Samsung bets on Polygon for Web3
Polygon gains another global partner with Samsung.
Polygon lands another global partner with Samsung. At the same time, layer 2 blockchains and Solana NFT protocols seem to be fading into the background.
Polygon kicks off the year with a bang. Teaming up with South Korea's tech giant Samsung, the Layer 2 blockchain is working to improve user experiences. Along the way, Polygon is pushing DeLabs, the NFT startup, away from Solana, the so-called Ethereum killer. Polygon is building on last year’s successes and boosting crypto’s image.
Samsung rolls out Polygon on its devices
Polygon’s original streaming app Savage is partnering with Samsung to give Web3 users access to high-quality images and video. On X, the DeFi protocol said the partnership with the tech giant should help improve the Web3 solutions currently on offer.
It’s also noted that the smart TV app could help seamlessly integrate an IRL (In Real Life) display. Savage adds that the app will be useful for "uploads of the highest quality on all marketplaces." More details about execution are still to come.
The app is also protected by licensing agreements and could reach more than 25 million households. The Samsung partnership appears to have sparked investor interest. Last week, Polygon’s stock price rose as much as 11%. The cryptocurrency now sits 10th by market cap among digital assets.
Showdown: Polygon vs. Solana
Meanwhile, as Polygon teams up with strong partners, it’s taking shots at rival Solana. First target: NFT firm DeLabs, which runs popular collections like DeGod and y00ts. With about a $3 million grant, Polygon lured the startup to its own blockchain. Founder Frank says the funds will be used to "hire new employees" and to create a "crypto incubator to support its NFT ecosystem."
Polygon wasn’t the only party eyeing the NFT protocol, according to View post on X. Frank explained that "much larger offers" were considered, but DeLabs chose Polygon because it "is the most exciting direction for y00ts as a project."
Polygon 2022: the year of crypto adoption?
Polygon starts 2023 as strong as it finished 2022. The Layer 2 scaling solution for Ethereum has been well received by brands like Nike, Starbucks, and Disney. Another community win was the first DeFi transaction by major U.S. bank JPMorgan. The network is also thriving beyond mainstream awareness. There are now around 200 million addresses.
Technically speaking: Polygon (MATIC) was one of the outperformers in 2022. Whether that title can be kept in 2023 remains to be seen. The team aims to stay successful and calls this the "most important year in the history of DeFi." Innovations would be encouraged, and more users would be educated about DeFi topics. Polygon also says that Latin America and Africa’s stablecoin adoption would contribute to this.
