Polygon Picked by Walt Disney to Participate in Its Accelerator Program: Here's What It Means
Other participants include Web 3 social media app Flickplay, Web3 storytelling platform Lockerverse.
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Highlights
- Polygon will receive leadership and mentorship from Disney
- Polygon is an Ethereum scaling and interoperability platform
- Walt Disney did not announce any of its own crypto projects
Two other Web3 projects were selected this year as well
Photo Credit: Twitter/ Walt Disney Company
Ethereum layer-2 scaling solution Polygon is one of six companies that will take part in Disney's accelerator program this year. The program will see Disney provide guidance from its leadership team and offer a dedicated mentor. Each participant will also attend a Demo Day at Walt Disney Studios in Burbank, California. Ryan Watt, CEO of Polygon Studios, noted that Polygon was “the only blockchain selected” to take part in the program. He added that this “speaks volumes to the work being done [at Polygon], and where we're going as a company.”
In addition to being the only blockchain selected, Polygon is a leading blockchain project in its own right. The company's MATIC token is currently the 16th largest cryptocurrency on the market, boasting a market cap of $5.17 billion (roughly Rs. 41,385 crore).
Disney did not say why it is interested in Polygon, but drew attention to its Web 3 features—implicitly, its ability to integrate cryptocurrency transactions with web applications.
Two other blockchain-related companies were selected. Flickplay, a social media platform for video NFTs, and Lockerverse, an online e-commerce platform that has filed NFT-related trademarks, will participate in the accelerator as well.
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Though there is no indication that these efforts will evolve into a lasting relationship, Disney is clearly interested in NFTs. The company has released several lines of NFTs in partnership with the digital collectibles marketplace Veve since 2021.
Additionally, former Disney CEO Bob Iger has suggested that NFTs have “extraordinary” potential for Disney thanks to its large number of intellectual properties.
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Disney says participants will be provided with investment capital, access to co-working space at the entertainment giant's creative campus in Los Angeles, and mentor support and guidance from Disney executives, entrepreneurs, investors, and business leaders from the entertainment and technology fields.
The accelerator is open to venture-backed, growth-stage startups with a vision for impacting the future of technology and entertainment.
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