Polygon Reddit NFTs are popular, but MATIC really capitalizes on it

by James · March 8, 2023

Reddit NFTs have now passed the $50 million market cap
Polygon’s USD NFT volume has also seen impressive numbers

The launch of Reddit Avatar Non-Fungible Tokens (NFT) at Polygon, with their subsequent record sales, somewhat settled the question of whether or not NFTs are dead. As a bonus, it proved the importance of networking in the crypto world. In fact, Reddit NFTs recently crossed a very significant market cap threshold, one that also affected Polygon NFT sales.

– Is your portfolio green? Check out the Polygon Profit Calculator

Table of Contents

Reddit NFT sales pass $50 million

According to Dune Analytics, Reddit NFTs have a market capitalization of over $50 million. In fact, at the time of writing, its market cap was on track to reach $51 million.

The number of people who have NFTs has also increased, as data from Dune shows. At press time, the total number of holders had passed 7.1 million. Total sales volume is another crucial indicator that has been on the rise. In total, over $13.3 million has been traded since launch.

Source: Dune Analytics

Given how recent it is and how it has surpassed the $50 million market cap, the unprecedented nature of the Reddit NFT sale is clearly evident.

A few crucial metrics on the Polygon network have also been influenced by the enthusiastic response of the Reddit community to the debut of NFT.

Polygon NFT sale

There has been significant movement on the NFT front on the Polygon blockchain. Given the volume it has experienced since its introduction, Reddit NFT’s popularity contributes significantly to these positive swings.

There have been volume increases, which is evident from the total NFT trading volume in USD on Santiment. The volume was approximately $348,000 at press time, but on March 7 it was approximately $1.7 million.

Source: Sentiment

MATIC remains steadfast

Reddit NFTs and Polygon’s volume metrics show promise, but so far they have yet to sway MATIC.

In fact, the trend line revealed that it has been falling since February 18th. According to the price range calculator, it has lost around 26% of its value since the beginning of the decline.

Source: TradingView

Nonetheless, MATIC appeared to be trading up around 1% at $1.14 on the daily time frame at press time. Although the prevailing price may be insufficient to push it above the trendline and act as resistance, it has sustained support at $1.12 and $1.05. The price can only rise soon if it can break past the trend line and the short-term moving average.

– Realistic or not, here is MATIC market value in BTC’s terms

Whether positive NFT development on the Polygon blockchain will affect MATIC is a question that is still up in the air. Only time will give the market some much-needed clarity on that front.