Polygon has announced that it has invested in the largest NFT marketplace in Asia called Colexion in what is seen as a boost to the NFT ecosystem in India which is still in its infancy at this time.
It is expected that this partnership would help to improve the profile of the NFT marketplace and also help in improving the security layers in the platform and also make transactions much faster, cheaper, and reliable as well. This comes amidst a regulatory vacuum in India where it is still not clear whether crypto is legal or not. While the authorities have not specified that crypto is illegal and such companies continue to carry on their business with no hindrance, there is also the sword dangling on top of the heads of such companies as it is learnt that the government might change its mind at any time and decide to ban it totally, especially if it wants to promote its own CBDC project, which it will start eventually.
Abhay Aggarwal, Co-founder & CEO, Colexion said, “This is a historical event in the Colexion’s growth journey, and we are proud to be the chosen partner for investment by Polygon. This move will enable our users in India to benefit from the NFT ecosystem.”
Polygon is expected to deploy all its internal digital tools and measures to help in the growth of the crypto industry within India which has a chance of massive growth if the government decides to not ban the same. So far, the signs have been pretty much neutral from the authorities but the pace of investments and growth that is happening in the crypto industry within India indicates that there may not be a ban after all. But none of this is confirmed at this time which makes any kind of new business or investment into this sector in India a risk. Polygon has also said that many celebrities, especially those related to sports, have signed up from launching their NFT collections on the platform and this is likely to give a boost to the adoption and push the NFTs into the mainstream in the region. With talk of crypto tokens based on the IPL also happening in recent weeks, this could just be the kickstart that the crypto platforms need in India.
