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Polygon: Why Novel Chose Polygon?

Roger Beaman

Co-Founder & CEO

Industry players have leveraged multiple decentralized blockchains to mint NFTs. 

Ethereum has established many of the standards in NFTs. Other ecosystems like Solana and Polygon have emerged in popularity in response to Ethereum's scaling difficulties and high fees. 

Ethereum is highly trusted within the web3 community for its resilience and decentralization. It has grown in popularity as evidenced by the growing price of Ether and the minimum amount of “gas” needed to initiate transactions.

As more and more apps run on Ethereum and add their transactions to the blockchain, it struggles to keep up with major user activity (i.e., an NFT capsule drop) resulting in: 

  1. Declining transaction speeds and lagging consumer experiences
  2. Skyrocketing gas fees, AKA blockchain transaction fees

Here at Novel, we want to bring the branding and community building strengths of NFTs while offering solutions to the inherent scaling problems that will be faced with mainstream adoption..

To meet scaling demands while offering high user experience fidelity, we chose to work with Polygon. 

How Does It Work? 

At a basic level, Polygon is what we call a “Layer 2” scaling solution or a “sidechain” that acts as a faster parallel blockchain. Polygon is built on top of the same technology as Ethereum but is tuned to perform faster and cost less for the user. . 

You can imagine Polygon as an express route, running next to Ethereum as a local route. 

  • You'll end up at the same destinations, i.e., you'll still deploy Ethereum smart contracts. 
  • However, one option ultimately moves along with fewer stops and far more speed.

The same Ethereum apps can be deployed on the Polygon network. Assets can be securely transferred from Polygon to Ethereum and vice versa by smart contract “bridges” if needed, but it is entirely possible (and common) to never leave the Polygon ecosystem since users can get the same experience with lower costs and faster transactions on Polygon.  

What Results Will You See? 

By using Polygon to mint NFTs on Novel, merchants enjoy three unique benefits.

Energy-Efficient NFTs

As far as blockchains go, Ethereum is notorious for its energy consumption. As of early 2022, one Ethereum transaction requires roughly 238.22 kilowatt-hours. 

Polygon reduces requisite consumption levels by 99%. In fact, minting an NFT on Polygon requires the same amount of energy used to send two emails. 

Cheaper Gas Fees

When we say “cheaper,” we mean it. Minting on Polygon is so much cheaper than minting on Ethereum, we’re able to cover transaction fees for all Novel users. 

This relieves one headache for merchants who've struggled to find ways around Ethereum's gas fees, such as minting NFTs and passing them off to customers at non-peak hours. 

Now, much like a credit card transaction allows you to complete a purchase immediately, every mint through Polygon is a true mint, allowing your consumers to claim NFTs in real-time. 

Gas fees are a concern across the board for the web3 ecosystem. Through Polygon, we’ve eliminated that stressor altogether. 

Industry-Wide Access

For brands, integrating with Polygon means creating instant access for your user base to every major platform in web3. 

For instance, OpenSea is the leading secondary market for over 1 million users, who can view, repurchase, or resell any Novel clients’ NFTs. 

Even more, as a sidechain on the Ethereum network, Polygon wallets maintain the same address as Ethereum wallets. 

For your users, this means every wallet provider who’s already hitched their wagon to Ethereum — think MetaMask, Coinbase, and more — is thus compatible with Polygon and any NFTs claimed on the Polygon network. No new signups necessary. 

"Polygon is already a credible force in the industry, having gained the validation of Coinbase Ventures, Mark Cuban, and, most recently, Sequoia Capital to the tune of $450 million."

What Comes Next? 

With everything we’ve detailed, Novel is proud to run on Polygon, especially as a platform working to bring DTC players into the next generation of the Internet. 

From the crypto native to the first-timer, every consumer will be able to find their low-stakes entry point into the ecosystem through our Polygon-powered platform. 

With Polygon's speed, scalability, and stable costs, you won't need to bury your buyers in any more complexities and technicalities on the potential danger of gas fees. 

Polygon is already a credible force in the industry, having gained the validation of Coinbase Ventures, Mark Cuban, and, most recently, Sequoia Capital to the tune of $450 million. 

These investments are impactful for another reason. 

Both heavy-hitter firms and user-facing commercial teams, like us at Novel, are recognizing the scalable, long-term promise of Polygon — for years into the future and beyond NFTs. 

See how Novel can help you reach your Web3 goals.

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