Media conglomerate Walt Disney has been preparing for the internet's next evolutionary leap that blends the physical world with the digital and virtual worlds.

Bob Chapek, the CEO of Disney, had made it clear that he is interested in Web3 and the metaverse when he described it as a "third dimension of the canvas" for Disney creatives in a February interview with CNBC.

Disney's this year's accelerator program is focused on building the future of immersive experiences and specialises in technologies like augmented and virtual reality, NFTs and the metaverse. It has multiple Web3 companies in the program.

Layer-2 scaling platform Polygon is one of the six companies selected to participate in Disney's 2022 Accelerator Program, which will commence this week.

According to Disney's statement, the Accelerator Program is a business and development initiative designed to increase the growth of innovative companies around the globe.

Polygon CEO Ryan Watt tweeted that Polygon was "the only blockchain selected" to Disney's prestigious Accelerator program.

Disney's accelerator program made its debut in 2014. Each participating company will receive supervision from Disney's top leadership team as well as a dedicated executive mentor throughout the course.

Disney confirmed that participants would be provided with investment capital, access to co-working space at the entertainment giant's creative campus in Los Angeles, and mentor support and guidance from Disney executives, entrepreneurs, investors, and business leaders from the entertainment and technology fields.

The program begins this week. This year's class also includes Web3 social media app Flickplay, artificial intelligence platform Inworld, Web3 storytelling platform Lockerverse, augmented reality company Red 6, and Obsess, an "experimental" e-commerce platform.

"For nearly a century, Disney has been at the forefront of leveraging technology to build the entertainment experiences of the future," said Bonnie Rosen, General Manager of the Disney Accelerator program. "The Disney Accelerator is thrilled to be part of that legacy, and with our newest class of companies, we look forward to furthering our commitment to innovation and continuing to bring magical experiences to Disney audiences and guests for the next 100 years."

Polygon Network is a layer 2 platform created in 2017. Originally called the Matic Network, the Polygon Network enables developers to build and deploy their own blockchains compatible with the Ethereum blockchain. Using the MATIC sidechain, Polygon also enables other Ethereum-based projects to transfer data and tokens.

Polygon's native token, MATIC, jumped up over 20 % after the announcement. The token was trading at $0.5291 in the early hours of Thursday and rose to $0.6504, a staggering 20.568 per cent.

Several entertainment businesses are experimenting with Web3 technologies. Studios like Sony, Warner Bros., and Lionsgate engaged in the recent NFT craze by creating collectibles inspired by their films.

Tony Hawk collaborates with the Sandbox to create the world's biggest skatepark in the metaverse

One of the most well-known skateboarders in the world, Tony Hawk, announced his collaboration with the blockchain-based virtual world The Sandbox to create the "biggest virtual skatepark ever built" in the metaverse spanning 36 plots of games land.

Users will have access to editing tools in Hawk's metaverse, which will enable them to design the skatepark of their dreams and a marketplace for the sale of skateboards and skate gear. Although this is Hawk's first engagement in the blockchain gaming industry, the competitive skater is already well-known in the conventional gaming sector. Since its release in 1999, his "Tony Hawk Pro Skater" series has generated more than $1.4 billion in revenue, making it one of the most successful video game franchises ever.

"I have been a fan of new technology all my life, from the first video games and home computers with CGI capabilities," Hawk said in a video announcing the news. "So I am fascinated by the metaverse and excited to bring our culture into the virtual landscape of The Sandbox."

The non-fungible token (NFT) platform Autograph, founded by Tom Brady of the National Football League, is a partner in the metaverse collaboration. They would be launching 3d based avatars and NFT collectins using Tony Hawk's most recognisable skateboards, apparel, and accessories—including the one he wore at the 1999 X Games when he executed his iconic 900 (2.5-lap) turn, which is regarded as an "immortal" accomplishment in the skating community Autograph will generate NFTs and avatars.

UK Lawmakers open inquiry into the crypto industry

The UK Treasury Committee is starting an investigation into the prospects and hazards associated with cryptocurrencies and proper response from the executive and regulatory branches.

The committee is looking for information on whether digital currencies could eventually replace fiat money, how cryptocurrencies affect social inclusion, and whether the government and regulators are prepared to "grab the opportunities" given by crypto assets.

The committee said it had launched an examination into the function of cryptocurrency assets in the United Kingdom. The investigation is one of many comparable initiatives around the nation. Last week, the government established an inquiry to examine the taxation of decentralised finance (DeFi) activities like lending and staking for crypto assets.

The investigation came after the government requested feedback from the public on taxation connected to decentralised finance through cryptocurrency loans and staking on July 5. The committee has begun accepting public input until September 12; this correspondence will also serve as its report to the parliament.