Polygon’s NFT Space Thrives While MATIC Traders Remain Concerned

Polygon’s NFT Space Thrives While MATIC Traders Remain Concerned

Polygon (MATIC) witnessed a surge in the number of NFT buyers, thanks to multiple popular NFT collections migrating to the blockchain. According to CRYPTOSLAM’s data, the number of Polygon NFT buyers increased by more than 27% in the last 30 days. Additionally, the number of NFT sellers also registered an uptick last month.

A Closer Look at Polygon’s NFT Ecosystem

According to DappRadar, y00ts, which recently migrated from Solana (SOL), was at the top of the list of the top NFT collections on Polygon in the last 30 days. Apart from y00ts, Collect Trump Cards and Lens Protocol also made it to the top three on the same list.

However, despite the increase in the number of buyers, it was surprising to see a decline in the total number of NFT trade counts. As per Santiment, the chart plummeted considerably. Additionally, MATIC’s NFT trade volume also followed trade counts and declined sharply last month.

A Change in Polygon’s Fate?

Though the aforementioned metrics looked concerning, Polygon recently made a new announcement that can help turn the situation around in the blockchain’s favor.

Inspect, a leader and innovator in SocialFi and Web3 social analytics, announced its integration with Polygon. With this new integration, Inspect’s research and development will propel the advancement of the NFT and Web3 markets by investigating new use cases and technologies.

Not only does this announcement look encouraging for the blockchain’s NFT space, but it also seemed to have impacted investor sentiment positively, as evident from the rise in weighted sentiment.

MATIC is Still Under Pressure

MATIC, however, continued to face the bears’ wrath as its price kept sinking. According to CoinMarketCap, MATIC’s price had declined by more than 13% in the last seven days. At the time of writing, it was trading at $0.8588 with a market capitalization of over $7 billion.

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