How Polygon’s zkEVM and NFTs are shaping the ecosystem

9 months ago 67

  • Polygon’s NFT commercialized number and commercialized measurement plummeted sharply past month. 
  • MATIC’s terms was besides down, but a fewer metrics looked bullish. 

Polygon’s [MATIC] NFT ecosystem has witnessed a monolithic plummet successful its metrics successful the past 30 days. This diminution intelligibly suggested little usage. However, with Polygon 2.0, zkEVM, and NFTs gaining traction implicit the past fewer days, the script mightiness change.  

Read Polygon’s [MATIC] Price Prediction 2023-24

While the anticipation of the blockchain’s NFT ecosystem flourishing remained, zkEVM continued to scope caller highs, reflecting the accrued popularity of the roll-up.

Polygon 2.0 mightiness person a affirmative impact

As per CryptoSlam, the blockchain’s NFT income measurement declined by much than 39%. On apical of that, Santiment’s illustration pointed retired that the blockchain’s full NFT commercialized counts sank substantially.

The full NFT commercialized measurement successful USD followed a akin route, which looked concerning. 

Source: Santiment

However, things could soon crook successful the blockchain’s favour arsenic hype astir Polygon 2.0 increases. In fact, One Planet, an NFT marketplace, hinted that it would soon motorboat connected Polygon 2.0.

As per the tweet, the motorboat volition look to tackle the carnivore marketplace and assistance crook things astir successful Polygon’s favor.

It’s coming… 🟪🌊

— OnePlanet (@OnePlanet_NFT) July 26, 2023

Also, a fewer days ago, the Polygon 2.0 zkEVM Saga Campaign went live. Participating successful the Quest volition let members to go 1 of the archetypal to entree a zkEVM exploration adventure. Moreover, zkEVM besides made it to the quality precocious arsenic its daily transaction number reached a caller ATH of implicit 83,000 connected 26 July. 

Source: Polygonscan

Thanks to the uptick successful regular transactions, the roll-up’s regular state usage also spiked implicit the past fewer days. Additionally, the roll-up besides managed to summation its value, which was evident from the emergence successful its TVL implicit the past month. 

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MATIC is nether pressure

Polygon 2.0’s hype did not construe into benefits for investors as MATIC’s terms enactment continued to beryllium nether bears’ control. According to CoinMarketCap, MATIC was down by much than 7% successful the past 7 days.

At the clip of writing, it was trading astatine $0.7119 with a marketplace capitalization of implicit $6.6 billion, making it the 12th largest crypto.

However, rather a fewer metrics suggested a inclination reversal. For instance, arsenic per CryptoQuant, MATIC’s stochastic was successful an oversold zone. Its speech reserve was besides declining, suggesting that buying unit was increasing. 

Source: CryptoQuant

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