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Polygon Dominates With Over 50% NFT Market Share

source-logo  thenewscrypto.com 04 October 2023 14:39, UTC
  • Polygon houses 50% of all NFTs, showing its market dominance.
  • Ethereum and Polygon NFTs face 41% sales drop in the past month.

In the dynamic realm of Non-Fungible Tokens (NFTs), Ethereum (ETH) and Polygon (MATIC) have long taken center stage. However, recent data indicates a discernible downturn in some aspects of their performance over the past month. Nevertheless, it is worth noting that Polygon’s NFT ecosystem has managed to secure a significant market share, housing approximately 50% of all NFTs.

Both Ethereum and Polygon have experienced a substantial decline in sales volumes, with a drop of more than 41% over the past month. This decline has prompted concerns about the overall health of the NFT ecosystem. However, some of the community sees this slowdown could be seen as a return to a more sustainable pace.

According to data from CRYPTOSLAM, the blockchain sector witnessed a decline of over 50% in the total number of NFT transactions, coupled with a 7% decrease in the number of buyers. Nevertheless, there is a glimmer of optimism, as the last 24 hours have seen a 14% increase in the number of buyers, fueling anticipation for the upcoming month.

On a Brighter Note

It’s remarkable that out of the staggering 860 million NFTs spread across all blockchain networks, an astounding 455 million NFTs have found their home on Polygon. DappRadar’s data sheds light on the leading Polygon NFT collections in the past month, with “y00ts” emerging as the top contender, closely followed by “Mythical Beings,” “Cryptokhat,” and the “OKX NFT Collection.”

Meanwhile, Polygon’s native token, MATIC, has displayed resilience in the face of these challenges. MATIC has recorded a noteworthy surge of 4% in the last 24 hours, reaching a price of $0.583. Additionally, trading volume has seen a substantial uptick, rising by 34% and settling at $429 million.

In summary, Polygon’s NFT market has recently seen a decline in sales volumes, potentially indicating a shift towards a more sustainable pace. Encouragingly, there has been a recent uptick in the number of buyers in the last 24 hours, suggesting signs of recovery.