Polygon’s NFT space is booming as trade count surges, thanks to...

y00ts announced it will migrate to Polygon on 27 March 2023.
A day remains until the zkEVM release but MATIC continues to suffer.

Polygon [MATIC] recently witnessed a major boom in its NFT ecosystem, suggesting growth. Santiment’s chart showed that Polygon’s total NFT trade count and trade volume in USD increased considerably since 16 March 2023.

Thanks to the increase in trade counts, the number of unique addresses holding NFTs have also increased.

Source: Santiment

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

What can fuel further growth?

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

On March 27th, the migration to @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 benefits to being early. 1/ pic.twitter.com/z930Kr2kBD

— y00ts (@y00tsNFT) March 26, 2023

As per the announcement, users will be able to directly migrate from y00ts website. Not only can holders simply migrate, but they will also be rewarded for the same. In fact, holders will be rewarded with $5 USDC per y00t listed on Magic Eden.

Additionally, the official tweet mentioned that y00ts is disapproving of 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 on Magic Eden. Therefore, holders and new users can be motivated to buy or sell more, helping Polygon’s NFT ecosystem grow further.

Polygon is all set for the zkEVM launch

While y00ts will migrate to Polygon, the blockchain will be launching its much-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 safeguards in place for the upcoming release of mainnet beta.

The bug bounty for Polygon #zkEVM Mainnet Beta includes up to $1,000,000 for any white hats that find critical bugs in the smart contracts or blockchain

For more on the scope, eligibility, and what makes pricing bugs hard in ZK rollups, check https://t.co/YMNgIs8X5s

— Polygon (@0xPolygon) March 25, 2023

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

Beating Polygon, the zkSync Era became the first EVM with the support of zero-knowledge rollup (zk-rollup) to be launched on the mainnet.

Is your portfolio green? Check the Polygon Profit Calculator

MATIC performance was not at par

While the NFT ecosystem witnessed growth, the same was not true for MATIC, which has fallen victim to the bears. According to CoinMarketCap, MATIC’s price declined 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 plummeted sharply. The hype around the zkEVM launch also was not enough to give investors confidence as MATIC’s weighted sentiment remained on the negative side.

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