Polygon’s NFT space is booming as trade count surges, thanks to…

Please fol­low and like us:
Pin Share

  • y00ts announced it will migrate to Poly­gon on 27 March 2023.
  • A day remains until the zkEVM release but MATIC con­tin­ues to suffer. 

Poly­gon [MATIC] recent­ly wit­nessed a major boom in its NFT ecosys­tem, sug­gest­ing growth. Santiment’s chart showed that Polygon’s total NFT trade count and trade vol­ume in USD increased con­sid­er­ably since 16 March 2023. 

Thanks to the increase in trade counts, the num­ber of unique address­es hold­ing NFTs have also increased. 

Source: San­ti­ment


Read Polygon’s [MATIC] Price Pre­dic­tion 2023–24


What can fuel further growth?

Things might get even bet­ter in the com­ing days as y00ts, one of the most pop­u­lar NFT col­lec­tions on Solana [SOL], announced that it will migrate to Poly­gon on 27 March. 

As per the announce­ment, users will be able to direct­ly migrate from y00ts web­site. Not only can hold­ers sim­ply migrate, but they will also be reward­ed for the same. In fact, hold­ers will be reward­ed with $5 USDC per y00t list­ed on Mag­ic Eden. 

Addi­tion­al­ly, the offi­cial tweet men­tioned that y00ts is dis­ap­prov­ing of fur­ther devel­op­ment for y00ts/DeGods on SOL. 

The rea­son why this can help Poly­gon is that for the next 30 days, there will be no trad­ing fees for y00ts on Mag­ic Eden. There­fore, hold­ers and new users can be moti­vat­ed to buy or sell more, help­ing Polygon’s NFT ecosys­tem grow further. 

Polygon is all set for the zkEVM launch

While y00ts will migrate to Poly­gon, the blockchain will be launch­ing its much-await­ed zkEVM. As the net­work pre­pares for the launch, it has start­ed a bug boun­ty program. 

The boun­ty pro­gram, which will be run by Immune­fi, is one of the many safe­guards in place for the upcom­ing release of main­net beta. 

This pro­gram will fur­ther help Poly­gon in refin­ing its prod­uct. Well, its com­peti­tor, Ethereum’s [ETH] layer‑2 solu­tion, zkSync Era, was ful­ly opened to the pub­lic on 25 March 2023. 

Beat­ing Poly­gon, the zkSync Era became the first EVM with the sup­port of zero-knowl­edge rollup (zk-rollup) to be launched on the mainnet.


Is your port­fo­lio green? Check the Poly­gon Prof­it Calculator


MATIC performance was not at par 

While the NFT ecosys­tem wit­nessed growth, the same was not true for MATIC, which has fall­en vic­tim to the bears. Accord­ing to Coin­Mar­ket­Cap, MATIC’s price declined by over 8% in the last week. At press time, it was trad­ing at $1.09 with a mar­ket cap­i­tal­iza­tion of over $9.8 billion. 

Due to the decline, MATIC’s MVRV ratio plum­met­ed sharply. The hype around the zkEVM launch also was not enough to give investors con­fi­dence as MATIC’s weight­ed sen­ti­ment remained on the neg­a­tive side. 

The future of MATIC post-zkEVM launch remains to be seen. 

Source: San­ti­ment



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *