Polygon Launches Fund To Assist Terra Projects Move to Polygon.
Following the crash of the Terra network, Polygon has launched a multi-million dollar fund to allow projects to move to its Polygon platform.
Under this initiative, a Terra-based NFT marketplace and launchpad known as OnePlanet will shift to Polygon over the next few months as the first project to be given funding. This move will make OnePlanet the dedicated marketplace for any migrated Terra NFT projects to the Polygon ecosystem.
OnePlanet serves as a virtual meeting place for creators to showcase their NFTs while communicating and engaging with their collectors.
In its first 3 months, OnePlanet enrolled 60 collections and since its launch in January 2021, the platform has grown and effectively established itself as a prominent launchpad and secondary marketplace for the Terra NFT ecosystem.
With a team of about 30 highly motivated employees from Apple, Facebook, KPMG, PWC and others, OnePlanet has been providing overall infrastructure for the Terra NFT ecosystem, focusing on the utility element of NFTs and the NFT holder communities of each collection.
While hundreds of Terra-based projects and developers were left stranded following the recent collapse of the Terra ecosystem, this collaboration will help facilitate the migration of these projects to Polygon in order to enable redevelopment and community protection.
Head of Business at OnePlanet, SungMo Park highlighted, “After a turbulent few weeks for the Terra ecosystem, we recognize that our loyal community now needs a reliable, secure new home for their projects. Re-building on Polygon will add tremendous value to the OnePlanet’s partner NFT projects thanks to its stellar team, EVM compatibility, scaling facilities, and carbon-neutral network.”
The funds will finance technical migration efforts to help with the difficult task of migrating projects across chains. A collection fund will also be established to enable builders and creators to re-connect and continue to provide vital services to existing projects.
CEO of Polygon Studios, Ryan Wyatt welcomed OnePlanet to the Polygon community saying,
“Polygon is thrilled to offer a home to the OnePanet team and wider Terra community. The project will bring immense value to the Polygon NFT ecosystem, owing to the strength of its marketplace, committee, fans, and community.”
Polygon has also established a community fund to incentivise holders to migrate their assets and cover costs incurred in transferring items onto the Polygon chain and Wyatt pointed out that Polygon intends to help builders and developers to focus on their critical work adding,
“We’ve launched the fund to help Terra projects like OnePlanet migrate their burgeoning ecosystem to Polygon, bootstrap their recovery, and help them build back stronger than before. We will provide financial and technical support to help smooth the transition and integration and we’re excited to welcome all of these Terra projects to Polygon.”
Through this partnership, OnePlanet will be able to continue delivering the value and the roadmap envisioned by its partner NFT projects.