Algorand x Polygon x Yieldly  Covered: Esports on the rise Polygon Esports partnership Reimagining social engagement DeFi without thinking Polygon Studios And Yieldly: A Partnership Made In Esports NFT Heaven With interoperability on the front of everyone’s mind, Polygon Studios and Yieldly (YLDY) are making it happen in the form of an Esports NFT marketplace. […] The post Polygon Partners With Yieldly For Cross-Chain Esports NFT Platform appeared first on CryptosRus.

Polygon Partners With Yieldly For Cross-Chain Esports NFT Platform

Algorand x Polygon x Yieldly 

Covered:

  • Esports on the rise
  • Polygon Esports partnership
  • Reimagining social engagement
  • DeFi without thinking

Polygon Studios And Yieldly: A Partnership Made In Esports NFT Heaven

With interoperability on the front of everyone’s mind, Polygon Studios and Yieldly (YLDY) are making it happen in the form of an Esports NFT marketplace. Esports are an industry that has grown massively over the last decade. Revenues are climbing into the billion-dollar range and emerging markets like China have seen an explosion in growth. As seen below, they lead the market in terms of revenues.

So what exactly are Polygon and Yieldly doing? According to the announcement, Yieldly received a grant from Polygon Studios to build their Esports marketplace on Polygon. The platform is called Yesports, and appears to be live already.

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Yesports: The Secret Ingredient For Tokenized Engagement?

Yesports will “provide a selection of exclusive NFTs and content for fans of competitive video games.” They also mentioned that we can “expect to see well-known teams that compete in popular games, such as League of Legends (LoL), release one-of-a-kind NFT collectibles.”

The underlying concept behind Yesports is essentially to tokenize engagement and establish a new avenue for creators, in this case teams and gamers, to interact with their fans and their community. This type of model is basically ripe for web 3 and ripe for this growing industry.

What stands out quite noticeably, as seen above, is the ability to follow the creators, and by the look and feel of the UX, it really comes off as a social media platform as well. And this is basically what we can expect to see in the future in the age of “metaverse” and web3.

In that, creators will have a much more direct and streamlined ability to construct a community and tokenize it via NFT’s. As Yieldly themselves said in their announcement, “Yesports will be a hub to interact with pro gamers.”

 

Cross-Chain Compatibility Is Essential For Web3’s Promising Future

The cross-chain compatibility aspect is certainly an interesting wrinkle to this, too. Yieldly is an ASA token, meaning it is a native Algorand asset, like what an ERC-20 token is to Ethereum. So one could surmise that with this partnership, you may be able to buy ETH NFT’s on Algorand, or something along those lines.

Nevertheless, an Algorand asset like Yieldly building a marketplace/platform on Polygon is a really interesting development and signals a new era of interoperability. What makes Esports so unique too is that it spans across cultures, borders and any other conceivable “barrier” you could think of.

It appears Yieldly has already been plotting this for some time. In August, they partnered with BOOM Esports and Fact Revolution, two big players in the Esports industry. Speaking on that Simen Nygaard, CEO of Fact Revolution said:

“Teaming up with Yieldly gives us an incredible opportunity to enhance our user experience through unique NFTs, digital skins, and prize games as we grow to become a leading global esports organization.”

This convergence of DeFi, social engagement and Esports is what Yieldly is doing, and making DeFi more accessible, or as the CEO of Yieldly put it, making it possible to “dabble in DeFi without risk” is a powerful concept for content creators and basically, community engagement in general.

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