Labs Group and Polygon (formerly Matic Network) announced a full-stack scaling solution to boost the Ethereum blockchain. Labs Group, one of the first end-to-end blockchain real estate platforms, says this new technology will cut gas prices and save users money.
Prior to the integration, Labs Group made it easy for users worldwide to invest in real estate. With transactions starting as low as $100, they were changing the face of an industry. But Ethereum’s increasingly daunting gas prices were sometimes cancelling out the benefits — which is why they turned to Polygon.
Polygon scales blockchain for efficiency
The multi-chain scaling solution Polygon developed helps platforms like Labs Group cut gas prices and speed transaction times. Instead of verifying each transaction with the entire blockchain, they are checked against Polygon’s parallel validators. This keeps gas costs low and allows users to see results immediately.
Gas fees continue to be a major headache for the NFT industry as a whole. With innovative solutions like Polygon’s, these problems will be a thing of the past. With other integrations like the Polygon/OpenSea already leading the way, NFTs may find a way to route around their own damage ahead of the Ethereum 2.0 release.
Labs Group bringing real estate investment to the masses
While many are familiar with NFTs for digital art, the same technology works for many things. One area is real estate, where Labs Group has built an innovative platform atop Ethereum. With their platform, users can invest in world-class properties as easily as buying a digital painting.
By opening up real estate to the average user, Labs Group is offering long-term financial stability usually reserved for only the wealthiest investors. Labs allows anyone to fractionalize their real estate, use holdings as collateral for a loan, or even crowdfund a purchase.
Labs Group and Polygon leading the way
Any new technology requires someone to trailblaze, and that is exactly what Labs Group and Polygon are doing. By proving that gas fees can be diminished — and integrated quickly and easily — they are setting the standard for platforms going forward.
Gas fees and slow transactions are a part of the Ethereum experience at the moment. They are the price we pay for having a popular blockchain in constant demand. And, left unchecked, they could undo a lot of the hard work already made in this space.
But with efforts like these — Polygon and Labs Group, or OpenSea — we might be on the precipice of something great. By parallelizing transactions, Polygon is giving the NFT world more room to grow. Until these innovations, there was a real risk that soon, the only people able to afford NFTs would be millionaires.
This is not a permanent solution, and it doesn’t solve all the problems facing the crypto world forever. But it does buy some time, and show how a little ingenuity can solve any problem.