MATIC surges 25% after Disney selected Polygon for a Web3 accelerator program as we recently reproted in our previous altcoin news.

The entertainment giant Walt Disney announced that six companies will be joining the 2022 Disney Accelerator and among them was Ethereum’s scaling solution Polygon. The business development program is created to boost the growth of innovative companies and according to the announcement, Disney will focus on emerging technology in the field of immersive experiences. This includes Metaverse and augmented reality but also artificial intelligence, nonfungible tokens, and more. Disney tapped Polygon because of its scalable properties and allows developers to build Web3 experiences.

Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻‍♀️ #disneyfeels

We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X

— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022

The program will be launched this week and will connect six companies to enhance their creativity and imagination with Disney’s expertise so the participants will receive guidance from the Disney senior leadership team but also from other executive mentors. The program takes place during the summer and has a Demo Day in October at the Walt Disney Studios in California. Bonnie Rosen as the General Manager of the Disney Accelerator Program, said that for almost a century, Disney was at the forefront of leveraging technology and creating entertainment experiences of the future.

The other five companies that joined Polygon include FlickPay which is a web3 social app for discovering FNT related to real-world locations which can be shared using AR. The interactive and AI-driven character creation platform Inworld will join the list and will empower creators to tell their stories. The final two companies are the e-commerce platform OBess and the AR hardware company AR. The six companies will be provided with investment capital and access to co-working space and will mentor support and guidance from the company executives. The investors and entrepreneurs from the entertainment communities will also be in attendance. Polygon announced the partnership with the mobile phone manufacturer Nothing to bring Web3 functionality to the devices.

Also, MATIC surges 25% on the announcement and it was changing hands for $0.63 after a smaller retracement from the intraday high. Like most assets, it dropped from the ATH with a 78% loss and the $2.92 level it hit in 2021.