Polygon NFT Sales Surge: Is the MATIC Price Next?
•Polygon’s NFT market has seen a surge in sales and buyers over the past 48 hours.
•Data from Dune Analytics revealed that total sales across all marketplaces have crossed the 39,000 mark.
•However, Santiment data shows trade volume dropping significantly from $7.3 million to $4,300.
Surge in Polygon NFT Sales
In the past 48 hours, Polygon’s NFT market surged with around 39,000 sales and 23,000 buyers recorded across various marketplaces. OpenSea was leading the charge as MATIC price dipped due to a bear trend.
Analysis of Data
To better understand this trend, data from Dune Analytics and Santiment was analyzed closely to uncover meaningful insights. A substantial spike in sales on 23 July was observed but the numbers had dwindled since then to less than 14,000 for sales and 10,000 for buyers respectively . Interestingly enough, Santiment data showed an opposite trend with USD volume declining drastically from $7.3 million to just $4,300. Moreover a look into unique addresses spending more than $100K or $1M revealed fewer whales taking part in NFT transactions lately compared to earlier this month.
The divergent trends between Dune Analytics and Santiment data point toward an interesting observation – while buyers are increasing significantly on Polygon network platforms , they may not be spending heavily on NFT purchases yet . This could be because of whales waiting for better deals or simply not being interested enough at present prices .
Impact on MATIC Price
The surge in activity on Polygon’s network has yet not been reflected in MATIC’s price which continues its decline as part of a bearish trend . This could indicate that traders are still wary about putting their trust into MATIC tokens after last week’s crash .
In conclusion , there is growing interest among buyers towards NFTs being sold on the Polygon Network but it hasn’t impacted MATIC prices yet as investors remain cautious about investing again after last week’s crash