Polygon ($MATIC) Price Jumps 11% After Project's Inclusion in Disney's Accelerator Program

The price of Polygon ($MATIC) has jumped over 11% to now stand at $0.62 after the Walt Disney Company announced that a total of six companies will join its Disney Accelerator program this year, and included Polygon in it.

Disney Accelerator is a business development program designed to “accelerate the growth of innovative companies from around the world” that will be this year focused on “building the future of immersive experiences and specializes in technologies such as augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI) characters.

Polygon is a layer-2 scaling solution for the Ethereum network that provides users with fast transactions at low costs, acting as a parallel network running alongside the main Ethereum network. To use Polygon, users must “bridge” their funds to its network, so they can interact with decentralized applications built on top of it.

$MATIC is the native token of the Polygon network, used to pay for transaction fees on it, for staking, and for governance proposals.

According to Disney’s announcement, every company participating in its Accelerator program will receive guidance from the company’s senior leadership tea and a dedicated executive mentor. The program will conclude with a Demo Day during the fall at the Walt Disney Studios lot, in California.

Bonnie Rosen, General Manager of the Walt Disney Accelerator program, was quoted saying:

For nearly a century, Disney has been at the forefront of leveraging technology to build the entertainment experiences of the future.

Other companies included in the Disney Accelerator program are Flickplay, a Web3 social app that “enables users to discover NFTs tied to real-world locations that they can experience and share via AR,” Inworld, which allows users to create AI-driven characters for immersive experiences, Lockerverse, a Web3 platform empowering creators and brands, Obsess, an experimental e-commerce platform, and Red 6, an AR company that created a patented headset that works outdoors.

Earlier this month Meta, the company behind social media platform Facebook, started the rollout of NFT support for select users in the U.S. The company is rolling out both Ethereum and Polygon-based NFTs for a small number of users.

The report mentions that Facebook users will be able to connect their crypto wallets to their profiles. Users can also turn their NFTs into Facebook posts, which can be interacted with like regular posts. 

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