Interest in NFTs is booming once more, with Polygon’s NFT ecosystem exhibiting an enthusiastic resurgence. After enduring the colder months of reduced activity, indications suggest that 2024 could fan the flames of another ‘NFT summer’ under Polygon’s banner.
Initiating 2023 with a flourishing NFT ecosystem throughout the industry, an unfortunate turn of events brought a lull in the latter half of the year. Despite these challenging conditions, Polygon’s NFT transactions gained appreciable traction, painting a promising picture for further growth in their ecosystem. According to a tweet by Today in Polygon, Polygon’s NFT sales volume has surged to levels unseen for over six months, signifying a renewed wave of interest that could greatly impact the ecosystem in the coming months.
An analysis, encompassing multiple datasets, highlighted the growth within the blockchain’s NFT space. Interestingly, MATIC’s total NFT trade count simultaneously saw an upswing over the past seven weeks with a significant spike occurring on December 6, 2023. Top contributors fueling this progress were the NFT collections Gas Hero Coupon NFTs, Collect Trump, The Sandbox, and Genesis WildPas.
However, this optimism had its downfalls. Polygon’s unique address graph dipped after a peak on December 25, 2023, much like the number of transactions.
Meanwhile, in the crypto mainstream, MATIC has been attracting significant interest from bullish investors. The token’s price chart has entered the green zone, with an over 3% increase in the last 24 hours alone. At this time, MATIC is trading at $0.8384 with a total market cap exceeding $8 billion. Despite Polygon’s social volume staying high, the surprising downfall is the plummeting MVRV ratio and Weighted Sentiment. Amidst these swings and roundabouts, it’s clear: This is an intriguing time for NFTs, MATIC, and the Polygon ecosystem as a whole.