Can the launch of Reddit NFTs have a positive impact on Polygon’s growth?

Despite increasing the number of collaborations, Polygon’s NFT sales have not increased significantly. Having said that, the Reddit NFT collection has sparked a lot of interest in recent days.

Top-selling NFTs on Reddit experienced significant growth. According to, the top three NFTs’ floor prices have increased by more than 50% in the last seven days. During the same time period, the number of sales recorded increased.

Lets (Open)Sea the numbers

Famous collections such as The Senses and Spooky Season garnered interest from NFT traders. At the time of writing, the trading volume of The Senses collection had grown by 408% in the last 7 days while the number of sales grew by 243%. For Spooky Season, its volume grew by 83% and its floor price appreciated by 152% over the said period.

This spike in NFT growth could have a positive impact on Polygon in the future. However, there is one department where Polygon has not been able to see much growth.

Polygon wasn’t able to perform well in the DeFi department. As can be seen from the attached chart, Polygon’s TVL has continued to decline after the 2nd of October.

Source: DeFiLlama

What’s happening on a day to day basis?

However, the bad news for Polygon doesn’t end there as the number of daily active users on the network also depreciated over the past week.

Polygon’s network growth declined too, indicating that the number of new addresses transferring $MATIC for the first time fell. This might hint at the possibility of declining interest in MATIC from new users.

Source: Santiment

Although the daily activity for Polygon declined, there was a massive uptick in terms of profit taking on the Polygon network. As evidenced by the chart below, the transaction volume in profit showed a lot of growth. However, the overall volume continued to decline and depreciated from $538 million to $232 million over the past few days.

Despite the declining volume, MATIC’s market cap has registered an uptick. At the time of writing, its market cap was $7.36 billion. Its market cap dominance hiked by 4.50% over the last seven days. Source: Santiment

Leave a Reply

Your email address will not be published. Required fields are marked *