- Polygon hosts 50% of all NFTs, demonstrating its market dominance.
- Ethereum and Polygon NFTs are facing a 41% drop in sales in the past month.
In the dynamic domain of Non-Fungible Tokens (NFTs), Ethereum (ETH) and Polygon (MATIC) have long taken center stage. However, recent data indicates a noticeable decline in some aspects of their performance over the past month. Nevertheless, it is worth noting that Polygon’s NFT ecosystem has managed to capture a significant market share, housing around 50% of all NFTs.
Both Ethereum and Polygon have experienced a significant drop in sales volumes, down more than 41% in the past month. This decline has raised concerns about the overall health of the NFT ecosystem. However, part of the community believes that this slowdown can be seen as a return to a more sustainable pace.
According to data from CRYPTOSLAM, the blockchain sector witnessed a decline of over 50% in the total number of NFT transactions, coupled with a 7% decline in the number of buyers. Nevertheless, there is a glimmer of optimism as the number of buyers rose 14% in the past 24 hours, fueling expectations for the month ahead.
On a brighter note
It is notable that of the whopping 860 million NFTs spread across all blockchain networks, a whopping 455 million NFTs have found their home on Polygon. DappRadar’s data sheds light on the leading Polygon NFT collections over the past month, with ‘y00ts’ emerging as the top contender, closely followed by ‘Mythical Beings’, ‘Cryptokhat’ and the ‘OKX NFT Collection’.
Meanwhile, Polygon’s native token, MATIC, has shown resilience in the face of these challenges. MATIC has registered a remarkable 4% increase in the last 24 hours, reaching a price of $0.583. Furthermore, trading volume has seen a substantial increase, increasing by 34% to reach $429 million.
In summary, Polygon’s NFT market has recently seen a decline in sales volumes, potentially indicating a shift to a more sustainable pace. Encouragingly, there has been a recent increase in buyers over the past 24 hours, indicating signs of a recovery.
