Fractal's Polygon Launch

Fractal's Polygon Launch

Play To Earn Games | 11 Apr 2024 08:57 UTC

Fractal has expanded into Polygon and will launch with thirty partners from that ecosystem.

Introducing Fractal, a Web3 gaming platform co-founded by Justin Kan, the co-founder of Twitch. The platform has just announced its launch on Polygon, expanding from its original launch on Solana in late 2021. Fractal brings NFT-powered games to the Ethereum sidechain network, offering a marketplace for in-game NFTs and a launchpad for new projects. The platform also supports esports tournaments and provides developers with an SDK to build in-game marketplaces, allowing players to seamlessly transact NFTs without leaving the game. Upgrade your gaming experience with Fractal on Polygon.

Fractal on Polygon and Potential Impacts

Kan, CEO of the company, emphasized their commitment to supporting game developers by stating, 'Our goal is to be wherever the game developers want to be. And a lot of them want to be on Polygon.' This focus on supporting the gaming community highlights the company's dedication to being a reliable resource for game developers

The Polygon network has been gaining attention in the Web3 space, with major companies like Starbucks, Reddit, Nike, and Meta incorporating it into their platforms. For instance, Reddit has generated nearly 8.5 million Collectible Avatars on Polygon since summer of last year. Starbucks has also implemented a loyalty program using collectible NFTs, while Nike is introducing metaverse fashion on the Polygon network.

Fractal Polygon Partnership Mean for Blockchain Gaming Industry

Fractal is also making strides in the gaming sector, with 30 games set to be built on the Polygon network at launch. These games include Sunflower Land, Aether Games, Life Beyond, and Phantom Galaxies. To boost the visibility and popularity of these games, Fractal will be working with Polygon Labs to host online tournaments and events leading up to the annual Game Developers Conference (GDC) in March.

Polygon Ventures and Fractal announced a strategic investment by Polygon Ventures in Fractal today, though the specific investment amount was not disclosed in any official statement.

Fractal Decides to Migrate from Solana, But Why?

Fractal was launched in December 2021, during a period of increasing interest in Solana, with its cryptocurrency, SOL, reaching near its highest value and NFT sales on the rise. The platform and NFT marketplace received positive feedback, but the focus was not solely on games. Kan stated that many early buyers were more interested in speculating on Solana NFTs rather than investing in and supporting game projects.

Kan shared with media that "We were selling a significant amount of NFTs at the beginning of last year, far more than one would expect for a company that was only one or two months old.

In April 2022, Fractal announced a $35 million seed round, which was led by Paradigm and Multicoin Capital and included investments from notable investors such as Andreessen Horowitz, Solana Labs, Coinbase Ventures, Animoca Brands, among others. However, shortly after this, the overall NFT market experienced a sharp decline, in line with the fall of crypto prices. This has resulted in SOL being 91% lower than its peak value, reached in November 2021.

Furthermore, the Solana NFT market underwent substantial changes, resulting in most marketplaces no longer requiring traders to pay creator royalties, which are typically 5-10% of the sale price

Kan's Take on NFTs and Web3

Despite these challenges, Fractal has continued to enforce creator royalties on NFT sales. According to Kan, this feature is an essential aspect that makes Web3 development appealing to game developers.

Kan emphasized the importance of creator royalties for the sustainability of games, stating "Creator royalties provide an incentive for maintaining, updating, and building an ecosystem around the game. Without this incentive, there will not be long-term viability for these games. It is essential to provide funding for game development, as creators and game studios need to make a living.

Recently, Fractal has seen a drastic reduction in secondary trading volume. Data from Tiexo reveals that over the past 30 days, the platform has only processed 2,660 SOL worth of trades, which is equivalent to about $64,000 at the current SOL price. This accounts for a mere 0.02% of the total Solana NFT trading volume during that period.

Kan stated that despite the decline in trading volume, the Solana technology remains "really compelling." Nevertheless, Fractal started to diversify its offerings towards the end of last year. In November, the company introduced game projects that operate on the Ethereum mainnet, and now games built on Polygon are also available on the platform.

Fractal will Face Competition on Polygon

Fractal will encounter competition from Magic Eden, which is the leading Solana NFT marketplace and also added support for Polygon in the latter part of last year. Nevertheless, Kan believes that Fractal's unique focus on gaming will continue to differentiate it on the new platform.

Despite the recent decrease in interest for NFTs and some video game enthusiasts not fully embracing the technology, Kan is still convinced that Web3 models will eventually become widespread in the industry. He thinks that the key to driving adoption is to develop more captivating games, rather than focusing on catering to individuals looking to quickly resell NFTs.

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