NFT sales on Polygon explode by more than 1110% as millions participate
- NFT avatars on Polygon increase by over 1113 percent as sales on Reddit explode.
- Polygon’s extension to Gamify, zk Rollups plays a role in the attractiveness, MATIC is one of the best coins in the crypto bear market.
Despite the ongoing crypto winter weighing heavily on the crypto market, Reddit’s NFT avatars on Polygon might not feel so cold.
This week there has been a massive increase in the number of Polygon NFTs sold on Reddit. According to data from Dune analytics, secondary market sales of Reddit’s Avatar NFT on Polygon peaked at $2.5 million on Tuesday, representing 1,113 percent wave the last 24 hours. Consequently, the number of holders reached a new high of 2,838,347, with the total number of registered NFT wallets exceeding 3 million.
1/ CTs believe that it will lead to wider #web3 adoption.
Like 99% of these #Reddit wallets are unique, it is reasonable for such expectations. Especially when the second sale was much more welcome than the last:
— COIN360 (@COIN360com) 25 October 2022
The surge in sales, which entered its fifth consecutive day per Dune’s dashboard, saw all 40,000 of Reddit’s second-generation NFTs launched on October 22 sell out almost immediately, setting a new record after the first-generation NFT collection in July sold out slowly.
Notably, although Reddit’s NFT Avatar NFT floor price ranges from $10 to $100, Gen 1 and Gen2 avatars have been selling at 40 to 50 times their original prices on OpenSea. Cumulatively, around 86K NFTs have been sold, and the two lots now have a combined market capitalization of just over $137.15 million based on data from the Reddit floor.
Notably, although Polygon has since lost its second position to Solana in terms of users since the start of the bear market and the network’s NFT collections, the majority of those listed on OpenSea make up a smaller percentage of the market than before, the drastic increase in Reddit sales shows that the social network is a significant force for NFT adoption.
Aside from Reddit NFTs, Polygon has also made significant strides in the GameFi sector. Recently, Sandeep Nailwal, Polygon’s co-founder, described Poygon’s gaming ecosystem growth as a “LARGE ORDER”. According to data from Footprint Analytics, Polygon ranks third in “weekly number of games by chain” and falls behind only the BNB chain and Ethereum.
In early October, Polygon also unveiled zkEVM, a layer2 scaling network that aims to drastically reduce transaction fees and improve the transparency and security of the network. Although this upgrade is in the testing phase, it will eliminate network outages that hurt Polygon’s public image and pit it against competitors using zk Rollups like Cardano.
When does MATIC rise?
That said, although MATIC-Polygon’s original token remains trapped in a tight range, investors believe that the latest development will be a boon for the price. So far, MATIC has somehow managed to shake off the weakness, rising over 175 percent from its low of $0.32.
Currently, the price is facing resistance at around $1.00 and support at $0.70. A break above that resistance could push it towards $1.35. At press time, MATIC was trading at $0.94 after an increase of 7.33 percent in the last 24 hours based on our data.
