What Polygon’s NFT achievements mean for your MATIC holdings
- The number of Polygon NFT sellers surged by over 400% in the last 30 days.
- MATIC’s Open Interest declined along with a hike in its 24-hour price action.
Polygon [MATIC] has witnessed considerable growth in its NFT ecosystem in terms of sales since June 2023. However, a look at the broader picture revealed that not everything was working in Polygon’s favor.
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A few of the metrics revealed less activity in Polygon’s NFT space. While the NFT space gained some traction, the opposite was true for MATIC, as its price declined by nearly double digits. But things were changing in buyers’ favor as the token’s daily chart went green.
Is Polygon’s NFT ecosystem booming?
Narb’s latest tweet highlighted that Polygon’s NFT ecosystem has witnessed growth in terms of sales over the last few weeks. A hike in the metric directly means increased usage, which looks optimistic.
Polygon NFT sales are trending up.
Polygon NFT summer? pic.twitter.com/9Jh2ENkyjj
— Narb (@NarbTrading) July 20, 2023
As per Dune Analytic’s data, OpenSea had the highest volume, accounting for more than 70%, followed by MagicEden and Tofu.
Moreover, Cryptoslam’s data suggested that the blockchain’s total number of NFT sellers skyrocketed by more than 400% in the last 30 days. Additionally, its number of buyers and total transactions also increased in single digits over the last month.
Credit for this growth can be given to the top NFT collections on the blockchain. In the last 30 days, y00ts has been the most popular NFT collection on Polygon.
Apart from y00ts, Alien Ape Invasion Club and The Sandbox [SAND] also made it to the top three on the same list. However, it was interesting to note that Santiment’s charts portrayed a different picture.
As per the charts, Polygon’s total NFT trade counts and trade volume in USD plummeted over the last month. The number of unique addresses that bought NFTs worth less than $1 thousand also registered a decline.
This suggested that buyers and sellers’ interest in Polygon NFTs was dipping.
MATIC’s state looks interesting
Amidst this, MATIC’s price felt the wrath of the bears as it declined by nearly 10% in the last seven days. However, things changed in the last 24 hours, as its value went up by over 2.9%.
Realistic or not, here’s MATIC’s market cap in BTC’s terms
At press time, the token was trading at $0.764 with a market capitalization of over $7 billion, making it the 11th largest crypto.
One reason for this trend reversal could be declining Open Interest. A drop in the metric usually suggests a change in trend. It was also interesting that MATIC’s Binance funding rate was green, suggesting high demand in the derivatives market.