Over the past week, there has been a decline in Polygon‘s [MATIC] NFT space. The figure from Santiment showed that Polygon’s total NFT trade count dropped significantly during the previous week. Moreover, according to data from CRYPTOSLAM, the volume of NFT sales slightly decreased last week.
Given that the first NFT collection was launched on the zkEVM mainnet on May 2, Polygon’s NFT space may experience growth over the next few days. Sales and trade counts could rise as a result of this introduction.
First NFT Collection
According to the official tweet, “For Mankind” NFTs will be distributed to token IDs #1–20000, “Scalability” NFTs will be distributed to token IDs #20001–80000, and “Unconstrained” NFTs will be distributed to token IDs #80001+. Growth in Polygon’s NFT ecosystem can be anticipated with the debut of this new product because it might draw new consumers.
For quite some time, zkEVM’s performance has been deteriorating as its primary metrics have decreased. For instance, zkEVM continued to have few unique depositors and deposits.
- Over the past week, there has been a decline in Polygon’s [MATIC] NFT space.
- Polygon’s NFT space may experience growth over the next few days.
- The green Binance funding rate for Matic indicates a rise in demand in the futures market.
Additionally, petrol consumption has decreased over the last few weeks, indicating decreased platform use. The good news was that daily transactions on zkEVM appeared to be recovering after a sharp decrease, as the graph recently began to increase.
MATIC, which has been enduring the bears’ wrath for some days, expressed optimism for better times ahead. In the previous day, MATIC’s price increased by more than 2%, according to CoinMarketCap. It had a market capitalization of almost $9 billion and was trading at $0.983 at the time of writing.
The green Binance funding rate for Matic indicates a rise in demand in the futures market. Compared to the 7-day average, net deposits on exchanges were modest. This could be taken as lessening selling pressure. Apart from this, the majority of metrics were against a price increase.
It appears that fewer fresh addresses were used to transfer the token as MATIC’s network expansion slowed down. Polygon seems to be less appealing to whales.