Polygon Studios Bets Big on NFT Games with GameOn Investment

Blockchain platform Polygon has committed to finance 50% of all GameOn’s ongoing product development costs, helping to bring NFT games to the masses.
image source: GameOn.app

Quick Take:

  • Polygon Studios has committed to a strategic partnership with GameOn.
  • The blockchain ecosystem wants to bring NFT games to the masses.
  • It will finance 50% of all ongoing GameOn product development costs.

Blockchain platform Polygon Studios has invested in sports fan engagement platform GameOn in a bid to bring NFT games to the masses. 

Polygon is a user-friendly scalable platform running on the ethereum network.  The platform supports building multiple types of applications including NFT games. 

Polygon has committed to finance 50% of all GameOn’s ongoing product development costs, strategically putting it in a good position to boost NFT games adoption.

In a press release published on Thursday, Polygon said it plans to invest $100 million in projects that will help transition to Web3.0. Some of its notable investors include Mark Cuban and Kevin O’Leary. 

On the other hand, GameOn has devoted time to penetrating the Indian market, which seems ready for blockchain and NFT adoption. It is one of the leading game technology providers to media, sports and entertainment companies.

This partnership will allow GameOn to offer full-stack cryptocurrency services including minting and selling of non-fungible tokens, adding to the gaming services it already provides to white label customers such as prediction and fantasy games.

GameOn partnered with NBA player-backed NFT project Chibi Dinos in October, bringing the first-of-its-kind gamification to the masses.

Its link-up with Polygon will give its shareholders an opportunity to participate in the highly lucrative NFT and crypto market space.

In a statement regarding the partnership, GameOn CEO, Matt Bailey said “Leveraging Polygon’s technology, GameOn continues to lean into blockchain and NFTs, bringing innovative gamification to the rapidly growing Web3 and metaverse economies.”

On the other hand, Polygon co-founder Sandeep Nailwal expressed his company’s commitment to supporting companies that could bring Web3 to the masses, saying, “GameOn is one of the fastest-growing game technology providers in the blockchain space. We’re excited to support their development of NFT-based games on Polygon.”

The partnership has drawn positive chatter on social media with one Twitter user writing:

On the other hand, a crypto enthusiast backed Polygon’s commitment and leadership in the NFTs market, replying:

Polygon’s utility token (MATIC) traded in a choppy pattern formation on Thursday, swinging to a slight gain by mid-afternoon New York time. On the other hand, GameOn shares gained 3.57% in the OTC markets. 

The partnership creates an exciting opportunity for the two companies in the metaverse.

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