Connect with us
Active Currencies 14742
Market Cap $2,585,095,260,005.11
Bitcoin Share 51.50%
24h Market Cap Change $0.10

Polygon’s NFT sales surge to new highs, but stumbling blocks lie ahead

2min Read

Polygon NFT sales start to rise. However, declining interest in dApps impact overall activity on the Polygon network negatively.

Polygon's NFT sales surge to new highs, but stumbling blocks lie ahead

Share this article

  • Polygon NFT sales started to surge. However, activity on the network declined.
  • MATIC token under pressure as prices declined due to a lack of interest from new users.

According to data from 21 April, it was observed that Polygon’s [MATIC] NFT sales were rising tremendously. Compared to NFT markets on other cryptocurrencies, Polygon was doing relatively well in terms of sales and came in second only to Ethereum

Is your portfolio green? Check out the Matic Profit Calculator

The volume of transactions on the Polygon network witnessed a 19.49% growth over the last week, resulting in total sales of $15.13 million.

More than meets the eye

However, despite the increasing interest in Polygon’s NFTs, the overall activity on the Polygon network declined. According to data provided by Artemis, Polygnon’s daily active addresses fell from 435,200 to 294,000 over the last month.

During the same period, the number of transactions made on the Polygon network also decreased from 2.9 million to 2.4 million.

Source: Artemis

The waning interest in Polygon’s dApps could be one of the factors contributing to the decline in its activity. Dapp Radar’s statistics revealed that prominent dApps on the Polygon network, like Planet IX, encountered difficulties in terms of gaining traction.

There was a 31.5% decline in the count of distinct active wallets on the network in the week which ended on 15 April. Moreover, the number of transactions on the protocol also plummeted by 51.96%

Source: Dapp Radar

New developments on Polygon

The initiatives undertaken by the Polygon development team to enhance the protocol may serve as an incentive to attract greater participation from users on the network. Notably, Polygon bridge’s UI underwent several modifications aimed at improving its usability and accessibility.

Such efforts to optimize the platform’s performance and user experience are integral to Polygon’s long-term growth strategy. By implementing changes that foster greater ease of use and accessibility, the network is better positioned to retain its existing user base and potentially attract new users.

Realistic or not, here’s MATIC market cap in BTC’s terms

Coming to the token, MATIC’s prices were observed to decline over the last few weeks. Its network growth fell during this period, implying that new addresses weren’t interested in the token. The MVRV ratio continued to stay in the negative territory, indicating that many MATIC addresses weren’t profitable.

If MATIC prices continues to decline, it could suggest that holders decided to sell their assets at a loss.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.