- The number of Polygon NFT sellers has increased by more than 400% in the last 30 days.
- MATIC’s Open Interest fell along with an increase in the 24-hour price action.
Polygon [MATIC] has seen significant growth in its NFT ecosystem in terms of sales since June 2023. However, a look at the broader picture revealed that not everything worked in Polygon’s favor.
Is your wallet green? look at the Polygon profit calculator
A few of the stats revealed less activity in Polygon’s NFT space. While the NFT space gained some traction, the opposite was true for MATIC as the price fell by almost double digits. But things turned in favor of the buyers when the token’s daily chart turned green.
Is Polygon’s NFT Ecosystem Booming?
Narb’s latest tweet emphasized that Polygon’s NFT ecosystem has experienced revenue growth in recent weeks. An increase in the statistic immediately means more use, which seems optimistic.
Sales of Polygon NFT are on the rise.
Polygon NFT summer? pic.twitter.com/9Jh2ENkyjj
— Narb (@NarbTrading) July 20, 2023
From Dune Analytics dataOpenSea had the highest volume, accounting for more than 70%, followed by MagicEden and Tofu.
In addition, data from Cryptoslam suggested that the total number of NFT sellers of the blockchain skyrocketed by more than 400% in the past 30 days. In addition, the number of buyers and the total number of transactions have also increased by single digits over the past month.
Source: CRYPTOSLAM
Credit for this growth can be given to the top NFT collections on the blockchain. In the past 30 days, y00ts was the most popular NFT collection on Polygon.
Apart from y00ts, Alien Ape Invasion Club and The Sandbox [SAND] also made the top three on the same list. However, it was interesting to note that Santiment’s charts painted a different picture.
According to the charts, PolygonThe total number of NFT transactions and USD trading volume have fallen sharply over the past month. The number of unique addresses purchasing NFTs worth less than $1,000 also registered a decline.
This suggested that buyer and seller interest in Polygon NFTs was waning.
Source: Sentiment
The state of MATIC looks interesting
In the midst of this, MATICThe price of s felt the wrath of the bears as it fell nearly 10% in the past seven days. However, something has changed in the last 24 hours, as the value is up more than 2.9%.
Realistic or not, here it is MATIC’s market cap in terms of BTC
At the time of writing, it was token trade at $0.764 with a market cap of over $7 billion, making it the 11th largest cryptocurrency.
One reason for this trend reversal could be a bearish trend Open interest. A drop in the statistic usually suggests a change in trend. It was also interesting that MATIC’s Binance funding rating was green, indicating high demand in the derivatives market.
Source: Sentiment
