MATIC is down, but is Polygon’s NFT sector the key to saving it?

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  • Polygon maintained high NFT trading volumes over the past month
  • Both revenue collected and activity soared across the network

“Polygon [MATIC] continues to hold a strong position in the world of NFTs, even with increased focus on rival platforms. It has managed to keep its leading role in the NFT market.”

NFTs save the day

Artemis’ data showed that Polygon ranked third in NFT trading volume on the charts. Surprisingly, this up-and-coming protocol outperformed heavyweights like Bitcoin and Arbitrum in terms of NFT trading activity due to its thriving ecosystem.

Polygon’s uninterrupted triumph in the NFT market underscores the robustness of its infrastructure and the widespread appeal of its ecosystem. In spite of fierce competition from other blockchain networks, Polygon has managed to draw a large user base and establish itself as the preferred platform for NFT trading and initiatives.

Polygon has worked with well-known brands on NFT initiatives, bringing in fresh users to its platform.

Looking at the data

Based on AMBCrypto’s examination of the Polygon protocol, there have been indicators of expansion and robustness. As shown by Token Terminal’s statistics, the number of active addresses on the Polygon network has experienced a significant increase during the last month.

In addition, Polygon’s network saw a remarkable increase of 93.1% in revenue generation over the past 30 days. This significant growth underscores the rising demand and usage of Polygon’s offerings.

Although Polygon has excelled in the NFT market, some aspects raise potential issues based on specific performance indicators.

The trading volume at decentralized exchanges (DEXs) on the Polygon network has dropped significantly in recent times. Furthermore, the total value investors have locked in Polygon has decreased noticeably over the past month – an indication of decreasing investor enthusiasm.

Regarding MATIC, its current situation appeared to offer a blend of hurdles and prospects as of the present moment. At the point when this text was composed, MATIC was being sold for $0.7599, representing a 13.13% decrease in value on the graphs.

The number of connections expanding in the Matic Network showed a rise, suggesting continued engagement from current users. Yet, there were indications of a plateau in the arrival of new user accounts, possibly signaling waning enthusiasm among potential new investors.

Read Polygon’s [MATIC] Price Prediction 2024-25

In simpler terms, the number of new users and investors for MATIC and Polygon is experiencing a slight decline during this ongoing bull market. This could be significant moving forward.

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2024-04-14 01:11