Polygon network activity spikes as NFT sales reach new height

Share This Post

Polygon’s NFT market continues to attract users, though the demographic is more aligned to gaming companies and developers than collectibles as on the Ethereum network.

The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million. 

According to Dune Analytics, this marks a near 60% rise in comparison to November and the third consecutive monthly increase for the network.

An Ethereum-based scaling solution seeking to construct, distribute and manage securities on blockchain technology, Polygon’s ecosystem has grown exponentially over the past twelve months, registering in excess of 3,000 decentralized applications on its network, in addition to a total value locked figure of $3.86 billion.

Alongside this, the number of unique daily active proof-of-stake chain addresses on the network is also expecting a new all-time high, aiming to surpass the record of 566,516 printed on Oct. 2, 2021, with the most recent data from Jan. 5, 2022, calculating 554,163.

Related: Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

In an interview with Cointelegraph last month, co-founder Sandeep Nailwal revealed that Polygon has found a niche in attracting a high proportion of gaming companies and platforms to build NFT’s on their network, as opposed to the collectibles and art often witnessed on Ethereum.

Polygon’s native token, MATIC, reached a peak price of $2.92 on Dec. 27, 2021, and has subsequently fallen to $2.11 at the time of writing in line with a wider market decline.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto

The post Dean Skurka, CEO of Crypto Company WonderFi, Kidnapped in Toronto appeared first on Coinpedia Fintech News In an event that shocked the crypto space, the CEO of WonderFi- a Canada crypto

Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Bitcoin price is gaining pace above $75,000 BTC is rising and might aim for a move above the $77,000 resistance zone in the near term Bitcoin started a fresh surge above the $74,500 zone The price is

Crypto Power Surge: Over 280 Pro-Crypto Allies Secure US Congress Seats

A pro-crypto Congress takes shape as more than 280 newly elected crypto-friendly allies promise to drive bold reforms, fueling momentum for a decentralized financial future A New Congress Emerges,

Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading

Spark, a decentralized trading protocol, announced the first fully on-chain order book for the Ethereum ecosystem Launching on Fuel Network, the project aims to provide solutions for some of the

Dapps’ revenue hits $164M in October amid growing adoption

According to a report by Binance Research, decentralized applications (dApps) represented 12 out of 15 protocols with the most significant revenues in October, amounting to $164 million This suggests

Latecomers To Bitcoin Rally Get Cautionary Advice From Analyst, Here’s Why

Bitcoin is currently riding the bullish wave in the midst of growing market optimism, which has caused the largest crypto asset to reach a new all-time high However, a crypto analyst has warned that