Polygon co-founder announced plans to prioritize PFPs and NFTs in 2023
On January 4, polygon co-founder Sandeep participated in a Twitter space to discuss his intentions to give PFPs (profile picture) and NFTs priority in 2023. He was hosted by Johnny and his co-host, The Matic man.
Other participants were present in the Twitter space
The Twitter space show hosted some of the most influential people in the crypto industry. Those who were present included some crypto project founders, team members, and community members. Two of the top NFT marketplaces, OnePlanet and Magic Eden, also sent out speakers to discuss their enthusiasm and 2023 ambitions.
Sandeep, who is ranked number 30 by the business world (BW) in the list of most influential people in crypto, left listeners more excited about this year’s Polygon NFTs vision.
Sandeep’s remarks on the Polygon 2023 plans
Sandeep talked about the current cultural revolution on Polygon and their plans to focus on PFPs and NFTs. He believes that it is time to change since Polygon, in the past, has always focused more heavily on branding and gaming.
He explained that the NFT ecosystem was not emphasized earlier because of the company’s more significant aims and success in branding and gaming. In the beginning, their main goal was to aim for mass adoption. Therefore, they invested heavily in gaming, brands, and celebrities.
Their first impression was that people were spending less on art kinds of NFTs, the collectible PFP, but more on gaming and celebrity branding. This paid off well because Polygon is currently leading in celebrity branding and gaming. According to Sandeep:
“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 explained their new focus on NFTs and PFPs was brought about by the state of the global economy, which has hindered the adoption of cryptocurrencies by the public. However, there has been significant growth in specialist markets and user bases like NFTs, PFPs, and the art market.
Polygon’s first step in the strategic change was the migration of the highly popular y00ts NFTs collection. It was announced on Christmas day that y00ts NFTs collections would move from Solana to Polygon. As a result of the movement, there has been considerable hostility between the Solana and Polygon communities. People have mudslinging and engaged in verbal combat amongst certain members of both blockchains.
Sandeep believes that once they adopt PFPs or NFTs, polygon ecosystems will rank higher at the top of all the platforms.
Polygon’s performance in 2022
Polygon seems to be getting their game right. The project thrived last year while competitors in the industry were ending projects with great disappointments. Companies are also filing for bankruptcy, and people are getting laid off.
Polygon managed a 54% increase in their unique user wallet addresses. Polygon has established itself as the most used layer-2 solution for Ethereum.