Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023
03 November 2023 - 3:00AM
NEWSBTC
Polygon (MATIC), a Layer 2 (L2) blockchain network,
experienced remarkable growth in the third quarter of 2023.
According to a report by Messari, the platform witnessed a
significant increase in non-fungible token (NFT) sales, successful
network upgrades, and the activation of a new token. Polygon
NFT Sales Skyrocket Per the report, in Q3 2023, Polygon witnessed a
staggering 131% quarter-on-quarter increase in weekly NFT sales
volume, reaching an impressive $20 million. This growth was
primarily attributed to the success of DraftKings’ Reignmaker NFT
collection, which became the top collection on the network.
The collection featured officially licensed cards from renowned
sports organizations like the National Football League Players
Association (NFLPA), Professional Golfers’ Association of America
(PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore,
through Q3, Polygon achieved significant milestones in terms of
technological advancements. Related Reading: Shiba Inu News:
ShibaSwap 2.0 And Pawzaar Unleash New Features Moreover, Polygon
activated the POL token on its mainnet during Q3 2023. POL serves
as an upgrade to the existing MATIC token and offers holders the
opportunity to contribute to network security across various chains
within the Polygon ecosystem through a native re-staking
protocol. The token features an inflationary model with an
annual issuance rate that is subject to community governance,
which, according to the report, enhances the overall security and
decentralization of the platform. Daily Active Addresses Surge
Fueled By DeFi Dominance During Q3, Polygon experienced a 1.4%
quarter-on-quarter growth in daily active addresses, reaching an
impressive 364,000. The decentralized finance (DeFi) sector
accounted for the majority of the active addresses on the network,
showcasing the platform’s strength and popularity within the
decentralized finance space. What’s more, Polygon Labs unveiled
Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all
Polygon protocols and blockchains using ZK technology. This
initiative seeks to establish Polygon as the “Value Layer of the
Internet” and introduces significant updates to protocol
architecture, tokenomics, and governance. One of the key
upgrades includes transitioning the network to a zkEVM Validium
network, ensuring enhanced security while sharing the same level of
robustness as Ethereum (ETH). Related Reading: Dormant Bitcoin
Whales Rouse From Slumber To Threaten BTC Rally Furthermore,
according to Token Terminal data, Polygon has shown positive
momentum in price performance, network fees, and circulating market
cap. The network’s native token, MATIC, has experienced an increase
of 3.95% over the past 24 hours, trading at $0.6556, reflecting
positive sentiment among investors. Over the past 30 days,
the coin has experienced a notable increase of 13.01%, signaling a
potential recovery from previous market downturns. However, the
six-month data shows a decrease of 34.97%, indicating the impact of
market volatility on the long-term value of the token. Polygon’s
circulating market cap currently stands at $6.00 billion,
exhibiting a 15.36% increase. However, the fully diluted market cap
of $6.49 billion, which considers the total supply of tokens, has
grown by 12.79%. The network’s fees over the past 30 days
amounted to $1.21 million, representing a slight decline of 8.57%.
However, on an annualized basis, the fees reached $14.68 million,
indicating a downward trend of 20.24%. Featured image from
Shutterstock, chart from TradingView.com
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