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Can Reddit NFTs’ launch have a positive impact on Polygon’s growth?

25 Oct, 20222 min readNFT
Can Reddit NFTs’ launch have a positive impact on Polygon’s growth?

Even after increasing its number of collaborations, Polygon has failed to note much growth in terms of its NFT sales. That being said, the Reddit NFT collection, over the past few days, has elicited massive interest from users.

Here’s AMBCrypto’s Price Prediction for MATIC for 2022-2023.

Top-selling NFTs on the Reddit collection saw significant growth. In fact, according to RedditFloor.com, the top 3 NFTs all registered growth of more than 50% in their floor prices over the past 7 days. The number of sales recorded also grew over the same period.

Lets (Open)Sea the numbers

Famous collections such as The Senses and Spooky Season garnered interest from NFT traders. At the time of writing, the trading volume of The Senses collection had grown by 408% in the last 7 days while the number of sales grew by 243%. For Spooky Season, its volume grew by 83% and its floor price appreciated by 152% over the said period.

This spike in NFT growth could have a positive impact on Polygon in the future. However, there is one department where Polygon has not been able to see much growth.

Polygon wasn’t able to perform well in the DeFi department. As can be seen from the attached chart, Polygon’s TVL has continued to decline after the 2nd of October.

What’s happening on a day to day basis?

However, the bad news for Polygon doesn’t end there as the number of daily active users on the network also depreciated over the past week.

Polygon’s network growth declined too, indicating that the number of new addresses transferring $MATIC for the first time fell. This might hint at the possibility of declining interest in MATIC from new users.

Although the daily activity for Polygon declined, there was a massive uptick in terms of profit taking on the Polygon network. As evidenced by the chart below, the transaction volume in profit showed a lot of growth. However, the overall volume continued to decline and depreciated from $538 million to $232 million over the past few days.

Despite the declining volume, MATIC’s market cap has registered an uptick. At the time of writing, its market cap was $7.36 billion. Its market cap dominance hiked by 4.50% over the last seven days. Source: Santiment

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