Polygon’s Reddit NFTs hit a milestone; will the rest follow?

• Polygon’s Reddit NFT collection hits 10 million holders and $32.7 million in total sales.
• MATIC’s price continues to drop as social sentiment wanes.

Due to increasing collaboration across various sectors, interest in Polygon NFTs has continued to increase. The interest shown in Polygon’s Reddit NFT collection was indicative of the growing enthusiasm around Polygon NFTs.

The number of Reddit NFT collection holders recently passed the remarkable 10 million mark. Cumulative sales for the NFT collection totaled an impressive $32,704,898, with over 300,000 sales transactions. As a result, the current market value of these NFTs reached an impressive $39,611,774.

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There are now over 10 million holders of Polygon-based @Reddit Collectable avatars, with a total of 13.9 million avatars.@DuneAnalytics dashboard off @0xPolygon pic.twitter.com/XLDyDp9MV5

— NFTgators 🐊 (@NFTgators) 31 May 2023

Everything that sparkles

However, the same level of success could not be seen for other NFT collections on Polygon. Notable collections such as y00ts and the Trump card collection have struggled to gain traction among users.

y00ts, a very popular NFT pool on the Solana network, migrated to Polygon earlier this year. This was done so that the y00ts collection could appeal to a wider audience. However, according to data from Dapp Radar, the volume of y00ts NFTs traded witnessed a significant decrease of 49.52% in the last 30 days. This decline has had a corresponding impact on total sales of the y00ts collection during this period.

Similarly, the Trump card collection experienced a significant decline in the number of unique active wallets containing these NFTs. This resulted in a 65% drop in volume and sales. The reduced interest in these NFTs can be partially attributed to the declining social prominence of Polygon.

Source: Dapp Radar

Lunar Crush’s data revealed a 33.9% drop in social mentions and Polygon’s social dominance over the past month. In addition, the weighted sentiment around Polygon fell, with negative comments outweighing the positive ones.

This negative sentiment inevitably affected the price of Polygon’s original token, MATIC. The token experienced a significant price decline during the same period.

Realistic or not, here is MATIC market cap in BTC’s terms

Source: Sentiment

Despite the falling price of MATIC, the transaction number of the token continued to rise steadily. Furthermore, the number of MATIC holders showed steady growth. However, the accumulation of MATIC by these holders did not have a significant positive impact on the price.

Interestingly, data from coinglass suggested that the number of long positions taken against MATIC increased. This indicated a level of confidence in the token’s future performance, despite MATIC’s falling price.

Source: Sentiment