Regarding this, Ryan Watt, Chief Executive Officer of Polygon Studios, said that this is a big signal for the functioning of Polygon and the growth of the firm. Polygon’s MATIC token is the 16th largest cryptocurrency with a market capitalization of approximately $5.17 billion. Disney did not provide a reason for Polygon’s selection for the program. Two other blockchain related firms have also been selected in this. These include Flickplay, the social media platform for video NFTs, and Lockerverse, an e-commerce platform that files trademarks associated with NFTs.
Disney’s interest in NFTs is increasing. It has released several NFT lines in partnership with digital collectibles marketplace Veve. Bob Iger, former chief executive officer of Disney, says that NFTs have more potential due to the large number of intellectual properties that come with them. Disney said that firms participating in the program will receive funding, as well as guidance from the company’s executives, entrepreneurs, investors and professionals with extensive experience in the entertainment and technology sectors.
Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. The popularity of NFTs is also increasing. Sports clubs, automobile companies and pop stars are also getting into this business. A recent survey by financial services company Mastercard of nearly 35,000 people in 40 countries found that about 45 percent of these people have bought or may consider buying NFTs. However, with the decline in the crypto market for the past few months, there has also been a decrease in the sales of NFTs.
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