Polygon’s GameFi and NFT ecosystem recorded remarkable growth
However, the stats did not look favorable for MATIC’s price action
Polygons [MATIC] The GameFi ecosystem posted another achievement on Dec. 11 when the blockchain partnered with Earn Alliance. The primary goal of this new association was “to bring 100 million gamers to Web3.”
— WEB3 Market Insight 🇦🇺 (@iftikharpost) December 11, 2022
Through this partnership, Earn Alliance will take advantage of the low gas rates, fast translation times and minimal carbon footprint of the Polygon network to produce more immersive blockchain gaming experiences.
Read Polygons [MATIC] Price prediction 2023-2024
Polygon NFTs are also growing
Not only did Polygon grow in the GameFi space, but also in its NFT ecosystem. In a December 10 tweet, Sandeep Nailwal, co-founder of Polygon, revealed that the company’s NFT buyers were “growing exponentially.”
NFT buyers @0xPolygon grow exponentially. An NFT supercycle brews on Polygon.
Source : @nansen_ai
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) December 10, 2022
Santiment’s chart revealed that PolygonThe total number of NFT transactions increased last week. Total NFT trading volume followed a similar path, rising on December 6. However, the figure has fallen in recent days.
In addition, Polygon’s users followed a similar trend each week and registered a small increase the past months. This was another optimistic update for the blockchain.
Is the crypto winter to blame?
Despite the above developments MATICweekly growth was negative. According to CoinMarketCap, MATIC was down 5% over the past week. At the time of writing, it was trading at $0.8858 with a market cap of $7,736,492,248.
The blockchain’s on-chain stats also shed some light on the current scenario. MATIC’s market value to realized value (MVRV) ratio has fallen significantly over the past week. This was a huge bearish indicator. Blockchain network growth also plummeted on December 12.
However, CryptoQuant’s data gave some relief to the investors as it announced a price increase. MATICThe foreign exchange reserve decreased, which was a bullish signal as it indicated less selling pressure.
Furthermore, the number of active addresses and the transfer volume also registered a peak. Interestingly, despite the negative price action, MATIC remained popular in the crypto space. The altcoin managed to top the list of cryptocurrencies in terms of social activity on December 11.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 11, 2022
This post It’s all green for the Polygon ecosystem, but MATIC sees red
was published first on https://ambcrypto.com/its-all-green-for-the-polygon-ecosystem-but-does-matic-see-red/