Polygon NFT Sales Surge: Impressive Volume Growth
After a lackluster year in terms of performance, the Polygon PoS chain has experienced a significant surge in momentum and strength in the latter part of 2023. This growth can be attributed to the notable price performance of MATIC, the native token of the Polygon network, as well as the excitement surrounding Polygon’s NFT ecosystem in December of the previous year.
Polygon Dominates NFT Market: Ranks Third in Sales
Data indicates that the Polygon network has seen a remarkable increase in the overall number of NFT deals, with a notable upward trend in NFT sales volume, particularly over the past seven weeks. On December 6, 2023, the surge peaked for six months, positioning the Layer-2 scaling solution as the third-highest in terms of NFT sales volume, following Ethereum and Bitcoin.
Polygon has witnessed an impressive milestone, with nearly $10 million in NFT sales in a single day, according to data from CryptoSlam. This figure surpasses the sales volume of Solana, which sold just over $4.1 million. This surge can be attributed to the fact that Solana’s sales volume decreased by more than 17% in a day, while Polygon NFT sales volume increased by 42%.
Renewed Interest in MATIC NFTs: Positive Outlook Ahead
A popular X (formerly Twitter) handle, Today In Polygon, recently tweeted about the rise of Polygon in the NFT market. The post highlighted the increased sales volume of Polygon’s NFTs, which had not been observed for more than half a year. This renewed interest in MATIC NFTs indicates a positive outlook for the ecosystem in the coming months.
Based on DappRadar statistics, the top Polygon NFTs in the past 30 days were Genesis WildPas, Collect Trump, The Sandbox, and Gas Hero Coupon NFTs. Additionally, Polygon’s wash sales total surpassed that of Solana, with $858,631 compared to Solana’s $175,493. The overall sales volume, including both normal and wash sales, for Polygon NFTs was $10,845,385, compared to the overall sales volume of $4,292,160.
Top Polygon NFTs: Genesis WildPas, Collect Trump, and More
According to DappRadar, the top Polygon NFTs in the past 30 days include Genesis WildPas, Collect Trump, The Sandbox, and Gas Hero Coupon NFTs. These NFT collections have gained significant popularity and traction within the Polygon NFT ecosystem, contributing to the surge in sales volume.
Polygon’s NFT ecosystem has witnessed a rise in wash sales, totaling $858,631, surpassing Solana’s wash sales of $175,493. The overall sales volume, including both normal and wash sales, for Polygon NFTs reached $10,845,385, compared to the overall sales volume of $4,292,160.
MATIC Price Gains Amidst Complex Market Trends
While Polygon’s NFT ecosystem experienced impressive growth, the token’s price chart also turned green. MATIC has increased by over 3% in the last day alone, according to CoinMarketCap. With a market valuation exceeding $8 billion, MATIC is currently trading at $0.83.
Despite these positive trends, certain areas within the Polygon NFT ecosystem displayed unfavorable patterns, such as a decline in the graph of unique addresses and a drop in the quantity of transactions following a peak on December 25, 2023. These inconsistent tendencies highlight the intricate mechanisms at work within the Polygon NFT ecosystem, illustrating the volatility of the cryptocurrency market.
Analyst comment
Positive: The article highlights the significant surge in NFT sales volume on the Polygon network, positioning it as the third-highest in terms of NFT sales volume. Additionally, MATIC’s price has increased, indicating positive market trends.
Short analysis: With the surge in NFT sales volume and the positive market trends for MATIC, the Polygon market is expected to continue its growth trajectory in the coming months. However, the decline in unique addresses and quantity of transactions indicates potential volatility in the market. Conducting thorough research and considering the risks is advised for potential investors.
