Polygon Sees NFT Sales Rise By 191% – What Caused The Spike?
The crypto analytics platform, Messari reported that Polygon-based NFT sales have increased since the end of September 2022. Accordingly, the 191% spike is the best performance from any blockchain network in recent weeks.
Starbucks and Meta Integration Fuels MATIC’s Price Surge
As stated by Messari, the 191% price increase are a result of the integration of the Polygon infrastructures into several corporate brands like Starbucks, Meta, Reddit, and others.
With the incorporation of the Ethereum Layer-2 capabilities into several platforms, MATIC has experienced a spike in its value following the move.
Furthermore, NFT sales have been underwhelming for most of 2022 as the crypto market crunch impacted the demand for digital collectibles. Thus, the latest increase in sales offers another exciting proof that NFT will likely make a comeback in 2023.
Meanwhile, Polygon grabbed the fourth spot in terms of NFT sales volume since the start of the year. But experts want to see how Polygon’s win in this period impacts the cost of the fuel powering its system.
The purported fuel is MATIC, Polygon’s native asset, which occupies the tenth spot among crypto tokens based on market cap. Meanwhile, a careful look into the current performance metrics for MATIC shows that it entirely correlates with the rise in NFT sales.
Also, it correlates with the period the token was in an accumulation period in July and November, in addition to its 32% momentum surge. However, the unexpected FTX collapse happened, and like other assets, MATIC dropped all its profits and slipped to the support level of $0.805.
Assessing Polygon’s Chance Of A Breakthrough In 2023
So far, in 2022, Polygon has been on a partnership spree with established brands like Starbucks, Disney, and others teaming up with the crypto network.
This has resulted in the value of MATIC surging despite the bear market run. However, experts believe that Polygon can experience more wins next year.
Since its emergence into the blockchain ecosystem as an Ethereum scalability solution for transactions, Polygon has provided robust security to the altcoin ecosystem, with investors trusting it for its low fees and efficiency.
However, with the year ending, will Polygon continue its dominance into 2023, considering the market situation?
The high demand for networks that address smart contract asset scalability issues is rising. Thus, MATIC is expected to drive Polygon’s continued relevance in crypto.
Another exciting thing is the Ethereum network’s next upgrade, which is scheduled for 2023. The update will allow the rise inch smart contract platforms without affecting their decentralization structures.
As a result, Layer-2 protocols, such as Polygon, will likely experience a surge, and MATIC would spark further growth of the Polygon platform. Consequently, Polygon will achieve remarkable growth next year as the industry anticipates a possible bullish run.
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