Polygon’s NFT space is booming as trading numbers increase, thanks to…

by James · March 26, 2023

y00ts announced that they will be migrating to Polygon on March 27, 2023.
A day remains until the zkEVM release, but MATIC continues to suffer.

Polygon [MATIC] recently seen a major boom in the NFT ecosystem, indicating growth. Santiment’s chart showed that Polygon’s total NFT trading numbers and trading volume in USD increased significantly since March 16, 2023.

Thanks to the increase in the number of trades, the number of unique addresses holding NFTs has also increased.

Source: Sentiment

Read Polygon [MATIC] Price prediction 2023-24

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What can contribute to further growth?

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

On March 27, the migration took place @0xPolygon will begin.

You will be able to migrate directly from our official website.

You will probably want to migrate within the first 24 hours.

There are advantages to being early. 1/ pic.twitter.com/z930Kr2kBD

— y00ts (@y00tsNFT) March 26, 2023

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

Additionally, the official tweet mentioned that y00ts does not approve 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 at Magic Eden. Therefore, holders and new users can be motivated to buy or sell more, helping Polygon’s NFT ecosystem to grow further.

Polygon is ready for the launch of zkEVM

While y00ts will migrate to Polygon, the blockchain will launch its long-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 security measures in place for the upcoming mainnet beta release.

The error for Polygon #zkEVM Mainnet Beta includes up to $1,000,000 for all white hats who find critical flaws in smart contracts or the blockchain

For more on the scope, eligibility and what makes price errors difficult in ZK summaries, check 👇🏽

— Polygon (@0xPolygon) March 25, 2023

This program will further assist Polygon in refining the product. Well, the competitor Ethereum’s [ETH] layer-2 solution, zkSync Erawas fully opened to the public on 25 March 2023.

By beating Polygon, zkSync Era became the first EVM with support for zero-knowledge rollup (zk-rollup) to launch on the mainnet.

Is your portfolio green? Investigate Polygon Profit Calculator

MATIC performance was not up to par

While the NFT ecosystem witnessed growth, the same was not true for MATIC, which has fallen prey to the bears. In accordance CoinMarketCapMATIC’s price fell 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 fell sharply. The hype surrounding the zkEVM launch was also not enough to give investors confidence that MATIC‘s weighted sentiment remained on the negative side.

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