On January 4, polygon co-founder Sandeep took part in a Twitter space to discuss his plans to prioritize PFPs (profile picture) and NFTs in 2023. Johnny and The Matic man hosted him.
Quick Take:
- Sandeep believes polygon ecosystems will top all platforms after adopting PFPs or NFTs.
- Polygon began its strategic shift by migrating the popular y00ts NFTs collection.
- The company added 54% more user wallet addresses. Most Ethereum layer-2 solutions use Polygon.
The Twitter space show featured some of the industry’s most influential figures. A number of crypto project founders, team members, and community members were present. Two of the leading NFT marketplaces, OnePlanet and Magic Eden, also sent out speakers to discuss their zeal and goals for 2023.
Business World (BW) ranks Sandeep as the 30th most influential person in crypto. His talk got people more excited about the Polygon NFTs vision for this year.
Sandeep’s Thoughts On The Polygon 2023 Plans
To begin, Sandeep discussed the current cultural revolution and their plans to focus on PFPs and NFTs. He believes it is time to change because Polygon has traditionally focused on branding and gaming.
Furthermore, he explained that the NFT ecosystem was not previously emphasized due to the company’s larger goals and success in branding and gaming. Initially, their primary goal was to achieve mass adoption. As a result, they made significant investments in gaming, brands, and celebrities.
Their initial impression was that individuals were spending less on art-related NFTs and collectible PFPs and more on gaming and celebrity branding. Polygon is currently the leader in celebrity branding and gaming, so this investment was profitable.
“My thesis for NFTs is that there have been three larger segments. First is this collectible PFP, an art kind of NFT. The second segment is gaming, and the third is brand and sports and engagement types of NFTs. Back in 20-21, when Polygon’s ecosystem was growing, we did a lot of soul-searching, and at that time, the industry war cry was that we needed to go mainstream.”
Sandeep Nailwal, Co-founder & Chief Operations Officer, Polygon
The Company’s New Focus
Sandeep explained that their new emphasis on NFTs and PFPs is due to the state of the global economy, which has impeded the public’s adoption of cryptocurrencies. However, specialist markets and user bases such as NFTs, PFPs, and the art market have grown significantly.
The migration of the immensely popular y00ts NFTs collection was Polygon’s first step in the strategic shift. On Christmas day, it was announced that y00ts NFTs collections would relocate from Solana to Polygon. As a result of the migration, hostility between the Solana and Polygon communities has increased significantly. Specific individuals from both blockchains have engaged in mudslinging and verbal combat.
The performance of Polygon in 2022
Polygon appears to be improving its game. A year ago, the project flourished while competitors in the industry completed projects with significant setbacks. Additionally, companies are filing for bankruptcy and individuals are being laid off.
Polygon increased its unique user wallet addresses by 54%. Polygon has established itself as Ethereum’s most popular layer-2 solution.
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