This investor was interested in Polygon because it was useful now and had a lot of potential for the future.
Mark Cuban has been known for nearly four decades as one of the most successful tech investors in the world. Since the internet boom of the 1990s, when he made his first investments in the industry, he has made more than $4.5 billion. Since Cuban is familiar with new technologies, it makes sense that he is interested in blockchains and cryptocurrencies.
Cuban has built positions in cryptocurrencies like Bitcoin, Ethereum, and even Dogecoin over the past few years. He also has a diverse portfolio of companies, including well-known names like OpenSea, the largest market for non-fungible tokens (NFTS), and rival SuperRare, as well as new start-ups like Fabrica, which turns real estate into NFTs. He even bought into the Layer 2 Ethereum sidechain Polygon (MATIC -2.20%) in May of 2021.
Polygon does not try to make an alternative to Ethereum. Instead, it offers a scaling solution to improve the performance of the blockchain. Polygon processes Ethereum transactions outside of the main blockchain and then adds them. This lowers fees and speeds up transactions, but the most important thing is that it keeps Ethereum working.
We don’t know how much he owns in Polygon, but we do know that the tech expert loves the content of the magazine. On Cuban’s website, Polygon is called the “first well-structured, user-friendly platform for scaling Ethereum and building infrastructure.” Cuban himself said, “I used Polygon, and I’m using it more and more now.”
Cuban is one of the growing number of people who use Polygon for many different reasons. Ethereum is the most popular blockchain network because it has smart contracts, which are the building blocks for things like NFTs and DeFi apps. However, this has led to congestion, which often makes transactions slow and expensive.
With Polygon, slow speeds and high fees are a thing of the past, and it seems that both individuals and businesses realize this. Since Cuban’s investment a year ago, Polygon has made big steps toward long-term growth.
Despite the crypto winter, Polygon has continued to be successful.
Even though the stock market has been down, Polygon has had a busy year. In the field of NFTs, it has made one of its most important contributions. Mark Zuckerberg, the CEO of Meta Platforms, said in July that Instagram and Facebook will add NFT functionality so that users can connect their crypto wallets and then show off their digital collectibles.
One of the four blockchains that will be supported was Polygon. Now Polygon will have better access to the 1.4 billion people who use Instagram and the 2.9 billion people who use Facebook.
Along with the Meta news, Polygon now has the support of one of the most well-known companies in the world, Disney. Polygon was accepted into the Accelerator Program for this year. Disney will give Polygon money, time, and other resources to help it reach its long-term goals. With Disney’s focus on all things Web3 (virtual and augmented reality, NFTs, blockchain-based applications, etc.), Polygon could become the blockchain of choice to help Disney reach its vision for the future.
Polygon wants to become the blockchain of choice for these kinds of applications as more parts of the internet move to decentralized, “permissionless” technologies. Mihailo Bjelic, who helped start Polygon, wants it to be “the holy grail of Web3 infrastructure.” He said that the best Web3 blockchain must have three key features: the ability to grow, security, and the ability to work with Ethereum. Polygon meets all of these needs and is trying to become the Web3 hub.
Should Polygon be bought, then?
Polygon’s future looks very good. Innovations and partnerships with companies like Meta and Disney show that Polygon is a versatile company. Given all that has happened with Polygon’s blockchain, it is surprising that Polygon’s native currency, MATIC, is down more than 60% from its all-time high. Now is the time for investors to get a piece of a blockchain that could grow quickly as Web3 keeps growing.