Polygon, a layer-2 scaling platform, has been chosen to join Disney’s 2022 Accelerator Program and use its Web3 technology, which will begin this week. After the reveal, Polygon earned a place on the illustrious list that marks a win for the platform, but it may also have an influence on the rest of the crypto sector.
Polygon CEO Ryan Watt said that Polygon was the only blockchain chosen for Disney’s Accelerator program. He added that being chosen extends far beyond his team and speaks volumes about where they are going as a firm. The 2022 group is interested in businesses that create immersive experiences using artificial intelligence, non-fungible tokens, or augmented reality.
Applications for the accelerator program opened on April 22 and closed on May 13, 2022. Apart from Polygon, others include Red 6, Obsess, Lockerverse, Flickplay, and Inworld. The Disney Accelerator Program was launched in 2014, allowing participants to benefit from mentorship from the Disney Accelerator Team and direction from the Disney leadership team.
Participants will get money and access to a co-working space at the Walt Disney Studios in Los Angeles. The program will come to an end with an on-campus Demo Day. Disney announced that the group would receive a special executive mentor and direction from Disney’s senior leadership team.
The stock price of (MATIC) rose to dizzying heights on the same day it was chosen for Walt Disney Company’s benchmark business development program. The price shot up 22.5 percent to $0.657 a token, its highest level in a month. As a result, the asset broke above its 50-day exponential moving average (50-day EMA; red wave), preventing MATIC’s upside attempts since January 2022.
On July 13, the latest inflation data hit a four-decade high of 9.1%. As a result, investors anticipate that the Federal Reserve will raise benchmark rates by a whole percentage point, with Atlanta Fed President Raphael Bostic claiming that the option is in play. A 1% rate increase in July may put downward pressure on the entire crypto market, including Polygon.