As Polygon raises $450M, its NFT arm partners with Romanian startup Oveit to build commerce on Web3

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India-based Polygon, a decentralized scaling platform for the Ethereum blockchain, announced it has raised $450 million, one of the biggest tech deals globally this week. The round was led by Sequoia Capital India. With the new money, the company aims to boost its gaming and NFT presence, under the Polygon Studios name. Recently, Polygon Studios partnered with NFT ticketing platform Oveit, founded in Romania and based in the US, to provide them with the Polygon L2 blockchain solution.

This is the latest in a row of investments into cryptocurrency and blockchain companies around the world.

The new funds will support the company’s mission to enable a mass adoption of Web3 applications, based on the Ethereum blockchain.

“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” shares Polygon co-founder Sandeep Nailwal. 

In a nutshell, Polygon and Ethereum are looking to build the base layer for Web3.

With NFTs and decentralized finance (DeFi) applications growing in popularity around the world, the number of Ethereum transactions continues to soar, putting pressure on the network.

Polygon offers a range of scaling and infrastructure development options to increase Ethereum’s capacity to handle more transactions. These can be used to create optimistic rollup chains, ZK rollup chains, and other infrastructure required by developers, transforming Ethereum into a multi-chain system (an Internet of Blockchains).

Some of the biggest projects in Web3, from NFT marketplaces including OpenSea a to DeFi protocols such as lending platform Aave and luxury brands like Dolce & Gabbana are building on Polygon.

One of the other company goals this year is to boost its gaming and NFT presence. In July 2020, Polygon launched its blockchain gaming and NFT arm, Polygon Studios, building on key applications for the future of Web3.

Partnering with Oveit to grow its next-gen NFT ticketing solution

Just earlier this month, Polygon Studios partnered with Oveit, the startup company disrupting event management and commerce with cashless payments and, most recently, with NFTs. Oveit will be using Polygon’s L2 blockchain solution to power quick transactions on Streams.Live:

“We are very happy that Polygon shares our vision of the future. We both believe the future of commerce is experiential and social. At the core of this type of commerce we are building a blockchain-based infrastructure for all of our products – experiences, cashless payments, and live shopping. Our partnership with Polygon is key to building tools that benefit the community, are environmentally friendly, and can empower creators to monetize their talent,” the co-founder of Oveit, Mihai Dragan tells The Recursive.

Oveit was founded in Romania in 2017 by Mihai Dragan and Andrei Stefan, and later established in Texas, U.S. The company started with solutions for cashless payments, access control, and registration for physical and virtual events. In 2021, they branched into commerce with Streams.Live, a solution for retailers and brands that sell directly to consumers through live shopping events, launched first in Romania.

Oveit is now changing the ticketing game using NFTs. With Oveit, event organizers can issue tickets digitally using their preferred art style. The tokenized tickets can then be stored in a digital wallet and resold. This service is integrated within Streams.Live, which NFT creators can join to sell their digital assets in front of a live audience.

“As announced earlier we plan on growing the market for NFT tickets and making it simple for any event maker to create and sell NFT tickets. At the same time we plan on further extending our live NFT sales support, and on launching a way to help our creator community grow with us. Our success is made possible by our community and we want to share our growth with them,” Mihai Dragan shares.

In 2022, Oveit will also continue to focus on growing their different products, including Stream.Live (which now has 2000 merchants), the cashless payment solution Oveit Pay, and their wallet app:

“One key project we’ve been working on is Oveit Wallet, a social payment tool, powered by blockchain. Using both crypto currencies, as well as fiat coins (Ed.note not backed by a physical commodity), customers can now pay wherever they are in the world, while connecting and supporting the local community,” Mihai Dragan concludes.

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