2024

Polygon

<ul>
 <li>Most metrics of Polygon NFTs registered upticks over the past few months.&nbsp;</li>
 <li style="font-weight: 400;">MATIC was up by 3%, but metrics remained bearish.&nbsp;</li>
</ul>
<a href="https://ambcrypto.com/search/polygon" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon [MATIC]</a> has witnessed a surge in activity in its NFT ecosystem over the last few months. This hinted that the NFT space was once again gaining traction, which earlier was enduring the winter days. 
Does this mean that 2024 will bring a fresh NFT summer for Polygon?
<h4>Polygon NFTs are reviving</h4>
The beginning of 2023 was flourishing for the entire NFT ecosystem as the industry flourished. But the tables turned around during the latter half of the previous year. 
Nonetheless, Polygon’s NFT ecosystem did get some traction over the last few months, which looked optimistic for the ecosystem’s growth. 
Today In Polygon, a popular X (formerly Twitter) handle, recently posted a tweet highlighting the blockchain’s growth in the NFT space. 
As per the tweet, Polygon’s NFT sales volume was surging to levels not seen in over six months. This episode indicated a newfound interest in <a href="https://ambcrypto.com/polygon-can-high-network-activity-push-matic-north/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MATIC</a> NFTs, which can have a larger impact on the ecosystem over the coming months.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 NEW:
 Polygon NFT sales volume is surging to levels not seen in over 6 months. <a href="https://t.co/M4iWtRTDOe" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/M4iWtRTDOe</a>
 — Today In Polygon (@TodayInPolygon) <a href="https://twitter.com/TodayInPolygon/status/1743325573542281533?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">January 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
AMBCrypto then took a look at other datasets to better understand how the blockchain’s NFT space was growing. Our analysis found that MATIC’s Total NFT Trades Count gained upward momentum over the past seven weeks.
 Not only that, but its Total NFT Trades Volume in USD also registered a massive spike on the 6th of December 2023.
<div id="attachment_362477" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362477" decoding="async" class="wp-image-362477 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.20.27-07-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
To find which NFT collections of the blockchain helped Polygon reach this level, we took a look at DappRadar’s <a href="https://dappradar.com/rankings/nft/collections/chain/polygon?range=month" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>. 
We found that the top Polygon NFTs over the last 30 days were Gas Hero Coupon NFTs, Collect Trump, The Sandbox, and Genesis WildPas. 
These collections performed well over the past month, playing a crucial role in helping Polygon’s NFT stats improve. 
Though these metrics look optimistic, everything did not go in Polygon’s favor. For example, our analysis of Dune’s data revealed that after spiking on the 25th of December 2023, its unique address graph dropped. 
A similar declining trend was also seen in terms of the number of transactions.
<div id="attachment_362481" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362481" decoding="async" class="wp-image-362481 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC.png" alt="" width="1838" height="475" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC.png 1838w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC-300x78.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC-1024x265.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC-768x198.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-MATIC-1536x397.png 1536w" sizes="(max-width: 1838px) 100vw, 1838px"></a>
 Source: Dune
</div>
<h4>MATIC is turning bullish</h4>
While all this happened, MATIC bulls stepped up their game as the token’s price chart turned green. According to <a href="https://coinmarketcap.com/currencies/polygon/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, MATIC was up by more than 3% in the last 24 hours alone. 
Is your portfolio green? Check out the <a href="https://ambcrypto.com/calculator/matic-network-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MATIC Profit Calculator</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the time of writing, it was trading at $0.8384 with a market capitalization of over $8 billion.&nbsp;
Thanks to the price uptick, Polygon’s Social Volume remained relatively high. However, it was surprising to note that despite the uptrend, <a href="https://ambcrypto.com/polygon-can-the-upcoming-saga-airdrop-benefit-matic/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MATIC</a>’s MVRV ratio plummeted, as did its Weighted Sentiment.
<div id="attachment_362482" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362482" decoding="async" class="wp-image-362482 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polygon-on-Ethereum-MATIC-13.28.11-07-Jan-2024-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>

Polygon: Is an NFT summer on the way?

AMBCrypto

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