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y00ts powers Polygon NFTs, but MATIC is not the biggest beneficiary

  • y00ts was the most traded Polygon NFT collection on OpenSea at the time of writing.
  • Over 12,690 y00ts have made Polygon their home, representing a market cap of $48 million.

Polygon’s [MATIC] non-fungible token (NFT) landscape has witnessed a considerable expansion of late. As per a Dune dashboard, Polygon NFTs recorded a cumulative sales volume of more than $22.7 million over the last 30 days.

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

The daily volume reached its monthly peak on 31 March when sales worth nearly $2 million were settled across different marketplaces.

Source: Dune

The past month also saw a surge in sales with about 293k total trades. This was a jump of 36% from the month before.

A big part of this expansion could be attributed to the migration of the popular NFT project, y00ts.

y00ts embellishes Polygon

y00ts was the most traded Polygon NFT collection on OpenSea at the time of writing, clocking over $4 million in volume from 924 sales over the past month. The DeLabs-owned profile picture collection was the undisputed leader with over 23% of the Polygon’s NFT market share on OpenSea.

On MagicEden, y00ts captured an even larger chunk, accounting for 45% of the total volume of Polygon NFTs on the marketplace.

Source: Dune

y00ts, which was once the most popular and valuable NFT collections on Solana [SOL], started its migration to Polygon last month. About 84% of the total y00ts have been bridged to the Ethereum [ETH] sidechain as of this writing, data from Dune revealed. More than 12,690 y00ts have made Polygon their home, representing a market cap of $48 million.

Source: Dune

Consisting of 15, 000 yeti-like avatars, y00ts was launched on the Solana chain in September 2022. A $3 million grant from Polygon was given to DeLabs, the parent company, to help with the transition.

Apart from y00ts, other high-profile ecosystem additions also helped boost Polygon. Moreover, on 11 April, social platform Reddit launched its third generation (Gen 3) NFT collection on Polygon in collaboration with over 100 artists.

Impact on MATIC

The growing NFT ecosystem seemed to have propelled MATIC in the last few days. As per CoinMarketCap, the native coin exchanged hands at $1.171 at press time, recording 7-day gains of 3.85%.

Realistic or not, here’s MATIC market cap in BTC’s terms

However, the network adoption was a cause of worry as the number of new addresses declined sharply since the spike observed on 31 March, data from Santiment revealed. The weighted sentiment, which trended in the negative territory, buttressed the above behavior.

On a good note, the total number of MATIC holders hit 40 million, increasing by 11% over the previous month.

Source: Santiment

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