Sales of Polygon NFT started to increase. However, activity on the network decreased. MATIC token under pressure as prices fell due to lack of interest from new users.
According to facts as of April 21, Polygon’s [MATIC] Sales of NFT increased enormously. Compared to NFT markets on other cryptocurrencies, Polygon performed relatively well in terms of sales, coming in second only to Ethereum
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Transaction volume on the Polygon network grew 19.49% last week, resulting in total revenue of $15.13 million.
We’ve seen Polygon at number 2 over a 24 hour period…
Polygon is now No. 2 in NFT sales volume in the past 7 days. pic.twitter.com/M22jOzXjZX
— Narb (@NarbTrading) April 20, 2023
More than meets the eye
However, despite increasing interest in Polygon’s NFTs, overall activity on the Polygon network declined. According to data from Artemis, Polygnon’s daily active addresses dropped from 435,200 to 294,000 in the past month.
During the same period, the number of transactions on the Polygon network also fell from 2.9 million to 2.4 million.
Declining interest in Polygon’s dApps could be one of the factors contributing to the decline in activity. Dapp Radar’s stats showed that prominent dApps on the Polygon network, such as Planet IX, struggled to gain traction.
There was a 31.5% drop in the number of individual active wallets on the network in the week ending April 15. In addition, the number of transactions on the protocol also decreased by 51.96%
New developments on Polygon
The initiatives taken by Polygon’s development team to improve the protocol can serve as an incentive to attract more user participation on the network. In particular, the Polygon bridge user interface underwent several changes to improve usability and accessibility.
Such efforts to optimize the platform’s performance and user experience are an integral part of Polygon’s long-term growth strategy. By making changes that promote greater ease of use and accessibility, the network is better positioned to retain its existing user base and potentially attract new users.
Realistic or not, here is MATIC’s market cap in terms of BTC
As the token approached, MATIC prices were observed falling over the past few weeks. Network growth slowed during this period, implying that new addresses were not interested in the token. The MVRV ratio remained negative, indicating that many MATIC addresses were not profitable.
If MATIC prices continue to fall, it could indicate that holders have decided to sell their assets at a loss.
This post Polygon’s NFT sales soar to new highs, but stumbling blocks lie ahead
was published first on https://ambcrypto.com/polygons-nft-sales-surge-to-new-highs-but-stumbling-blocks-lie-ahead/