Decodes the state of polygon NFTs as MATIC…

• Polygon’s NFT sales volume increased by 50% while trading numbers decreased.
• MATIC’s on-chain performance worried, but Polygon’s revenue recorded an increase.

Polygon [MATIC] The NFT ecosystem has witnessed growth over the past month, reflecting its increased adoption across the globe. CRYPTOSLAM’s data revealed that Polygon’s NFT sales volume increased by over 50% in the last 30 days.

Source: CRYPTOSLAM

Read Polygon [MATIC] Price prediction 2023-24

Decoding Polygon’s NFT Ecosystem

Magic Eden, a leading NFT marketplace, recently revealed the top 10 collections on Polygon. According to the tweet, the top three positions were held by Collab, Trum Digital Trading Cards and Lens Protocol.

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Top 10 performers @0xPolygon collections on @MagicEden 👏

Totally crushed this week, who’s next 👀 pic.twitter.com/MLrTtn295w

— Magic Eden on Polygon (@MEonPolygon) 27 February 2023

Although all these updates seemed to be absolutely in favor of Polygon, Santiment’s chart told a different story. According to the data, despite a significant increase in sales volume, Polygon’s total NFT trade numbers and USD trade volume declined over the past 30 days, which was a problem for the ecosystem.

Source: Sentiment

However, Polygon has recently formed a partnership, which could help change the charts in the coming days. According to the official chirpingLotte Group has partnered with Polygon Labs to expand its presence in the fast-growing NFT industry with its marketing and NFT project hub, Daehong Communications.

Polygon also announced that Coin Flip NFT on the network went live recently with 250 NFT, giving access to exclusive coins. The first phase of this was a success, as it sold out. Therefore, the launch of the second phase looked promising.

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Coin Flip #Polygon NFT – MINT IS LIVE

250 NFT which gives access to exclusive coins

📌MINT HERE:

25 $MATIC

💜Advantages: EFFORT REMINDER for $MATIC || Hold and earn 1.5 $MATIC daily -365 days every NFT

Retweet this! 10 NFT Random #Polygon #MATH #Ethereum #NFT pic.twitter.com/F8vz4bXkuJ

— Polygon NFT 💜 (@0x_PolygonNFT) 27 February 2023

MATIC in a critical condition?

While this development could help Polygon’s NFT ecosystem, the days are ahead MATIC can worry many. In accordance CoinMarketCapMATIC’s share price registered a decline of over 3.5% and 16% in the last 24 hours and last week respectively, unnerving investors. At the time of writing, MATIC was trading at $1.23, with a market capitalization of more than $10.7 billion.

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Likewise CryptoQuant’s data revealed that MATIC’s net deposits on exchanges were high compared to the seven-day average. This was a development in the bears’ favor, as it indicated high selling pressure. Active addresses also registered a decrease, which suggests a lower number of users on the network.

Source: Sentiment

Thanks to the recent downtrend, MATICThe MVRV Ratio recorded a decline, which also raised concerns. MATIC’s network growth also decreased after the peak on 25 February. However, as per Token Terminalthese did not affect the network’s overall revenue, which increased significantly over the last 30 days.