Disney’s accelerator program chose Polygon as one of its 2022 members on Wednesday, leading to a more than 20% increase in the value of the network native cryptocurrency MATIC.
On July 14, the network native token rose to high price levels after being chosen for the Walt Disney Company’s prestigious business development program.
The price of MATIC increased by 22.5 percent to $0.657 per token, the highest price in a month. The upward movement appeared to coincide with other intraday recovery movements seen elsewhere in the cryptocurrency market.
Walt Disney announced six firms that would be entering the 2022 Disney Accelerator in order to develop solutions for augmented reality (AR), nonfungible tokens (NFTs), and artificial intelligence (AI).
Polygon is the first blockchain platform to ever make it onto the list of the global media and entertainment behemoth. As a result, MATIC, the native utility and staking token of Polygon, recovered more favorably than the majority of its competing digital assets.
Other contributors include the Web3 e-commerce platform Obsess, the augmented reality business Red 6, the Web3 social media app Flickplay, and the Web3 storytelling platform Lockerverse.
Participants in Disney’s accelerator program will get funding, access to co-working space at Disney’s creative campus in Los Angeles, and mentoring from Disney executives, business leaders, entrepreneurs, investors, and investors.
Over 19,000 dApps have been developed on the Polygon network, and the ecosystem is still growing. Disney is the second tech major to use the Polygon blockchain, after the social media behemoth Meta (formerly Facebook).