Ecosystem for crypto currencies is growing in India. On Wednesday, Polygon, a platform for Ethereum scaling and digital infrastructure development, announced an investment in Colexion – Asia’s largest NFT (non-fungible token) marketplace.
Ethereum or ETH claims to be a globally decentralised, open-source blockchain, which is part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs. The NFTs help artists sell their work and communities to come together on its platform with the primary aim of NFT trade.
In India, so far, the crypto currency ecosystem is operating in a regulatory vacuum. Polygon, which claims to have a vast presence in the cryptographic ecosystem, says it will deploy many of its digital tools to boost NFT adoption in India, leading to a seamless purchasing and minting experience for its users.
Abhay Aggarwal, Co-founder & CEO, Colexion said, “This is a historical event in the Colexion’s growth journey, and we are proud to be the chosen partner for investment by Polygon. This move will enable our users in India to benefit from the NFT ecosystem.”
“Polygon’s investment in Colexion is all set to revolutionise the NFT space in India by enabling Indian users to now buy/sell NFTs faster than ever, with surprisingly lower transaction fees, and with an over-the-top user experience,” said Bibin Babu, Co-founder & COO, Colexion.
Polygon says that its investment will offer benefits such as theft and forge free trade experience, highly advanced dashboards and tools for NFT exchanges, a trustworthy platform that allows artists and talents to interact with their fans and NFT traders, and most importantly a secured infrastructure.
It will cater to the diverse needs of developers by providing tools to create scalable decentralised applications, focus on the performance of the platform and user experience while solving any security concerns that may arise.
“The main purpose of this investment is to bring transformation in the NFT marketplace,” said Sandeep Nailwal, Co-founder & Chief Operations Officer, Polygon. “The rapidly growing adoption of Polygon can alone answer its vast popularity in this ecosystem. While Polygon ensures the security and ownership transparency of non-fungible digital tokens, Colexion aims to give NFTs the value that it deserves, thereby also allowing artists and fans to interact and trade on this trustworthy platform,” Nailwal said.
Polygon says that many renowned celebrities and sports personalities have already signed up for this portal to launch their exclusive NFTs. It includes Morne Morkel, Brendon McCullum, Dwayne Bravo, Mika Singh, Krissann Barretto, Salim-Sulaiman among others.