Uniswap sees surge in network activity following launch of NFT aggregator
ApeCoin: A look at what the new AIP approvals might have in store for APE
Blackrock CEO says, firm invested $24 million in FTX
What Ethereum [ETH] holders should expect in the near-term
Here’s what TRX investors need to know about Tron’s latest weekly report
Bitcoin: Why the low social activity around the leading coin should concern you
Bitcoin’s accumulation trend score and everything latest for your next trade
Will BTC repeat history amid DOGE witnessing its most recent rally
Bitcoin’s [BTC] bearish pennant has some tips for its long-term holders
Bitcoin [BTC] retail investors embrace the crypto winter while whales shy away
What Ethereum [ETH] holders should expect in the near-term
Ethereum miner revenue reaches monthly high, but here’s the issue
Assessing whether Ethereum’s [ETH] price rally is imminent in the short term
Reasons ETH investors can be disappointed despite Ethereum’s latest milestone
Lido Finance: LDO’s reaction to whale accumulation calls for vigilance because…
Published
on
By
Messari released a report highlighting how some of the top blockchain networks have performed in terms of NFT sales growth. Polygon stood out among the listed networks because it had negative sales growth for most of 2022. However, it also registered the strongest NFT sales growth in October.
Read Polygon’s [MATIC] price prediction 2023-2024
According to the Messari analysis, Polygon’s NFT sales growth registered a massive spike in October because of Web2 companies. Numerous major companies such as Meta, Starbucks, and Reddit demonstrated interest in Polygon in September. They chose Polygon as the ideal platform through which to roll out their NFT offerings.
How have NFTs fared during the downturn?@0xPolygon saw a 191% increase in NFT sales since the end of September as Web2 companies attempted to fully integrate NFTs into their platforms.@Starbucks, @Reddit, and @Meta have all integrated with @0xPolygon. pic.twitter.com/pIgXQgdgwt
— Messari (@MessariCrypto) November 30, 2022
Why is the surge in Polygon’s NFT sales in October of importance? Well, it highlighted a potential growth driver that might make the network more attractive especially to Web2 companies moving forward.
As the NFT market continues to advance, more market participants are jumping on board. Many Web2 companies will opt to use an already existing network rather than building from scratch and that is where Polygon comes in.
The fact that some of the top Web2 companies have already identified Polygon as an ideal solution can be considered as a big plus for the network. Additionally, this could encourage more Web2 companies to go down the same route.
A look at Polygon’s NFT metrics confirmed that 2022 has certainly not been a good year for NFTs. The network’s total NFT trades volume and NFT trades count demonstrated more activity in the first half than the second half of 2022.
Source: Santiment
Another interesting observation about Polygon NFTs was that the involvement of Web2 companies supported less expensive NFTs. The total volume for NFTs worth less than $1,000 was more active between September and November. This was around the same time that the aforementioned Web2 companies jumped on board.
Source: Santiment
Meanwhile, the total volume for NFTs worth over $100,000 have been dominant especially at the start of the year. This was because the most valuable NFTs are often only accessible to the wealthy. The involvement of Web2 companies might change the dynamics of NFTs demand.
Web2 companies often target the rail segment which may hold the key to future growth for the segment. This was because an NFT value proposition at a much more affordable price point might trigger higher volumes and demand in the future. This could also be the reason for the involvement of Web2 companies especially through networks such as Polygon might be a game-changer.
A-Z of how OpenSea Ethereum and OpenSea Polygon fared in November
Can Solana’s NFT space manage to restore SOL’s position in the crypto market
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Phantom pivots to Ethereum and Polygon to become a multi-chain wallet
Polygon traders going short on MATIC can watch out for these levels
MATIC’s latest active address count can give clarity to short-term traders
Polygon (MATIC) Price Prediction 2025-2030: The right time to short MATIC will be in…
Polygon: This milestone could turn investor heads towards MATIC because…
MATIC sits atop a crucial support but is another 8% drop around the corner
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
