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- Polygon had some key developments in the past week, sending its market sentiment from neutral to bullish.
- Polygon recently announced a partnership with Google Cloud.
The past couple of weeks have been a very busy one for Polygon as it sealed a partnership with Google Cloud, and also agreed with Franklin Templeton to tokenize large-scale financial products for its DeFi, etc.
Four large scale things happened in @0xPolygon ecosystem in last 10 days
1. Google announced its support for Polygon Supernets(appchains) and committed to supporting startups on Polygon in a joint fund with @0xPolygonLabs
2. @Sothebys launched their NFT marketplace @onPolygon_…— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) May 3, 2023
Polygon and Google Cloud Partnership
The partnership with Google Cloud is to increase the adoption of core Polygon protocols such as PoS, Supernets, and zkEVM. According to the press release, the deal would address some challenges for developers such as time-intensive processes.
To help developers overcome the time-intensive processes and costly overhead associated with provisioning, maintaining, and operating their own dedicated blockchain nodes, Google Cloud will bring Blockchain Node Engine, its fully managed node hosting service, to the Polygon ecosystem, further diversifying cloud services across the Polygon ecosystem.
Sotheby’s launches NFT Marketplace on Polygon
Sotheby’s, a company with 24 percent of global art auction sales has also announced that its NFT marketplace for transactions has been launched on Ethereum and Polygon.
Fully on-chain peer-to-peer transactions will be executed on the Ethereum and Polygon blockchains. Artist resale royalties will be honored directly on-chain through marketplace smart contracts. 2.5 percent seller fee.
Sotheby’s is well known in the crypto world. In 2021, it sold a 101.38-carat diamond for US$12.1 million in an undisclosed crypto at an auction in Hong Kong. It recently announced that it will host the sales of Grails” art collection at the Marquee Sale Week at Sotheby’s New York starting May 19. This is said to contain NFT artwork of bankrupt crypto hedge fund Three Arrows Capital.
Sport Illustrated launches on the Polygon Network
Over the week, U.S. sports publication Sports Illustrated announced that it is launching an NFT ticketing platform on the blockchain. According to the announcement, it will be the first NFT ticketing service in the world. With this, event owners, organizers, and promoters can use Box Office to create engagement opportunities for tickets.
David Lane, SI Tickets’ CEO stated:
Blockchain is the future of ticketing, and now owners, promoters, hosts, and attendees have access to an advanced ticketing experience that transforms the antiquated barcode into engaging and collectible content.
Franklin Templeton
Franklin Templeton, a company with about $1.4 trillion in assets under management has announced that its OnChain U.S. Government Money Fund (FOBXX) is supported on Ethereum through the layer 2 blockchain.
Roger Bayston, head of digital assets at Franklin Templeton believes that the collaboration with Polygon expand its money market on the digital ecosystem.
Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain.
The press release states that Franklin Templeton has been a strong proponent of blockchain, and still sees operational deficiencies through the use of blockchain-integrated systems.
MATIC is currently trading at $0.99 and has surged by 0.99 percent in the last seven days with a bullish sentiment.
