Billionaire entrepreneur Mark Cuban's non-fungible tokens (NFT) platform, Lazy.com, has joined forces with Polygon, an Ethereum scaling solution offering cheaper transactions.
- Polygon's NFT-centric and gaming and metaverse hub Polygon Studios announced the integration on Thursday, stating it would help drive mainstream adoption of digital collectibles.
- Users can now connect their Polygon wallet to Lazy.com, which also supports Ethereum-based NFTs.
- Launched in March, Lazy.com is a digital art gallery designed to showcase NFTs as traditional art galleries work.
- NFTs are all the rage this year, with sales volume surging to $2.5 billion in the first six months. That's a 180-fold increase from the sales figure of $13.7 million in the first half of 2020.
- The trading volume of NFTs on Ethereum reached a record high of $171 million last week, up 338% from the equivalent week in the previous month.
- "NFTs still have their adoption hurdles, but none are as consequential as transaction fees and efficiency," Cuban said in the press release shared with CoinDesk. "Polygon's structured and easy-to-use scaling solution obliterates these barriers. I'm excited to see how the NFT space develops from here."
- Polygon is a scaling solution facilitating faster and cheaper transactions by running sidechains or tangential networks alongside the main Ethereum blockchain. Scaling refers to increasing the throughput of the system, as measured by transactions per second.
- Several decentralized finance giants and NFT and gaming projects, including WeNew, NFT marketplaces Rarible, and OpenSea have partnered with Polygon to bypass high Ethereum transaction costs.
CORRECTION (Aug 5, 15:08 UTC): This article has been corrected to reflect the accurate spelling of Mark Cuban's first name. A previous version of this article contained an incorrect spelling.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.