Assessing the Impact of Reddit NFTs Launch on Polygon’s Growth

Polygon could not record impressive growth in NFT sales, despite the project’s move to increase its collaborations. In that context, Reddit NFTs have attracted massive user interest within the last few days.

Reddit’s top-selling non-fungible tokens witnessed substantial growth. RedditFloor.com data indicated that the leading three NFTs recorded over 50% growth in their floor prices within the past seven days. Also, the sales count grew in that timeframe.

OpenSea Numbers

Renowned NFT collections like Spooky Season and The Senses saw improved interest from traders. While publishing this post, the Senses collection saw its trading volume 408% up within the past seven days, whereas its sales increased by 243%.

Meanwhile, Spooky Season’s volume surged 83% as its floor price soared 152% in that timeframe. This NFT growth increase might positively affect Polygon in the coming times. Nevertheless, there’s one sector where Polygon hasn’t seen much improvement.

Polygon maintained a downward performance in the decentralized finance (DeFi) sector. DeFiLlama data showed MATIC’s TVL extended downtrends after October 2.

Day-to-Day Happenings

Nevertheless, Polygon’s bad news goes beyond the DeFi department, with the crypto recording daily user decline within the previous week. Also, Polygon maintained declines in network growth. That showed new wallets transacting MATIC for the initial time plunged.

Meanwhile, that could suggest declined interest by new market players. Though Polygon recorded declines in daily activity, it saw massive surges in profit taking. Santiment data indicated that Polygon noted growth in transactions in profit.

Nevertheless, the total volume continued to dip, depreciating to $232 million from $538 million within the last few days. MATIC recorded a surge in market capitalization, regardless of the slumping volume. While publishing this blog, the asset’s market cap hovered at $7.36 billion.

Meanwhile, its market dominance increased by 4.50% within the past seven days. Nevertheless, bears continued to dominate the financial space. The crypto market has seen downsides within the past day, losing minor percentages.

For instance, Bitcoin lost 0.03% within 24 hours to $19,328.84. BTC bulls have failed to push past the nearest resistance at $19.6K. However, upcoming sessions will reveal upcoming price moves.