Polygon has made a strategic investment in Colexion, Asia’s largest NFTs market. Polygon, which has a large footprint in the cryptographic ecosystem, will employ several of its digital tools to help expand NFT adoption in India, providing consumers with a smooth purchase and minting experience.
“This is a momentous occasion in the Colexion’s growth journey, and we are happy to be the selected partner for investment by Polygon,” stated Abhay Aggarwal, Co-founder and CEO of Colexion. This move would allow our Indian users to take advantage of the NFT ecosystem.”
“Polygon’s investment in Colexion is likely to disrupt the NFT sector in India by enabling Indian consumers to buy/sell NFTs faster than ever before, with remarkably low transaction costs, and an over-the-top user experience,” says the company. Colexion’s co-founder and COO, Bibin Babu, added.
The investment will provide benefits such as a theft-free trading experience, highly advanced dashboards and tools for NFT exchanges, a trustworthy platform that allows artists and talents to communicate with their followers and NFT traders, and, most crucially, a secure infrastructure. It will cater to a wide range of developer demands by offering tools for building scalable decentralised apps, focusing on platform performance and user experience while addressing any security concerns that may emerge.
“The main purpose of this investment is to bring transformation in the NFT marketplace,” Sandeep Nailwal, Co-founder & Chief Operations Officer, Polygon, he further added, “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.”
Colexion is now creating waves in the sports, entertainment, art, and lifestyle categories by developing a premium NFT marketplace. International superstars from the entertainment and sports industries have joined the platform, and each of them will launch their own NFTs.
What is Polygon?
Polygon (previously MATIC) is an Indian blockchain scaling platform dubbed “Ethereum’s Internet of Blockchains.” It is the solution to some of Ethereum’s current problems, such as high fees, poor user experience, and low transactions per second (TPS). It also aspires to build a multi-chain ecosystem of Ethereum-compatible blockchains.
The MATIC Network was the project’s original name. When the company’s scope grew, it was renamed Polygon. Its goal is to create different blockchains with the ability to freely trade value and information.
Polygon is active in some of the most exciting aspects of cryptocurrency, including DeFi (Decentralized Finance), DApp (Decentralized Application), DAO’s (Decentralized Autonomous Organizations), and NFT’s (Non-Financial Transactions) (Non-Fungible Tokens)
What exactly is Colexion?
Colexion is a community and trading platform for NFTs. It allows users to trade, buy, and participate in interactive activities. It will exhibit NFT collections of international celebrities. Users will be able to purchase various tiers of blind boxes as well as limited NFT collections from celebrities through this portal. On the blockchain, each NFT item has its own unique record. Users will be able to purchase this one-of-a-kind NFT collectable on the platform or trade it on the Colexion marketplace. To make it easier for mainstream people to engage, Colexion will accept common payment methods such as credit cards.