OrbCity announces official migration to Polygon in Q1 2023

Orbcity becomes another player in the industry to announce its migration to Polygon in the days to come. According to the estimated timeline, Orbcity is expected to complete the migration by the first quarter of the next year.

Users will be able to buy their second virtual home irrespective of their geographic location. The migration also includes $LAY, $ORB, and Land NFTs, among others. More details related to migration and instructions to be followed by users are awaited. Orbcity has said that it will soon share more pieces of information.

The announcement was made by Orbcity through its official Twitter handle, where followers expressed their satisfaction with the decision to migrate to Polygon. To the moon with Polygon, said one of the followers, while another has called Orbcity the best project in Asia.

Orbcity is based in Korea to specialize in the Web3 sphere as a metaverse platform. It functions with an objective to empower creators and users under the economy that connects artists and communities to build metaverse and earn attractive rewards.

The vision is to democratize social and financial access in the metaverse.

Activities that can be done at Orbcity are to exchange non-fungible tokens, participate in opportunistic deals, and share stories, and mention a few. To put it simply, Orbcity is a decentralized virtual world where players can engage in a wide range of activities.

The venture is backed by investors like Animoca Brands, Kucoin, Zepeto, and GBV Capital. Others include Kyros Ventures, A&T Capital, and Trinito, to mention a few.

There are nearly a thousand districts up for grabs by those who successfully complete the launch mission. Districts have to be minted by putting aside 1,000 KLAY. Minting is tentatively scheduled for the mid of December. Each district is an NFT that can be upgraded anytime to generate LAY007 every month.

As for the tokens that run the economy – LAY and ORB – they have a market cap of $510,487 and $3,671,550, respectively. The TVL currently stands at $869,313 with a burned value of 26,139 for LAY and 6,637,234 for ORB.

Polygon is apparently attracting tons of projects to its network. Built on Ethereum, the network is spread across the globe with a core focus on being sustainable in every possible sense. It is also on its way to going carbon neutral by the end of 2022 while maintaining a strong infrastructure for the development of Web3.

Developers can leverage the power of Polygon to build a decentralized application at the lowest cost without worrying about the security aspect. Polygon has registered over 1.8 billion transactions and a saving of $140 million in average daily gas.

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More than 135 million unique users are on the network, availing of the benefits of Polygon.

The migration of Orbcity to Polygon is expected to conclude by the first quarter of 2023. More details about the migration will soon be shared by the team.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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