Polygon, an Ethereum-based scalability platform that allows quick and affordable payments, has achieved collaboration with Lazy.com, an NFT network established by US entrepreneur Mark Cuban. The goal of this collaboration is to help digital collectibles become more widespread. According to reports, the occasion also overlapped with the debut of Polygon Studios, an NFT-focused gameplay world, and Metaverse, a digital cultural center.
Consumers will be able to connect their Polygon wallet to the Lazy.com network that also accepts Ethereum-based NFTs, as per the source (CNBC). This contributes to Lazy.com's objective of bolstering the NFT sector by rendering it more affordable and reachable. According to the network's site, it is a "lazy" approach for users to flaunt their NFTs.
Mark Cuban, who has grown extremely assertive on issues pertaining to the fledgling industry in recent months, explained why Lazy.com decided to incorporate Polygon, “Although there are still barriers to acceptance for NFTs, neither are as significant as transactional costs and efficacy. These obstacles are obliterated by Polygon's organized and simple-to-use scalability approach. I'm interested to observe where the NFT sector goes from here”.
Polygon's organized and user-friendly scalability approach eliminates such roadblocks. Polygon is a scalability solution that runs side chains or peripheral networks besides the primary Ether blockchain to allow for quick and cheap payments. Scalability is the process of improving the platform's performance, which is defined in exchanges per second.
The incorporation was revealed on Thursday by Polygon's NFT-centric gaming and metaverse, which stated that it will help boost widespread acceptance of digital collectibles. Polygon wallet customers can also link with Lazy.com, which also accepts Ethereum-based NFTs. Lazy.com, which debuted in March 2021, is a digital artwork museum that aims to display NFTs in the same way that conventional art museums do.
In 2021, NFTs were the entire vogue, with revenues reaching 2.5 billion USD in the first 6 months. That is a 180-degree rise over the 13.7 Million USD in revenue in the first half of 2020. Last week, the trading activity of NFTs on Ether hit a historic peak of 171 million USD, increasing 338 percent over the previous month's corresponding period.
Polygon has collaborated with many decentralized finance titans and NFT and game startups, including WeNew, Rarible, and OpenSea, to circumvent high Ethereum transaction costs. Unfortunately, the initiative has lately come under scrutiny for technological concerns, networking challenges, stake problems, and integrating problems with Decentraland.
Polygon appears to have solidified its place as the dominant Ethereum layer 2 environment, notwithstanding these difficulties. Furthermore, the bulk of NFT enthusiasts think that some of the issues Polygon is experiencing are related to network congestion rather than structural faults.
Polygon (MATIC) has put up an outstanding showing this year because of this tremendous expansion. The currency is now trading at 1.05 USD, up 2.64 percent in the last 24 hours. Although it is a 60.71 percent decline from the coin's all-time high of 2.68 USD, it is worth remembering that MATIC has gained almost 5900 percent since the year began.