The Rise of y00ts on Polygon NFT Landscape
The popularity of non-fungible tokens (NFTs) has seen a significant surge in recent times, and the Polygon NFT landscape is not left behind. According to a Dune dashboard, the cumulative sales volume of Polygon NFTs reached over $22.7 million in the last 30 days, representing a considerable expansion. At the time of writing, y00ts has emerged as the most traded Polygon NFT collection on OpenSea. The collection has generated over $4 million in volume from 924 sales in the past month. This surge in sales has led to over 12,690 y00ts being hosted on Polygon, with a market cap of $48 million.
Expanding NFT Landscape on Polygon
In the past month, the Polygon NFT landscape has experienced a significant surge in sales, with about 293,000 total trades, representing a 36% increase from the previous month. On 31st March, the daily volume reached its monthly peak, with sales worth almost $2 million settled across different marketplaces. The migration of the popular NFT project, y00ts, has played a crucial role in this expansion.
y00ts Embellishes Polygon
y00ts, a DeLabs-owned profile picture collection, was the undisputed leader on OpenSea, accounting for over 23% of Polygon’s NFT market share. On MagicEden, y00ts captured an even more significant chunk, representing 45% of the total volume of Polygon NFTs on the platform. Previously, y00ts was the most popular and valuable NFT collection on Solana. However, it started migrating to Polygon last month, and as of this writing, about 84% of the total y00ts have been bridged to the Ethereum sidechain, according to data from Dune. Consisting of 15,000 yeti-like avatars, y00ts was launched on the Solana chain in September 2022. DeLabs, the parent company, received a $3 million grant from Polygon to aid with the transition. This move has helped y00ts gain more popularity and increase its trading volume on the Polygon NFT landscape significantly. In addition to y00ts, other high-profile ecosystem additions have also helped boost Polygon’s NFT landscape. On April 11th, social platform Reddit launched its third generation (Gen 3) NFT collection on Polygon in collaboration with over 100 artists. These additions have contributed to the growth of Polygon’s NFT ecosystem and have created more opportunities for NFT collectors and traders.
Impact on MATIC
The growing NFT ecosystem on Polygon has had a positive impact on the native cryptocurrency of the Polygon network, MATIC. As of press time, the native coin exchanged hands at $1.171, recording 7-day gains of 3.85%. This growth is attributed to the increase in trading volume and demand for NFTs on Polygon, which has increased the utility of the MATIC token.
Conclusion
The rise of y00ts and other high-profile ecosystem additions has helped to propel the growth of Polygon’s NFT landscape significantly. The surge in sales and trading volume of Polygon NFTs is indicative of the increasing demand and popularity of NFTs. As the NFT market continues to grow, Polygon is poised to become a leading player in the space, and its native cryptocurrency, MATIC, is expected to benefit from this growth.
