Blockchain News

MATIC Traders Could Stay Worried as Polygon’s NFT Space Celebrates This…

Polygon [MATIC] has recently experienced an increase in NFT buyers owing to the migration of some popular NFT collections to the blockchain. According to CRYPTOSLAM statistics, the number of Polygon NFT buyers has climbed by more than 27% in the last 30 days, indicating a considerable growth in NFT buyers. Furthermore, the number of NFT sellers has increased in the recent month.

y00ts, which recently transferred from Solana [SOL], has been a key contributor to this rise. According to DappRadar, y00ts was the top NFT collection on Polygon in the last 30 days. Collect Trump Cards and Lens Protocol were among the top three games on the same list.

Despite the increase in buyer numbers, the total number of NFT deal counts fell. According to Santiment, the chart has dropped significantly, and MATIC’s NFT transaction volume has also dropped significantly recently.

Nonetheless, Polygon has made a fresh announcement that may help to improve the problem. Inspect, a SocialFi and Web3 social analytics leader and inventor, has announced its connection with Polygon. Inspect’s research and development will accelerate the progress of the NFT and Web3 markets with this new integration by studying new use cases and technologies.

This announcement appears to be good for the blockchain’s NFT market, and it also appears to have positively impacted investor mood, as evidenced by the rise in weighted sentiment.

According to CoinMarketCap, the price of MATIC has been falling, falling by more than 13% in the last seven days. It was trading at $0.8588 at the time of writing, with a market capitalization of more than $7 billion.

According to CryptoQuant data, MATIC’s net deposits on exchanges were higher than in the previous seven days, indicating increased selling pressure. MATIC’s active addresses have also decreased in the recent 24 hours, indicating reduced network activity. Last week, the token’s demand in the futures market fell as its Binance financing rate turned red.

A few metrics, though, suggested a different narrative. MATIC’s supply on exchanges decreased while its supply outside exchanges increased. This was a classic bull indicator, indicating that investors were stockpiling the coin.

While there are some concerns over MATIC’s price decrease and declining NFT trade counts, Polygon’s new integration with Inspect promises a bright future for the blockchain’s NFT area. As investors continue to accumulate MATIC, there is a chance that the price will rise in the near future.


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