In a significant development, Polygon (MATIC) has made a historic achievement by surpassing Ethereum (ETH) in 24-hour non-fungible token (NFT) sales. This milestone has brought Polygon’s NFT ecosystem into the limelight, attracting the attention of market observers. Despite falling back to the third position at the time of reporting, this temporary outperformance of its base layer in the Web3 sector is a noteworthy accomplishment for the layer-2 (L2) network.
Since the start of 2024, Polygon’s NFT landscape has seen substantial growth, with NFT sales exceeding $36 million in the last week alone. This is a remarkable threefold increase from the previous period and represents the network’s most impressive performance in the NFT realm since August 2023. This development underscores Polygon’s growing influence and competitiveness in the dynamic NFT market.
The surge in Polygon’s NFT market is largely due to the success of collections from the Web3 game Gas Hero. Gas Hero’s Common Heroes emerged as the most traded collection in the last 24 hours, achieving sales exceeding $3 million. This collection even surpassed Ordinals NFTs, which had previously propelled Bitcoin (BTC) to the top of the rankings. Gas Hero, a social-strategy Web3 game, allows players to assemble squads of heroes and engage them in battles to gain power, collect NFTs, and earn GMT—the token that forms the foundation of Find Satoshi Lab’s ecosystem.
Polygon recorded nearly $10 million in NFT sales in a single day, surpassing Solana, which sold slightly over $4.1 million. This flippening occurred as Solana’s sales volume experienced a more than 17% decline in a day, while Polygon’s NFT sales volume increased by 42%. This surge in Polygon’s NFT sales volume is significant, reaching levels not seen for more than half a year. The data suggests a renewed interest in MATIC NFTs, indicating a potential significant impact on the ecosystem in the coming months.
In December, Polygon’s NFT sales volume reached $47M, marking the highest monthly volume since February 2023. During this period, MATIC’s price chart exhibited a positive trend, instigating increased activity among MATIC bulls. MATIC has recorded a growth of over 4.74% in the past day, with a market valuation exceeding $8 billion and is trading at $0.83. However, some aspects revealed less favorable patterns, including a decrease in the chart of unique addresses and a decline in the number of transactions following a peak on December 25, 2023.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Sandeep Nailwal |
| Companies | Ethereum, CoinMarketCap, Find Satoshi Lab, CryptoSlam, Polygon |
| Currencies | Ethereum, Bitcoin, Solana, Polygon |
| Securities | None |
