How y00ts’ departure could affect Polygon’s NFT ecosystem
- DraftKings’ sales volume spiked by more than 300% in the last seven days.
- MATIC’s weekly chart was green, but selling pressure was increasing.
y00ts continued to remain one of the most popular NFT collections on Polygon [MATIC], as Polygon Daily’s 11 August tweet revealed.
Most-traded Polygon NFT Collections On OpenSea Last 7 Days@y00tsNFT@TheSandboxGame@genso_meta@ArcheWorld_NFT@plutomisfits@crypto_unicorns@CyberKongz@SpaceSkellies@HyperKongz@OwlphaNFT#onPolygon pic.twitter.com/GnxDDzA6in
— Polygon Daily ? (@PolygonDaily) August 11, 2023
However, could the collection’s migration to Ethereum [ETH] throw a wrench in Polygon’s expansion plans? That may not be the case, as a new contender has already arrived on the market.
Read Polygon’s [MATIC] Price Prediction 2023-24
Farewell y00ts, a new king has arrived
As per the aforementioned tweet, the biggest reason behind this migration was to unite the DeGods and y00ts communities. The NFT collection will also return 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.
2. We're returning 100% of the grant provided by Polygon.
The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.
We still love Polygon. It's just time to unite the DeGods & y00ts communities.
— y00ts (@y00tsNFT) August 9, 2023
At the same time, DraftsKing, a digital sports entertainment company, launched its own NFT collection on Polygon. The NFT collection gained immense popularity over the last few days, and its metrics soared.
Polygon’s tweet pointed out that DraftKings had the highest amount of NFT sales volume compared to all NFT collections over the last seven days. Over the last week, its sales volume skyrocketed by more than 300%, reflecting its popularity and demand.
— Today In Polygon (@TodayInPolygon) August 11, 2023
Thanks to this, the blockchain’s overall NFT sales volume increased by 90% last week. However, the NFT winter was still taking a toll on the ecosystem as its sellers and buyers dropped substantially. Notably, its number of sellers dropped by more than 7000%.
It was also interesting to note that, after a massive surge in sales volume last week, DraftKing’s sales volume plunged by more than 50% in the last 24 hours.
Is your portfolio green? Check out the Polygon Profit Calculator
A quick look at MATIC
As multiple things were going on in Polygon’s NFT ecosystem, MATIC managed to increase its price by over 2% last week. At press time, it was trading at $0.6784 with a market capitalization of $6.3 billion.
CryptoQuant’s data revealed that despite the price hike, the token was under selling pressure, which was bearish. MATIC’s exchange reserve was increasing. Additionally, its net deposit on exchanges was also high compared to the 7-day average, suggesting that investors were selling the token.