Despite the recent downturn in the value of its native token, Matic, the Polygon network has seen a surge in NFT trading. However, the future outlook for the token’s price remains mixed.
Matic, one of the leading cryptocurrencies in terms of market capitalization, has seen a 4.94% decrease in its value over the past week, according to CoinMarketCap. Despite this bearish trend, NFT trading on the Polygon network has seen a significant boost, leading investors to keep a close eye on the market.
Rise in NFT Sales on Polygon Since June, NFT sales on the Polygon network have been on an upward trajectory. However, not all is rosy, as some metrics indicate a decrease in network activity in terms of new buyers.
Despite this, these movements could be indicative of a potential revival in trading. One factor to consider is that the quality of collectibles has improved, attracting more sophisticated investors. According to industry analysts, this is creating an optimistic atmosphere around the network.
Most of the trading is done through the OpenSea platform, which accounts for an impressive 70% of trading volume compared to its closest competitors, MagicEden and Tofu. In particular, the number of collectibles sold on the network has seen a 400% growth in the past 30 days, according to data from Cryptoslam. Similarly, the number of traders has also significantly increased in the same period, albeit not at the same rate.
This reinforces the hypothesis that the quality of Polygon’s NFTs is driving the increase in sales. In other words, buyers are willing to invest in more diverse and higher-quality offerings.
Most Popular Collections and the Immediate Future of Matic Currently, it seems that the Polygon community is more interested in buying NFTs than investing in Matic. This is reflected in the figures for the former and the performance of the token’s price in recent sessions. Although the coin has shown signs of growth on some days, overall, its trend is downward.
For investors, this could translate into a better buying opportunity at lower token prices. However, if the negative sentiment persists, sales could increase, leading to a further loss in value of the chain’s native currency. Either way, the trend of preferring collectibles over Matic persists.
In terms of trading preferences in the NFT sector on Polygon, yoop leads the way. However, it’s not the only collection attracting a significant amount of capital. Alien Ape Invasion Club and The Sandbox are also popular and are among the top sellers in recent weeks.
Despite these positive figures, there are some numbers that are not so encouraging. For example, the number of unique accounts that bought NFTs has fallen below 1,000, representing a notable decrease. This means that the number of collectible traders on Polygon has decreased, even though existing traders have increased their purchases.
This suggests that there is a correlation between this market and the fall in Matic’s price.
Written by NFT Express (TW: @nftexpress_en)