Polygon NFTs: Exploring Developments and Impact on MATIC
Polygon [MATIC] has made significant advancements in the DeFi and zkEVM space, attracting a large user base to its protocol. In addition to DeFi, NFTs have played a crucial role in Polygon’s development.
New NFT Collections on Polygon
The interest in Polygon’s NFTs is expected to grow further with the migration of new collections to the network. According to Polygon Daily, the Baby Bulls NFTs will soon launch on the Polygon network. In a previous release, the entire collection sold out within an hour.
Several Blue Chip NFT collections, including y00ts, Trump Digital Collection, and PolygonMonkeys, have performed well on OpenSea in the past week.
The Decline of Some Blue Chip NFT Collections
Despite their success on OpenSea, these collections faced challenges across other marketplaces.
The y00ts collection was one of the most popular on the Solana [SOL] network. It was originally part of the larger NFT community called DeGods, which originated on Solana. However, both collections planned to migrate to different chains earlier this year.
While DeGods planned to migrate to Ethereum, y00ts moved to Polygon on March 27th. Initially, the y00ts collection gained popularity on the Polygon network. However, interest in the NFT collection declined after its launch.
Data from Dapp Radar shows a 45% decrease in the number of unique active wallets holding these NFTs in the last 30 days. Additionally, the number of transactions involving the NFTs dropped by 75.14%.
Only time will tell if the y00ts NFT collection will experience a resurgence in interest.
The Trump Digital Trading Card Collection, launched in December 2022, also attracted attention to Polygon’s NFTs due to the polarizing perception of the former President of the United States. However, this collection faced a similar fate as y00ts. The floor price of the collection significantly decreased over time, likely due to declining sales.
Data from NFT PRICE FLOOR indicates a 75% decline in sales for this particular collection in the last three months.
The Social Angle
Alongside the launch of various NFTs on the Polygon network, collaborations with social media giants have taken place during this period.
Reddit, for example, introduced NFT compatibility on its network through Polygon. However, according to Dune Analytics data, the overall sales and volume of these Reddit NFTs also declined in recent months.
While the initial announcement of these NFTs on the Polygon network generated significant social media activity, the number of social engagements and mentions for Polygon decreased by 24.1% and 40.1% respectively in the last week.
Performance of Polygon NFTs
Due to the underperformance of these NFT collections, the overall NFT volume on marketplaces experienced a decline. OpenSea, the largest marketplace, accounted for 88.0% of the total NFT volume on the Polygon network at the time of writing.
