Recently, the Polygon network, renowned for its NFT trading, experienced a boost in trading volumes. Moreover, it has surpassed Ethereum in the 24-hour NFT transitions. This is the first time in the history of NFT trading platforms.
The Surge in Polygon Network Trading Volumes
The Polygon network is known in the NFT space for having a wide variety of NFT collectibles available for trading. Now, it has become the second-largest NFT trading platform, surpassing Ethereum. Not to mention, the 24-hour NFT transactions have increased exceptionally.
Furthermore, there is evidence that shows the successful activities on the Polygon network. This includes a rise in NFT transactions, better NFT trade tallies, and a notable accumulation in the preceding seven weeks.
In addition to that, there have been multiple contributors who have been a part of this development. Collectibles such as Gas Hero Coupon NFTs, Collect Trump Cards, The Sandbox, and Genesis WildPass have contributed to the Polygon ecosystem.
Notably, they have achieved impressive results. Apart from Ethereum, the Polygon network has also surpassed Solana in the NFT domain. The total sale for the Polygon network was recorded to be $10,254,792 in just one day.
Market Trends affecting Polygon network
There are various trends in the digital space, but not all of them are in favor of the Polygon network. On December 25, 2023, there was a decline in transaction numbers after reaching a summit. Nevertheless, the network balanced these declines with the recent boost in trades.
Subsequently, the market valuation of $MATIC has a market cap above $8 billion. What’s more, the prices have been showing an upward trajectory recently despite the drop in the “market value to realized value” ratio and weighted sentiment. Also, this shows an expected expansion in the future.
Finally, the recent trends and movements in the market show how the NFT ecosystem is changing and that it has growth potential. As the key Layer-2 system, the Polygon network is facing tough competition in the industry. Now, it is only one step away from becoming the number one in the NFT space.