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Polygon’s “secret sauce”: why Starbucks, Meta and Reddit chose the Ethereum scaler

Polygon's "secret sauce": why Starbucks, Meta and Reddit chose the Ethereum scaler

Briefly

  • Brands such as Starbucks, Reddit, Meta, Nike, Disney, and Coca-Cola have built a scalable Ethereum network or announced their plans.
  • Despite the collapse of FTX, Polygon Studios CEO Ryan Wyatt told Decrypt that he expects the momentum of the Web3 brand to continue to grow.

Among brutal crypto downturn this only got worse Crash of FTXone blockchain platform has repeatedly demonstrated that it can still integrate big brands with a total reach of billions of dollars in Web3 World: Polygon, Ethereum scalable network.

Recent highlights include Meta by clicking Polygon on allow Instagram users to mint NFTsStarbucks building NFT based loyalty reward programReddit creating unique NFT avatarsNike reveals plans mint digital clothing NFTand NFT Collections Partnership with Disney after Polygon took part in accelerator program.

The resulting noise is not only raised the price Polygon’s MATIC token and built the reputation of Polygon Studios and CEO Ryan Wyatt in business project development, but the early results of these projects also speak for themselves. Reddit recently stated that its users over 3 million Polygon wallets created get a free NFT avatar, creating momentum around them and the wider crypto space.

Wyatt said decipher that when he joined Polygon Studios in February – after years of leading the YouTube gaming vertical – he saw the need to bring in more people with traditional web and brand backgrounds to team up with the high-tech, Web3-savvy developers already working in the field. “I wanted to fill that gap,” he said.

“With Web2 [companies], the impact is greater, and the consequences are always greater for these partners because they are traveling through space for the first time,” Wyatt explained. “And so they are very strategic about how they do it. They want to talk through it. It’s a slightly different experience.”

Polygon Studios CEO Ryan Wyatt at Camp Ethereal 2022. Image: Vincent + Chie

Whether it’s a Web2 brand or a crypto upstart, Wyatt said his team’s goal is largely the same: understand a potential Web3 partner’s vision, convince them that Polygon is the perfect platform to build it, and then lend support to get it across. this vision is up to life.

Combining seasoned big tech veterans with Web3 natives who “live and breathe this space” provides a group at Polygon Studios that can help Web2 brands overcome the hump and embrace NFTs and decentralized models, Wyatt said. “It’s kind of like the team’s secret sauce,” he added.

Polygon is now going through a moment where the brand is going mainstream, but Wyatt admits that what he sees as the Studios team’s advantage over competing scaling solutions such as Immutable X as well as Arbitrator may not last.

“This is something that others will repeat over time,” he said. “I think we’ll seize the moment.

But brand promotion can also lead to network effects that will force other companies to use Polygon. While Wyatt is best known as the Ethereum sidechain that provides faster chapter-by-chapter transactions than the main Ethereum network, Wyatt has also pointed to his upcoming zkEVM scaling technologysuggesting that this reassures developers that they can “always use the Polygon protocols”.

He also believes that there is a growing consensus regarding Ethereum as the platform on which most Web3 users and developers are firmly established, and that Polygon provides brands with the opportunity to launch large-scale projects in this ecosystem.

Polygon push

Wyatt did not share any new details about the plans of his well-known partners, but commented on some of their initiatives. He called Meta’s plan to unlock NFT mintage for about two billion Instagram users “a far-sighted move” and said that Starbucks’ original bounty program was already “ahead of its time” and that the coffee giant “understands” NFT use cases. .

Meanwhile, according to Wyatt, Reddit’s announcement that its NFT avatars inspired three million new Polygon wallet users was “a huge win for our industry.” and more about exploring use cases that are not subject to speculative frenzy and right-click-save failure.

Ethereum Immutable X Competing Scaling Solution – From Unaltered, which is itself a game developer and publisher, has made initial strides in getting game developers to build Web3, Wyatt acknowledged. “Thanks to this group,” he said.

But the gaming and esports veteran hinted that Polygon has big plans for Web3 games, and that some of the previous game announcements have been overshadowed by partnerships with big brands — the “champagne problem,” in his opinion. “As you know, with my background, I will never sleep in this category,” Wyatt confirmed about the games.

Tuesday after decipherconversation with Wyatt, NFT Magic Eden Marketplace announced plans to support Polygon NFT and launch several future gaming projects built on the blockchain.

He does not believe that the fallout from FTX will directly impact brands that want to build and experiment with Web3. Anyway, he said damage and infection show how important decentralized protocols are rather than traditional centralized platforms.

“Ultimately, a lot of these things are decided in the real decentralized world,” he said. “If you think about where these problems arise, it is centralized exchanges and intermediaries in Web3, right? When you start seeing a decentralized world that’s easier to use and that’s been built, then I think you’ll move on from all of that.”

Wyatt teased that there would be new partners, suggesting that the brand would continue to gain momentum. But he also aims to encourage more Web3 developers to develop tools for the Polygon ecosystem, such as wallets, marketplaces, and on-ramps, and emphasizes decentralized finance (DeFi) building in an industry that has just learned a cruel lesson about centralized organizations.

“Ultimately you have to hold us accountable for getting a billion people to Web3,” he said, “and I think we’re going to do it in a lot of different ways.”

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Written by khirou

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