• Polygon’s NFT sales volume and transactions increased in double digits over the last week.
• MATIC investors, however, had reasons to worry as the token’s price declined by 3% in the last 24 hours.
• Data from CRYPTOSLAM and Santiment showed that several key metrics for Polygon NFTs increased in the last seven days, while trade count and volume per marketplace declined since early July.
Polygon’s NFT Growth
Polygon’s NFT sales volume and transactions increased in double digits over the last week as revealed by a tweet from Polygon Daily. The main collections that contributed to this growth included y00ts, The Sandbox, and Ring Runnerz. However, other metrics such as total trade count and USD trade volume declined since early July according to data from CRYPTOSLAM and Santiment.
MATIC Price Drops
MATIC investors had reason to worry as the token’s price declined by 3% in the last 24 hours despite Polygon’s increasing NFT activity. At the time of writing, MATIC was trading at $0.6677 with a market capitalization of over $6.2 billion, making it the 12th largest crypto according to CoinMarketCap data.
Key Metrics Increase
CRYPTOSLAM’s data revealed that several key metrics for Polygon NFTs grew in the last seven days including total number of sellers/buyers (20%)and total number of transactions (25%). Total sales volume exceeded 35%, directly suggesting an increase in overall NFT activity on Polyon-based platforms like OpenSea.
Weekly Volume Per Marketplace Declines
Data from Dune suggested that weekly volume per marketplace had also decreased since early July despite an overall increase in NFT activity on Polyon-based platforms. This could indicate that traders are becoming more selective when it comes to purchasing or trading these assets on these platforms which is likely due to a larger pool of options available for them now than before when fewer people were participating in this ecosystem.
Despite an increase in key metrics associated with Polyon-based NFTs such as total sellers/buyers and total number of transactions, MATIC investors still had cause for concern as its price dropped by 3% in the last 24 hours due to a decrease in weekly volume per marketplace on these platforms since early July – indicating traders‘ selectivity when it comes to investing or trading these assets on these platforms now compared to before when there were fewer options available for them within this ecosystem