Home » NFT sales on Polygon explode by more than 1,110% as millions participate

NFT sales on Polygon explode by more than 1,110% as millions participate

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  • Polygon’s NFT avatars surged over 1,113% as sales on Reddit exploded.
  • Polygon’s expansion into Gamify, zk Rollups has played a role in its appeal, and MATIC is one of the best performing coins in the crypto bear market.

Despite the ongoing crypto winter weighing heavily on crypto markets, Polygon’s NFT avatar on Reddit may not be feeling so cold.

This week saw a significant increase in the number of Polygon NFTs sold on Reddit. Secondary market sales for Polygon-minted Reddit Avatar NFTs surpassed $2.5 million on Tuesday, up 1,113%, according to data from Dune Analytics. undulation Within the last 24 hours. This brings the number of holders to a record high of 2,838,347 and the total number of registered NFT wallets to over 3 million.

According to Dune’s dashboard, a fifth consecutive day of soaring sales has led to almost instant sales of all 40,000 of Reddit’s second-generation NFTs, which launched on October 22, and July’s first-generation NFT collection. set a new record after selling out poorly.

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Notably, Reddit’s NFT Avatar NFT lowest price is $10 to $100, while Gen 1 and Gen 2 avatars sell for 40x to 50x their initial price on OpenSea. Cumulatively, around 86,000 NFTs have been sold, with the combined market cap of the two lots currently just over $137.15 million, according to Reddit floor data.

Notably, since the start of the bear market, Polygon has lost second place to Solana in terms of user numbers and network NFT collections, although most of those listed on OpenSea have a larger share of the market than before. It becomes smaller and shows a significant increase. Sales on Reddit prove that the social network has a huge influence on his NFT adoption.

Apart from Reddit NFTs, Polygon is also making big strides in the GameFi sector. Recently, Poygon co-founder Sandeep Nailwal described the growth of Poygon’s game ecosystem as “order of order.” According to data from footprint analysisPolygon ranked 3rd in “Weekly Games by Chain”, behind BNB chain and Ethereum.

early October, Polygon also announces zkEVMis a Layer 2 scaling network that aims to significantly reduce transaction fees and improve network transparency and security. While this upgrade is in the testing stage, it will boost Polygon’s public image and eliminate network disruptions competing with competitors using the zk rollup, such as Cardano.

When will MATIC rise?

That said, MATIC—Polygon’s native token—still remains narrowly bounded, but investors believe the recent developments will benefit its price. So far, MATIC has managed to avoid the weakness jumping more than 175% from its low of $0.32.

The price is currently facing resistance near $1.00 and is supported at $0.70. A breakout of this resistance can lead to a sharp rally towards $1.35. At the time of writing, MATIC was trading at $0.94 after he rose 7.33% over the past 24 hours. data.

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