Despite The Ongoing Downtrend Market, NFT Activity On Polygon Keeps Rising

Polygon’s NFT Marketplace is gaining users due to earlier efforts. NFT activity on Polygon increases amid ‘crypto winter’

Despite the prolonged cryptocurrency winter, the number of first-time buyers on Polygon’s NFT Marketplace touched a record high in December 2022, according to Nansen. This rise comes as NFT ecosystems on Ethereum and Solana record fewer weekly users.

NFT Marketplace has between 1,000 and 10,000 first-time purchasers and 10,000 to 15,000 recurrent clients per day. First-time buyers jumped from 1,858 on Oct. 5 to 43,761 on Dec. 11, while repeat buyers rose from 8,739 to 81,317.

Ten NFT Marketplace holders have over 180,000 collections, and four have over 500,000. Ethereum’s NFT Marketplace has four collections with more than 100,000 holders and one with more than 500,000 holders in the past 24 hours, whereas Solana did not.

Four of the top 10 NFT Marketplace favorites in the last 24 hours are Reddit Avatars. Reddit Collectible Avatars is a collection of NFTs that “hit” Reddit despite being out for barely a few months. Reddit Collectible Avatars hit a new high in Polygon NFTs.

Since August 2022, weekly NFT Polygon ecosystem users have increased by almost 500%. From December 5-12, Polygon blockchain users surpassed 240,000, a weekly record.

The weekly transaction volume in the preceding month totaled 24.36 million, reflecting greater activity compared to the first few weeks of 2022. While transactions in the week ended Dec. 12 were lower than the previous three, roughly 3 million were made, greater than most weeks in 2022. Overall, the outstanding NFT track record in adverse market conditions shouldn’t be a surprise compared to the platform’s ambitious buildout in 2022.

Polygon has produced many amazing products since raising $450 million in February 2022, including the Avail sidechain solution and “supernet” subnets. -2 Ethereum’s founder called ZK-Rollups “Time Turner.”

As a result of all of the foregoing measures, Polygon network activity has expanded substantially recently, especially NFT-related activity, which was publicly reported in the second quarter of 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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