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.
Polygon's NFT market has seen an increase in trading volume, attracting big names in tech and entertainment industries such as Reddit, Adidas, and Stripe.
The network's quick transaction rates and low costs have made it an attractive option for businesses looking to enter the Web3 area. On February 8, the OpenSea marketplace recorded a trading volume of $11,405,423, representing more than half of Ethereum's $19,686,429 daily volume, making it reach a 90-day high.
To capitalize on the Polygon network's growing popularity, Polygon Labs and Shemaroo, India's leading media and entertainment company, have joined forces to establish Virtasy.io, an NFT marketplace exclusive to the Polygon network.
Fans of Bollywood can bring their favorite characters to the metaverse and create their own NFT collections with the marketplace's collection of classic Bollywood film NFTs, including photos, movie clips, and avatars prepared for the metaverse.
The recent collaboration between Reddit and the NFL to produce Super Bowl Collectible Avatars for the Polygon network may have contributed to this spike in trading activity.
The price of MATIC has risen after recent internal events at Polygon, restoring the token's November 2022 levels and boosting investor confidence.
However, with a 3% drop in its daily value, the token may face challenges, and its demand at its current price of $1.11 may be its only hope, according to veteran cryptocurrency expert Ali Martinez.