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Can Polygon [MATIC] pull multitudes after this NFT marketplace…

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OpenSea, the NFT marketplace with the highest number of users, has had the Polygon [MATIC] network on its platform for a while.

However, the use of the cryptocurrency was extremely limited compared to Ethereum [ETH], which many of its users preferred.

Now, it seems that OpenSea has attributed some priority to MATIC. This can be stated as the NFT marketplace announced that MATIC would be an integral part of its new Web3 marketplace protocol known as Seaport.

More for less 

According to the details, MATIC would function beyond transaction use alone. While confirming the partnership with OpenSea, Polygon revealed that the update would mean the network was completely out of the 0x protocol it worked with previously.

Additionally, its existence on Seaport would mean the minimum price of any NFT listed using MATIC was now $1 instead of the previous $5 limit. 

With the update, OpenSea MATIC transactions would then open doors to multiple creator fees, bundle listing, and sales, including cheaper gas fees.

A look at the Polygon NFT data on OpenSea showed that the activities had obviously declined. According to DappRadar, sales volume via Polygon for the last seven days capped at $1.13 million. This was a 26.81% decline with 7,630 traders involved with an average sale of $73.91.

Source: DappRadar

Based on the data available, the current Polygon state showed one of the lowest it has ever been. But with MATIC’s involvement, is there any hope to attract a crowd?

Yes! We can

It may seem that the OpenSea update may have yielded some positive results for MATIC. This presumption is because Santiment showed that there has been increased participation in MATIC’s network activity.

While its active addresses went extremely low on 30 August, its rise in the last 24 hours has been phenomenal. At press time, MATIC active addresses were pegged at 128,000.

As for its volume, there was not much increase but a 3.90% rise to $451.76 million.

Source: Santiment

Before you conclude that the Seaport integration is a step in the right direction, let’s assess the MATIC momentum. While the price was almost a negligible increase to $0.83, the On-Balance-Volume (OBV) looked to have aligned with the active address pump. 

As of 29 August, the OBV was 25.66 billion. It has, however, improved to 25.82 billion. At this stage, it may seem too early to call the shots as per investors’ attention, especially, as the Chaikin Money Flow (CMF) went down to 0.11 from 0.21, 24 hours back.

Source: TradingView

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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