Polygon on OpenSea reaches a new milestone in terms of volume, but…

  • Polygon hit NFT milestone as userbase grew.
  •  Public sentiment and whale interest fell.

Polygon [MATIC] reached yet another new milestone on the NFT market place OpenSea. Data from Dune Analytics showed that the number of Polygon OpenSea users surpassed 1.6 million. Along with that, the weekly volume for Polygon marketplaces observed immense growth over the last few months as well.

Read Polygon’s [MATIC] Price Prediction 2023-2024

These surges in Polygon‘s NFT volume could be attributed to the multiple collaborations that Polygon was a part of over the last few years. Despite the volatility faced by the crypto market during 2022, Polygon partnered with multiple firms and companies.

Source: Dune Analytics

Polygon brings in the revenue

The growing NFT volume and interest resulted in a spike in Polygon’s TVL, which increased from $988 million to $1.22 billion in a month, according to Defi Llama. Moreover, as TVL increased, the amount of revenue generated by Polygon grew by 30%.

Source: token terminal

Word on the street

Despite the growing interest in Polygon‘s NFT space and the increase in TVL, the weighted sentiment for Polygon declined. This suggested that the crypto community had a negative outlook against Polygon at the time of writing.

Along with that, Polygon’s network growth and transaction count also fell, indicating that the number of times new addresses making transactions using MATIC declined.

Whale interest in Polygon fell as well, which could be caused by declining sentiment and network activity. This was indicated by the decreasing number of whale transactions on the Polygon network.

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Source: Santiment

Regardless of these setbacks, the 1.6 million users on Polygon OpenSea demonstrated the growing interest in the platform and its potential for growth in the future.

In conclusion, the reach of Polygon’s NFTs is a clear indication of the increasing popularity of NFTs and Polygon’s role in the NFT market. Notably, the large user base on OpenSea continues to provide hope for the future growth of the platform.

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