- DraftKings sales volume increased by more than 300% in the past seven days.
- MATIC’s weekly chart was green, but selling pressure was mounting.
y00ts remained one of the most popular NFT collections on Polygon [MATIC], as Polygon Daily’s Aug. 11 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, the migration of the collection to Ethereum [ETH] throw a wrench into Polygon’s expansion plans? That may not be the case because a new competitor has already entered the market.
Read Polygons [MATIC] Price prediction 2023-24
Goodbye j00ts, a new king has arrived
According to the tweet mentioned above, the biggest reason behind this migration was to unite the DeGods and y00ts communities. The NFT collection also returns 100% of the grant provided by Polygon. The funds will be redeployed to grow the NFT ecosystem to empower builders and makers.
2. We refund 100% of the grant provided by Polygon.
The funds will be redeployed to grow the NFT ecosystem to empower builders and makers.
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 Polygon. The NFT collection has become extremely popular in recent days and its statistics have skyrocketed.
Polygon’s tweet pointed out that DraftKings had the highest number of NFT sales volumes over the past seven days compared to all NFT collections. In the past week, sales volume has skyrocketed by more than 300%, reflecting popularity and demand.
JUST IN:
DraftKings has the highest number of NFT sales volumes compared to all NFT collections in the last 7 days. #onPolygon pic.twitter.com/AWM6iKztpf
— Today in Polygon (@TodayInPolygon) August 11, 2023
As a result, the blockchain’s total NFT sales volume increased by 90% last week. However, the NFT winter still took its toll on the ecosystem as sellers and buyers fell significantly. In particular, the number of sellers fell by more than 7000%.
It was also interesting to note that, after a huge increase in sales volume last week, DraftKing’s sales volume submerged by more than 50% in the last 24 hours.
Source: CryptoSlam
Is your wallet green? look at the Polygon profit calculator
A quick look at MATIC
As there were multiple things going on in Polygon’s NFT ecosystem, MATIC managed to increase its price by more than 2% last week. At the time of writing, it was trade at $0.6784 with a market cap of $6.3 billion.
from CryptoQuant facts revealed that despite the price increase, the token was under selling pressure, which was bearish. MATIC’s foreign exchange reserve increased. In addition, net deposits to exchanges were also high compared to the 7-day average, suggesting that investors were selling the token.
Source: CryptoQuant