- Tokenized Pokemon cards in the form of NFTs minted on the Polygon network have sold out in seconds with its floor price skyrocketing.
- The demand for the product is evident with the floor price rising 10x from its mint price of $5 to reach $50 in the first hours of launch.
Pokemon NFTs are taking the Polygon network by storm. The non-fungible tokens (NFTs) cards of legendary anime Pokemon have been developed by Courtyard. In the first few seconds of the launch, enthusiasts of the popular Nintendo franchise purchased them all sending the floor price to the roof.
S4mmy.eth, who has been sharing his experience on X (formerly Twitter) revealed that the booster packs are randomized and initially cost $5 each. However, this floor price has since risen to $50, representing a 10x increase in just a few hours of launch.
The $5 pack drop is moments away…
2pm ET 🔗 https://t.co/9JmyB2Ugki
This is the last reminder. Get ready ⚒️ pic.twitter.com/xrR5DNI6d3
— Courtyard.io (@Courtyard_NFT) September 20, 2023
The sale of digital collectibles are sold in booster packs and are randomized and executed fully on the chain for transparency. This offered great potential for buyers minting the booster cards for $5 with possible cards included PSA9 graded cards from 2000 with valuations of up to $500 in worth.
As explained by the digital asset consultant, buyers have the option to stablecoin USD Coin (USDC) on the Polygon network or a credit card. This welcomes a wide array of potential buyers even those with zero knowledge of cryptocurrencies. In fact, according to Courtyard CEO, a majority of buyers are using credit cards. Furthermore, assets can be exported off Courtyard into your self-custody wallets on Polygon.
Following this success, the consultant has posed the question of whether the digital cards could create a new system involving the physical ones.
This poses the question:
Why open a physical and go through the grading/shipping/digitzation?
Opening a digital pack online, and then redeeming it at PSA9 graded (or maybe 10) makes a lot more sense.
Reverse engineer the historical model with enhanced security.
The consultant further celebrated the positives around the success of this project with new possibilities around liquidity, auto buybacks of individuals “playing house” on creating their own ‘reward boxes’, disintermediated market using blockchain at its core, and the precipice of fulfilling the full potential of digital collectibles.
This opens up a raft of possibilities around liquidity.
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Auto buybacks of individuals "playing house" on creating their own 'reward boxes'.
A disintermediated market using blockchain at its core.
The precipice of fulfilling the full potential of digital collectibles.
— S4mmy.eth (@S4mmyEth) September 20, 2023
Polygon has further demonstrated that it is the preferred blockchain for NFTs. Polygon (MATIC) cofounder Sandeep Nailwal celebrated the success of the new collection, noting, “NFT ecosystem on Polygon continues to surge ahead!” As CNF reported, Polygon Labs recently announced, that Mirae, a leading South Korean firm, will be joining the Polygon ecosystem. According to the announcement, the collaboration is centered around the enhancement of Polygon Labs, particularly strengthening the adoption of tokenization and other Web3 technologies.
At the time of press, Polygon’s native token MATIC is exchanging for $0.523 after a 2 percent drop in the last 24 hours. Current prices represent a more than 80 percent drop from its all-time high of $2.92 reached in 2021.