NFTs News

Polygon NFT Volume Boosts Massively After Bollywood Collaboration Announcement

Key Points:

Shemaroo Entertainment, a major player in the Indian entertainment industry, teams up with Polygon Labs to establish Virtasy.io, an exclusive Polygon NFT marketplace for the network.
According to the statement, the marketplace will debut with NFTs from well-known Bollywood movies, including pictures, video clips, and 3D avatars that are prepared for the metaverse.
The NFT volume on Polygon is increasing, and the network is drawing top names in the tech and entertainment sectors.

The volume of the Polygon NFT market is increasing, and the network is drawing top names in the tech and entertainment sectors.

Polygon has grown to be a popular option for businesses wishing to enter the Web3 area thanks to its low costs and quick transaction rates, including Reddit, Adidas, Robinhood, and Stripe.

The most recent trade data clarifies the recent increase in Polygon NFT trading activity. On February 8, the OpenSea marketplace recorded a trading volume of $11,405,423, which is more than half of the $19,686,429 daily volume of Ethereum. The OpenSea NFT market has reached a 90-day high with this price.

The top media and entertainment company in India Shemaroo and Polygon Labs have partnered to create Virtasy.io, an NFT marketplace that is only available on the Polygon network. Fans have the chance to bring their favorite Bollywood characters into the metaverse and create their own NFT collections thanks to the marketplace’s selection of classic Bollywood film NFTs, which includes photos, movie clips, and avatars prepared for the metaverse.

This spike in trade activity might be related to Reddit and the NFL’s collaboration, which made it possible to produce Super Bowl Collectible Avatars for the Polygon network. The Polygon NFT market has grown significantly as a result of this relationship.

Recent internal events at Polygon have driven MATIC’s price upward, restoring the token’s November 2022 levels and boosting investor confidence.

Veteran cryptocurrency expert Ali Martinez recently observed the enormous demand that developed at the token’s most recent price of $1.11.

This could be MATIC’s only hope because it is now encountering opposition. The token is now down nearly 3% on a daily basis, which may cause investors to get concerned.

MATIC daily chart. Source: TradingView

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.