MATIC may be the center of attention for these reasons despite Polygon’s NFT defeat
Polygonthe layer 2 solution that has been in the news for a while to increase number of collaborations, extended to the NFT area. Despite partnerships in multiple domains for their NFTs, the Polygon NFT market saw no significant growth.
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Here is AMBCryptos Price prediction for polygon [MATIC] for 2022-2023.
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According to a chirping of Polygon Studios the 21st In October, it was announced that an e-sports platform is being built at Polygon. This will help Polygon venture into the eSports space combined with other attempts to gain more interest for their NFTs. These steps could possibly help them gain more traction in attracting more users to their NFTs.
Believe it or not, this is not a fantasy.
Two of the world’s biggest trends and most innovative technologies – Esports and #Web3 – come together #onPolygon 🤝
welcome to @fanguild_gg – an eSports fantasy platform built on Polygon 🔥
— Polygon Studios (@polygonstudios) 21 October 2022
Despite Polygon’s several attempts to try and revive interest in their NFTs, the results so far have been disappointing.
According to data from DappRadarpopular Polygon NFT collections, such as Aavegotchi‘s volume weakened by 46.42% and sales also fell by 32%.
Furthermore, after looking at Polygon’s NFT performance on Open sea platform, it appeared that recovery was still a long way off. Monthly active traders on the platform continued to decline, and along with it number of NFTs sold daily and total volume written off during the last few months.
Source: Dune Analytics
the “why” and “what” of it all
One of the reasons for the lack of interest in Polygon’s NFTs may stem from Polygon’s declining social engagement and negative sentiment around the token. In accordance LunarCrush, a social media analytics site, the number of social engagements around Polygon declined by 4.27% in the past week.
Along with that, there was a massive decline in its weighted sentiment. This indicated that over the past seven days, the crypto community has had more negative things to say than positive when it came to Polygon.
Source: Sentiment
Despite the negative sentiment, MATIC’s price action showed some positivity. At the time of writing, MATIC traded at $0.827 and the price had risen by 4.07% in the last 24 hours. If the price continues to rise at this rate, it may retest the 0.884 resistance.
Source: TradingView
Chaikin Money Flow (CMF) which was at 0.08 indicated a slightly bullish outlook for MATIC at press time. However, the Relative Strength Index (RSI) was at 50, indicating that the momentum was neither on the side of the buyers nor the sellers.
