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Crypto News - Archive

Polygon’s NFTs Flourish With y00ts Integration, But MATIC Takes A Backseat

Author

Jay Solano

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Reading time

2 mins
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Author

Jay Solano

Tags

Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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y00ts polygon nft

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The ecosystem of Polygon’s [MATIC] non-fungible tokens (NFTs) in Polygon has recently grown substantially. According to a dashboard on Dune, Polygon NFTs have generated total sales of over $22.7 million over the past 30 days.

On March 31, when transactions totaling about $2 million were completed across various platforms, the day volume reached its monthly peak.

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Approximately 293k transactions occurred in the previous month. This represented a 36% increase from the prior month.

The migration of the popular NFT initiative, y00ts, contributed significantly to this growth.

y00ts enhances Polygon’s NFT market

Currently, y00ts has become the most frequently traded NFT collection on OpenSea using Polygon, with a trading volume of more than $4 million from 924 transactions in the last 30 days. With over 23% of Polygon’s NFT market share on OpenSea, the profile picture collection owned by DeLabs was the frontrunner.

On MagicEden, y00ts captured an even greater share, contributing 45% of the market’s total Polygon NFT volume.

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Last month, the y00ts NFT collection, previously known as the most valuable and sought-after on Solana [SOL], started to move to Polygon. According to Dune’s data, as of the time of writing, around 84% of y00ts have been transferred to the Ethereum sidechain, Polygon. This amounts to a market value of $48 million, with more than 12,690 y00ts currently residing on Polygon.

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y00ts, a collection of 15,000 avatars that resemble yetis, was introduced in September 2022 on the Solana chain. The parent company, DeLabs, received a $3 million grant from Polygon to aid with the migration.

In addition to y00ts, several well-known ecosystem upgrades also aided in the growth of Polygon. Moreover, social media site Reddit unveiled its third generation (Gen 3) NFT collection on Polygon on April 11 in partnership with more than 100 artists.

MATIC’s market position

In recent days, MATIC appeared to be being driven by the expanding NFT ecosystem. The native coin had a seven-day gain of 3.85% when it was traded at $1.171 at the time of publication, according to CoinMarketCap.

Data from Santiment showed that the network adoption was concerning because the number of new addresses had dramatically decreased after the peak seen on March 31. The weighted sentiment, which had a negative tendency, supported the aforementioned actions.

Positively, the overall number of MATIC holders reached 40 million, up 11% from the prior month.

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