Polygon Making Big Moves in Web3 with High-Profile Partnerships and VC Plays

Image source: onjuno.com

Quick take:

  • Quadrata has partnered with Polygon to integrate Web3 passport network.
  • Starbucks launched NFT loyalty program on Polygon this month.
  • Earlier this month, Polygon saw over $97 million in NFT volume in the past 30 days.

Polygon has been making efforts to cement itself as one of Web3’s biggest industry players with a series of high-profile partnerships and VC plays in recent months.

Today, Quadrata, a passport network bringing the identity and compliance layer to public blockchains, announced that it will be integrating its passport identity technology as part of a partnership deal with Polygon. 

“Offering our passport technology to one of the largest public blockchains, after Ethereum, is a natural step for Quadrata. This partnership is helping us to reach new applications being built on Polygon that need access to identity and compliance natively on-chain,” said Fabrice Cheng, CEO, CTO and co-founder of Quadrata.

On Sep 12, Starbucks teamed up with Polygon to launch an NFT loyalty program dubbed “Starbucks Odyssey” that will onboard its customers to Web3. Leveraging the Layer-2 blockchain, Starbucks will be creating an NFT-based replica of the successful Starbucks Rewards loyalty program.

Earlier this month, Polygon saw over $97 million in NFT volume over the past 30 days.

August was a big month for Polygon as it Polygon hired new chief legal officer Marc Boiron to navigate Web3’s regulatory landscape, led Web3 venture studio SuperLayer’s $25 million Web3 fund, and launched Web3 gaming ecosystem, GameSwift.

That month, leading social news aggregation site, Reddit, also chose to launch its “collectible avatars” built on the Polygon network. Over the past week, the collectible avatars raised eyebrows as The Hands #16 and The Hands #46 sold 4 ETH or roughly $5,000 each, as of Sep 22. According to Reddit avatar statistics posted by Redditor “Warfared” on Sep 25, Fishy Foustlings #1 had a highest last sale price of 6 ETH ($7,969.56) while Mio Armor #1 sold for 5 ETH ($6,641.30).

On Sep 25, Polygon founder Sandeep Nailwal and ex-Borderless Capital’s and Cere co-founder Kenzi Wang announced their VC firm Symbiotic Capital, which launched an oversubscribed $50 million Web3 fund.

As a secondary scaling solution with low transaction fees, over 37,000 dApps have used Polygon to scale their performance, a fourfold increase since the start of this year. 

“Polygon PoS serves as a hub for some of the most important Web3 projects, including Aave, Uniswap V3, and OpenSea, as well as Mark Cuban-founded Lazy.com. Polygon’s thriving ecosystem is one of the reasons why companies such as Meta, Adobe, Stripe, Telefonica, and Dolce Gabbana have chosen Polygon as their default gateway to Web3,” the company wrote in a blog post.

With over 142 million unique user addresses and $5 billion in assets secured, Polygon PoS has processed more than 1.6 billion transactions to date. Following its movements in recent months, Polygon is one blockchain platform to watch in the Web3 space.

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