Can polygon [MATIC] pull quantities for this NFT marketplace…

by James · August 31, 2022

Open seaThe NFT marketplace with the highest number of users has had Polygon [MATIC] network on its platform for a while.

However, the use of the cryptocurrency was extremely limited in comparison Ethereum [ETH], which many of the users preferred.

Now it seems that OpenSea has given MATIC a certain priority. This can be specified as NFT marketplace announced that MATIC would be an integral part of the new Web3 marketplace protocol known as Seaport.

Starting today, we will start using Seaport for all new listings and offers on Polygon! We are excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.

Here’s what to expect with this move to Seaport ↯

— OpenSea (@opensea) 30 August 2022

More for less

according to detailsMATIC would work beyond transactional use alone. While confirms partnership with OpenSea, Polygon revealed that the update would mean the network was completely out of the 0x protocol it was working with previously.

Additionally, its existence on Seaport would mean that the minimum price for any NFT listed using MATIC was now $1 instead of the previous limit of $5.

With the update, OpenSea MATIC transactions will open doors to more creator fees, package listings and sales, including cheaper gas fees.

A look at the Polygon NFT data on OpenSea showed that activity had obviously decreased. In accordance DappRadar, sales volume via Polygon in the last seven days limited to $1.13 million. This was a decrease of 26.81% with 7,630 traders involved with an average sale of $73.91.

Source: DappRadar

Based on available data, the current polygon condition showed one of the lowest it has ever been. But with MATIC’s involvement, is there any hope of attracting an audience?

Yes! We can

It would appear that the OpenSea update may have had some positive results for MATIC. This presumption is because Santiment knew that there has been increased participation in MATIC’s network activity.

While the active addresses went extremely low on August 30, the increase in the last 24 hours has been phenomenal. At press time, active MATIC addresses were linked to 128,000.

In terms of volume, there wasn’t much of an increase, but a 3.90% increase to $451.76 million.

Source: Sentiment

Before you conclude that the Seaport integration is a step in the right direction, let’s consider the MATIC momentum. While the price was almost negligible increase at $0.83, On-Balance-Volume (OBV) appeared to be in line with the active address pump.

As of 29 August, OBV was 25.66 billion. However, it has improved to 25.82 billion. At this stage, it may seem premature to call the shots for investors’ attention, especially as the Chaikin Money Flow (CMF) dipped to 0.11 from 0.21, 24 hours ago.