Polygon (MATIC) surges on launch of Virtasy Bollywood NFT Marketplace
The digital currency world is witnessing extensive growth, and Polygon (MATIC) is contributing to this trend with its bullish price action. The token reached a daily high of $1.34 and recorded a significant increase in 24-hour trading volume of around 80%.
It has taken almost ten months for MATIC to reach this level, with the last peak in April 2022. The token has been gradually retreating since mid-January and has seen a growth of 56.5% in the last 30 days.
Data from CoinMarketcap shows that MATIC is currently trading at $1.33, up 4% over the past 24 hours and up 10% over the past seven days. If the crypto market maintains its current upward momentum, MATIC and other altcoins could regain lost ground.
An upward break above the $1.40 resistance level could trigger another sharp rise in MATIC’s price. In this case, the price may move steadily towards the $1.42 or even the $1.50 level.
However, a downward correction could occur if MATIC fails to overcome the $1.34 resistance level. The immediate support in this scenario is near the $1.25 level.
Virtasy launches NFT Marketplace on polygon
ShemarooEntertainment has announced the launch of Virtasy, a marketplace for officially licensed Bollywood NFTs, on the Polygon network. This exciting new platform gives fans the opportunity to own 3D avatars, photos and clips of their favorite Bollywood movies through the power of blockchain technology.
According to a tweet from Polygon, the Virtasy launch will be for “Early Access” to the public, with rewards and community engagement opportunities for collectors. It’s a big move for Shemaroo, which has committed itself to the NFT space and is emerging as a driving force for innovation in the entertainment industry.
In partnership with Seracle, a Web3 full-stack infrastructure company, Virtasy offers a cost-effective, fast and secure platform for Bollywood fans to connect to their favorite IPs.
The NFT marketplace provides a unique opportunity for fans to bring the magic of Bollywood to the metaverse and make it a part of their digital lives.
Moreover, According to NFTgators, the Polygon network has experienced an increase in NFT trading activity on OpenSea. With a daily trading volume of $11.4 million, Polygon saw over half of Ethereum’s daily volume, which was $19.6 million.
It marks a new high in the ratio of Polygon’s daily volume on OpenSea to Ethereum’s daily volume, which now stands at 0.58. It indicates that Polygon has seen more NFT trading activity than Ethereum on OpenSea in the last three months.
The increase in activity on Polygon can also be attributed to the recent collaboration between Reddit and the NFL to create Polygon-based Super Bowl Collectible Avatars. Over 1 million avatars were minted in just four days, breaking a new all-time high in daily Reddit Collectible Avatar mints.
This increase in NFT trading activity is a testament to the growing popularity of Polygon and its ability to handle large volumes of NFT transactions.
Related Reading | XRP transactions on Bitrue to be temporarily halted
