Polygon Network has emerged as the leading platform for building and scaling decentralized applications and projects, surpassing Ethereum in popularity among major brands. This news marks a significant milestone for Polygon as it solidifies its position as the go-to blockchain for companies venturing into the world of Web3.
Until recently, Ethereum had held the mantle as the preferred destination for major brands looking to explore blockchain technology. In 2022, Ethereum accounted for a substantial 43% market share of the 241 blockchain projects launched.
$MATIC In Q1 2023, Polygon continues to be most popular blockchain in Web3 Adoption by Major Brands 👋 pic.twitter.com/iBMeGqOmNs
— WEB3 Market Insight 🇦🇺 (@iftikharpost) May 17, 2023
Meanwhile, the Polygon Network captured a respectable 23% market share during the same period. However, the tables turned dramatically in the first quarter of 2023, as Polygon overtook Ethereum to become the most sought-after blockchain, commanding an impressive 41% market share. Ethereum, while still formidable, secured a 34% market share, illustrating a notable shift in the industry’s landscape.
The rise of the Polygon Network can be attributed to its ability to attract major brands, as evidenced by the data provided by NFT Tech. Since the start of 2022, a total of 79 brands have chosen the Polygon Network as the platform for launching their Non-Fungible Tokens (NFTs).
Notably, 28 of these brands made their debut on the network in the first quarter of 2023, indicating a significant uptick in adoption. The exponential growth of Polygon owes much to Decentraland, a virtual world powered by the network, which played a pivotal role in driving adoption. In Q1 2023 alone, Decentraland facilitated the launch of 17 digital collectibles from major brands, further solidifying Polygon’s position as the blockchain of choice for NFTs.
While Ethereum still maintains a strong foothold in the Web3 space, NFT Tech’s research data highlights the growing trend of major brands turning to alternative blockchain solutions. Out of the 320 brands that have launched Web3 projects since 2022, an astounding 90% opted for the Ethereum blockchain. Consequently, both Ethereum and Polygon have been responsible for 67% of all Web3 activity, underscoring their dominance in the market.
The emergence of the Polygon Network as the most popular blockchain for Web3 adoption by major brands signifies a pivotal moment in the evolution of decentralized technologies. With its scalability, affordability, and compatibility with Ethereum, Polygon has positioned itself as an attractive alternative for companies seeking to leverage the benefits of blockchain without the associated drawbacks. As the blockchain industry continues to evolve, it will be intriguing to observe how Ethereum and Polygon compete and collaborate in driving forward the widespread adoption of Web3 technologies.
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