Polygon NFT Sales and Activity on the Network
As of 21 April, data showed that Polygon’s NFT sales were experiencing a significant rise. Compared to other cryptocurrencies, Polygon was doing relatively well in terms of sales and came in second only to Ethereum.
The volume of transactions on the Polygon network witnessed a 19.49% growth over the last week, resulting in total sales of $15.13 million.
However, despite the increasing interest in Polygon’s NFTs, the overall activity on the Polygon network declined. According to data provided by Artemis, Polygon’s daily active addresses fell from 435,200 to 294,000 over the last month. During the same period, the number of transactions made on the Polygon network also decreased from 2.9 million to 2.4 million.
The waning interest in Polygon’s dApps could be one of the factors contributing to the decline in its activity. Dapp Radar’s statistics revealed that prominent dApps on the Polygon network, like Planet IX, encountered difficulties in terms of gaining traction. There was a 31.5% decline in the count of distinct active wallets on the network in the week which ended on 15 April. Moreover, the number of transactions on the protocol also plummeted by 51.96%.
New Developments on Polygon
The initiatives undertaken by the Polygon development team to enhance the protocol may serve as an incentive to attract greater participation from users on the network. Notably, Polygon bridge’s UI underwent several modifications aimed at improving its usability and accessibility.
Such efforts to optimize the platform’s performance and user experience are integral to Polygon’s long-term growth strategy. By implementing changes that foster greater ease of use and accessibility, the network is better positioned to retain its existing user base and potentially attract new users.
Coming to the token, MATIC’s prices were observed to decline over the last few weeks. Its network growth fell during this period, implying that new addresses weren’t interested in the token. The MVRV ratio continued to stay in the negative territory, indicating that many MATIC addresses weren’t profitable.
If MATIC prices continue to decline, it could suggest that holders decided to sell their assets at a loss.
Polygon’s NFT sales have surged recently, but declining interest in dApps has impacted the overall activity on the network negatively. The network is working to enhance its usability and accessibility to retain existing users and attract new ones. MATIC’s prices have been declining, and if this trend continues, it could suggest a lack of interest in the token.