Polygon NFT sales surpass Solana – Is the summer of Polygon’s NFT coming soon?

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Activity in the NFT ecosystem on Polygon has increased over the past few months. This shows that the NFT field is gaining attention again after the ongoing crypto winter.

Does this mean 2024 will bring a new NFT summer for Polygon?

NFT Polygon is recovering

The beginning of 2023 is a prosperous period for the entire NFT ecosystem, and the industry is booming. But the situation reversed in the second half of last year.

However, Polygon’s NFT ecosystem has been gaining traction over the past few months, which appears to be optimistic about the ecosystem’s growth.

The famous Today In Polygon on X (formerly Twitter) recently posted a tweet highlighting the growth of blockchain in the NFT space.

According to the tweet, Polygon’s NFT sales have increased to levels not seen in more than 6 months, indicating renewed interest in MATIC NFTs that could have a greater impact on the ecosystem in the coming months.

source: Today at Polygon

Then let’s look at other data sets to better understand how the blockchain NFT space is evolving.

MATIC’s total NFT trading volume has been growing over the past seven weeks.

Not only that, the total US dollar NFT trading volume also recorded a sharp surge on December 6, 2023.

source: mood

The top Polygon NFTs in the past 30 days are Gas Hero Coupon NFT, Collect Trump, The Sandbox, and Genesis WildPas.

These collections have performed well over the past month and have played a key role in helping improve Polygon’s NFT statistics.

So far, Polygon has surpassed the famous blockchain platform Solana in terms of NFT sales. The latest data shows that Solana’s NFT trading volume fell by 17.17%, generating $4.5 million in revenue.

This decrease contrasts with the significant increase in activity observed on Polygon, which saw an 84.94% increase in trading volume and a $9 million increase in revenue.

The NFT market is currently undergoing dynamic changes, with Ethereum maintaining its lead, generating $13.4 million in revenue, reflecting a significant growth of 29.65% in its activity.

Source: CryptoSlam

In contrast, Bitcoin, which has traditionally been less associated with NFT transactions, has remained relatively stable, accumulating revenue of $13,016,115 despite an 18.52% decline.

Analyzing NFT 30-day transaction volume data, Bitcoin dominates with nearly $872.7 million in transaction volume, followed by Ethereum with more than $709.7 million in transaction volume.

Solana and Polygon were also active, with total trading volumes of approximately $334 million and $99.4 million respectively.

While those numbers look promising, things aren’t rosy for Polygon. For example, Dune’s data shows that after a peak on December 25, 2023, its unique address graph declined.

A similar downward trend was seen in the number of transactions.