early strides in onboarding game developers to build in Web3, Wyatt acknowledged. “Kudos to that group,” he said.

But the gaming and esports veteran hinted that Polygon has big plans in the works for Web3 gaming, as well, and that some of the previous game announcements have been overshadowed by its big brand partnerships—a “champagne problem,” in his view. “As you know, with my background, I’ll never sleep on the category,” Wyatt affirmed of gaming.

On Tuesday, following Decrypt’s conversation with Wyatt, NFT marketplace Magic Eden announced plans to support Polygon NFTs and launch a number of upcoming gaming initiatives constructed on the blockchain.

He doesn’t believe that the fallout from FTX’s downfall will directly affect brands looking to build and experiment in Web3. If anything, he said, the damage and contagion show how essential decentralized protocols are, rather than traditional, centralized platforms.

“Ultimately, a lot of this stuff is solved in a real world that’s decentralized,” he said. “If you think of where these problems are happening, they’re centralized exchanges and intermediaries into Web3, right? When you start to see a world that’s decentralized, that’s easier to use and has been built, then I think you get away from all of this stuff.”

Wyatt teased more partners to come, suggesting continued brand momentum. But he’s also keen to encourage more Web3-native builders to develop tools for the Polygon ecosystem, such as wallets, marketplaces, and on-ramps, and emphasize decentralized finance (DeFi) building in an industry that just learned a tough lesson about centralized entities.

“What you ultimately should hold us accountable for is bringing a billion people to Web3,” he said, “and I think we’re going to do that in a lot of different ways.”

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