The price of Polygon’s native token, MATIC has increased by almost 21% to a little over 21 cents in the last 24 hours. This surge came after entertainment and lifestyle company, Disney announced that they had selected Polygon among the six companies chosen for a business development accelerator program.
MATIC which hit an all-time high of $2.92 back in December is selling far below that price at 21 cents currently but this is a much bigger improvement than the 72% price fall experienced since December 2022. Announcements like this from blue-chip companies raise expectations for more backing and investment in the Polygon network.
The business accelerator program was made to speed up the growth and development of innovative companies in different spheres around the world today and the 2022 edition is focused on firms that are creating captivating experiences using augmented reality, artificial intelligence (AI), or non-fungible tokens (NFTs).
Polygon was selected among the six companies which include Red 6, Obsess (an e-commerce company that empowers companies to create 3D shops for their websites) and Lockverse (a storytelling startup founded in Web 3.0), Inworld (a company that creates dynamic characters for gaming using AI) and Flickplay (a company that helps it’s users to find NFTs in the real world using artificial intelligence).
When Polygon’s CEO, Ryan Wyatt was making the announcement, he was very visibly excited as he exclaimed that the hits keep coming for Polygon. The Layer-2 solution had agreed and announced a deal with a popular social network, Reddit recently.
This deal was to host Reddit’s NFT avatars on the Polygon network to capture a new and exciting target audience. Reddit mentioned that they chose Polygon because of the low transaction fees and stability. The deal triggered whale activity on the Polygon chain and further spiked their transaction volume.
This is a net positive in today’s cryptocurrency market that is still suffering from an unpredictable crypto winter.
Featured image source: Medium.com
