Polygon: Is an NFT summer on the way?

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  • Most metrics of Polygon NFTs registered upticks over the past few months. 
  • MATIC was up by 3%, but metrics remained bearish. 

Polygon [MATIC] has witnessed a surge in activity in its NFT ecosystem over the last few months. This hinted that the NFT space was once again gaining traction, which earlier was enduring the winter days.

Does this mean that 2024 will bring a fresh NFT summer for Polygon?

Polygon NFTs are reviving

The beginning of 2023 was flourishing for the entire NFT ecosystem as the industry flourished. But the tables turned around during the latter half of the previous year.

Nonetheless, Polygon’s NFT ecosystem did get some traction over the last few months, which looked optimistic for the ecosystem’s growth.

Today In Polygon, a popular X (formerly Twitter) handle, recently posted a tweet highlighting the blockchain’s growth in the NFT space.

As per the tweet, Polygon’s NFT sales volume was surging to levels not seen in over six months. This episode indicated a newfound interest in MATIC NFTs, which can have a larger impact on the ecosystem over the coming months.

AMBCrypto then took a look at other datasets to better understand how the blockchain’s NFT space was growing. Our analysis found that MATIC’s Total NFT Trades Count gained upward momentum over the past seven weeks.

Not only that, but its Total NFT Trades Volume in USD also registered a massive spike on the 6th of December 2023.

Source: Santiment

To find which NFT collections of the blockchain helped Polygon reach this level, we took a look at DappRadar’s data.

We found that the top Polygon NFTs over the last 30 days were Gas Hero Coupon NFTs, Collect Trump, The Sandbox, and Genesis WildPas.

These collections performed well over the past month, playing a crucial role in helping Polygon’s NFT stats improve.

Though these metrics look optimistic, everything did not go in Polygon’s favor. For example, our analysis of Dune’s data revealed that after spiking on the 25th of December 2023, its unique address graph dropped.

A similar declining trend was also seen in terms of the number of transactions.

Source: Dune

MATIC is turning bullish

While all this happened, MATIC bulls stepped up their game as the token’s price chart turned green. According to CoinMarketCap, MATIC was up by more than 3% in the last 24 hours alone.

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At the time of writing, it was trading at $0.8384 with a market capitalization of over $8 billion. 

Thanks to the price uptick, Polygon’s Social Volume remained relatively high. However, it was surprising to note that despite the uptrend, MATIC’s MVRV ratio plummeted, as did its Weighted Sentiment.

Source: Santiment