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Polygon NFT Sales up 191%, Here's How MATIC Price Reacted

Wed, 11/30/2022 - 12:37
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Gamza Khanzadaev
Polygon's integrations with Starbucks and Meta help MATIC price during crypto collapse
Polygon NFT Sales up 191%, Here's How MATIC Price Reacted
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Crypto analytics portal Messari reports that the number of Polygon-based NFT sales has increased by 191% since the end of September, the best result of any blockchain. This mark has been achieved by integrating Polygon's power into the infrastructure of top Web2 companies. In a short period of time, Starbucks, Instagram (Meta), Reddit and many others have used this Layer 2 blockchain's capabilities.

How have NFTs fared during the downturn?@0xPolygon saw a 191% increase in NFT sales since the end of September as Web2 companies attempted to fully integrate NFTs into their platforms.@Starbucks, @Reddit, and @Meta have all integrated with @0xPolygon.

— Messari (@MessariCrypto) November 30, 2022

Polygon is currently fourth among all chains in terms of total NFT sales since the beginning of the year. However, it would be more interesting to see how Polygon's successes this autumn have affected the price of the fuel powering its network. We're talking about MATIC, currently ranked tenth among the largest crypto assets by CoinMarketCap.

This Token Shows Best Price Action on Polygon After 18% Daily Surge

Polygon (MATIC) price action is win-win

Looking at the MATIC chart, you can see that the technique fully correlated with the above-mentioned fundamentals, when the asset was in an accumulation phase since July and, in November, on a 32% momentum, started to increase rapidly in value.

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MATIC & ETH to USD by CoinMarketCap

Nevertheless, the famous FTX story happened next, and MATIC gave away all of its gains, collapsing to the support level around $0.805.

In total, looking at the MATIC monthly price chart, it can be said that it is breaking even for the last five months. Another thing is the MATIC chart against Bitcoin (BTC) or Ethereum (ETH), against which Polygon token showed 115% and 53.7%, respectively, during the same period of time.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.