y00ts runs Polygon NFTs but MATIC is not the biggest advantage

by James · April 18, 2023

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

Polygon [MATIC] The non-fungible token (NFT) landscape has witnessed a significant expansion in recent times. According to a Dune dashboard, Polygon NFTs recorded a cumulative sales volume of more than $22.7 million over the past 30 days.

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

Daily volume reached its monthly high on March 31 when sales of nearly $2 million were settled on various marketplaces.

Source: Dune

In the last month there has also been an increase in sales with around 293,000 trades in total. This was a 36% jump from the previous month.

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

y00ts decorates Polygon

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

At MagicEden, y00ts captured an even bigger share, accounting for 45% of the total volume of Polygon NFTs on the market.

Source: Dune

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

Source: Dune

Consisting of 15,000 yeti-like avatars, y00ts 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.

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

🚨#RedditCollectibles fans, the wait is over! Gen 3 is officially available with limited edition designs from over 100 different artists. Jump into the next dimension and get yours now.🚨 pic.twitter.com/QcCSAUs8rE

— Reddit (@Reddit) 11 April 2023

Impact on MATIC

The growing NFT ecosystem seemed to be driving MATIC over the past few days. According to CoinMarketCap, the original coin was exchanging hands at $1,171 at press time, registering a 7-day gain of 3.85%.

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

However, network adoption was a cause for concern as the number of new addresses fell sharply since the peak observed on March 31, data from Santiment revealed. The weighted sentiment, which was trending in the negative territory, supported the above behavior.

On a good note, the total number of MATIC holders reached 40 million, increasing by 11% compared to last month.