the tokenization of DPPs on Polygon in NFT format

The Chain Development Kit (CDK) of Polygon has been chosen by Arianee to use Ethereum’s L2 for the tokenization of DPP (Digital Product Passport) in NFT format. 

Polygon NFT: Ethereum’s L2 and the tokenization of Arianee’s Digital Product Passports

Arianee has chosen the Chain Development Kit (CDK) from Polygon, to develop and optimize a layer 2 dedicated to tokenizing digital product passports (or DPP – Digital Product Passport). 

Basically, the association Arianee, composed of over 40 brands such as Audemars Piguet, Breitling, Panerai, Mugler, Moncler and many others, will be able to offer brands infrastructure based on Polygon, in order to leverage the full potential of NFTs and engagement tokens on a large scale.

Specifically, Arianee has used the famous L2 of Ethereum, Polygon and its CDK, as an open-source code base for the launch of L2 chains, based on Zero-Knowledge proof with unlimited scalability and unified liquidity.

Thanks to the integration with Polygon CDK, Arianee aims to help brands build their blockchain infrastructures in the safest, most scalable, and cost-effective way possible.

Since 2018, Arianee has been one of the most widely used protocols in the world, with over 1.5 million DPPs and engagement tokens minted by 50 brands in various sectors, including luxury, watches, fashion, consumer brands, and entertainment.

With the approach of the upcoming European regulation on DPPs, digital product passports are becoming the norm and brands are slowly adopting them. 

Polygon and Arianee: Ethereum’s L2 for tokenizing DPPs in NFT format

From now on, Arianee will allow brands to leverage an optimized Layer-2 chain dedicated to specific applications (appchain), powered by Polygon, to launch their digital product passports and loyalty tokens. 

In this regard, Marc Boiron, CEO of Polygon Labs, said:

“We believe that Polygon’s CDK has the potential to revolutionize sectors far beyond cryptocurrency and finance. We are excited to see Arianee, a platform that has worked with some of the best global brands on real use cases, start building with Polygon CDK”

Even Pierre-Nicolas Hurstel, CEO and co-founder of Arianee, commented as follows:

“We were the first to believe in the Polygon ecosystem and have worked on the mainnet with many of our clients. Today, our decision to build a powerful L2 appchain powered by Polygon CDK allows us to take another important step towards building blockchain-based solutions where performance, scalability, and connectivity are the norm. This development is a step forward for the entire ecosystem, furthering the joint mission of Arianee and Polygon Labs to provide access to scalable and high-performance solutions to brands looking to build scalable projects.”

Small recovery for the crypto MATIC

The native crypto of Polygon, MATIC, seems not to be performing in terms of price as it should. Recently, in fact, its performance in the last 12 months has been analyzed, defining it as rather negative.

The price of MATIC is down by -32% compared to last year. On the other hand, other layer-2 rival coins such as IMX, OP, and SKL seem to have performed well, increasing by +216%, +46%, and +50% respectively in the last 12 months. 

The analysis highlights the likely reasons for this devaluation of the current fourteenth crypto by market capitalization. 

Among other things, there has been talk of the inefficiency on Polygon that will come with the next Dencun upgrade of Ethereum. In fact, it seems that Polygon will not benefit from any reduction in transaction costs.

Not only that, MATIC could also be in a price dump due to the emergence of other layer-2 solutions. Like Arbitrum, which, at least in trading in the DeFi sector, seems to outperform Polygon. 

Anyway, today MATIC seems to be gaining ground, with a +6% pump in the last seven days. At the time of writing, MATIC is worth $0.95.