Polygon outperforms the big boys in NFT market cap
According to a Dec. 29 tweet from economist Alex Kruger, recent developments led Solana to double its market cap to double that of Polygon. One of the reasons for the growing interest in Polygon is the burgeoning NFT market.
What led to this new surge of new NFT interest?
Simultaneously, the appearance of Donald Trump launching his NFT collection on Polygon and social media giants like Reddit and Instagram collaborating with Polygon are positively impacting the NFT market.
The reality seems to be otherwise
Although Polygon is attracting interest in its NFT, the same interest is not reflected in the price of MATIC. The price of the token declined after December 14. Prices hovered between $0.81 and $0.77 during the week and then fell by 8.19%.
What’s at stake for Polygon?
The number of participants in the network is 23,168. While the number of participants has continued to increase on the Polygon network, the on-chain metrics show that overall activity on the network has decreased.
This is shown by the decrease in the number of transactions on the Polygon network over the last month. Simultaneously, the volume on the Polygon network fell during the same period.