Polygon Protocol on the Rise after Influx of NFT Sales

Polygon Protocol on the Rise after Influx of NFT Sales

The Ethereum blockchain protocol Polygon set its record high of almost 2 million NFTs sold over the past month. 

Even though Polygon wasn’t initially built for NFTs, but rather as a scaling solution for blockchain developers that create metaverse games and dApps, the network reached its utmost success with art-based digital assets.

According to data by Dune Analytics, in the past month, Polygon managed to sell 1998459 NFTs on their network, with December 23rd being the most active day. 

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Polygon is essentially a layer-2 network that doesn’t act as a substitute for the Ethereum blockchain, but is rather an "add-on layer to Ethereum that does not seek to change the original blockchain layer."

At the moment of writing this article, the Polygon token, also known as MATIC, sits at $2,20 with an 8.59% drop over the past 24 hours. However, the volume of Polygon has majorly increased by 100,38% in the same time period.    

The recent craze for NFTs came in hot with the help of celebrities purchasing digital assets, and big brands joining up with blockchain developers to create their own NFTs. It's only a matter of time before companies that have no links to the tech industry, like fast-food chains, will adopt digital assets to increase their reach, and participate in the metaverse.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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