{"id":543828,"date":"2023-07-22T13:15:45","date_gmt":"2023-07-22T13:15:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=543828"},"modified":"2023-07-22T11:17:46","modified_gmt":"2023-07-22T11:17:46","slug":"from-polygon-nft-wins-to-matic-gains-understanding-the-connection","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/from-polygon-nft-wins-to-matic-gains-understanding-the-connection\/","title":{"rendered":"From Polygon NFT Wins To MATIC Gains: Understanding The Connection"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, despite the impressive\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/NarbTrading\/status\/75817984\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">surge in NFT sales volume<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and seller participation, a closer examination reveals that not everything works in Polygon&#8217;s favor.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the NFT market on the platform may be flourishing, other factors could impact the overall sentiment and performance of MATIC.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Polygon NFT sales are trending up.<\/p>\n<p>Polygon NFT summer? <a href=\"https:\/\/t.co\/9Jh2ENkyjj\" rel=\"nofollow\">pic.twitter.com\/9Jh2ENkyjj<\/a><\/p>\n<p>\u2014 Narb (@NarbTrading) <a href=\"https:\/\/twitter.com\/NarbTrading\/status\/75817984?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 20, 2023<\/a><\/p><\/blockquote>\n<h2><strong>MATIC Price Movement In Response To Metric Movement<\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">The recent\u00a0<\/span><span data-preserver-spaces=\"true\">MATIC <\/span><span data-preserver-spaces=\"true\">price <\/span><span data-preserver-spaces=\"true\">report<\/span><span data-preserver-spaces=\"true\"> indicates a remarkable surge in Polygon NFT sellers, recording a staggering increase of over 480% within the last 30 days.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin-sees-positive-price-movement-bulls-set-crosshair-at-0-075\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Dogecoin Sees Positive Price Movement, Bulls Set Crosshair At $0.075<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Meanwhile, MATIC&#8217;s current price stands at $0.772874 according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coingecko.com\/en\/coins\/polygon\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Coingecko<\/span><\/a><span data-preserver-spaces=\"true\">, experiencing a 1.6% rally in the last 24 hours but also facing a 4.3% decline. Several factors could explain this lackluster price performance.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-543832 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-141.png?resize=860%2C153\" alt=\"\" width=\"860\" height=\"153\"><\/p>\n<pre style=\"text-align: center\">Source: Cryptoslam<\/pre>\n<p><span data-preserver-spaces=\"true\">For one, market sentiment plays a crucial role in shaping cryptocurrency prices, and during this period, overall opinion towards cryptocurrencies, including MATIC, might not have been favorable. <\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-543833\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?resize=1136%2C60\" alt=\"\" width=\"1136\" height=\"60\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?w=1136 1136w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/a-142.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\">Source:<a href=\"https:\/\/www.coingecko.com\/\" rel=\"nofollow\"> Coingecko<\/a><\/pre>\n<p><span data-preserver-spaces=\"true\">Regulatory uncertainties, macroeconomic events, and broader market trends could have overshadowed the positive impact of the NFT growth on Polygon.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, price movements in the cryptocurrency market may only sometimes reflect immediate developments. There could be a time lag between the surge in NFT volume and its direct impact on MATIC&#8217;s price. Market reactions can be delayed, and sustained growth in NFT activity may be required to affect the token&#8217;s value significantly.<\/span><\/p>\n<h2><strong>Rising Competition Poses Challenge For Polygon\u00a0<\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">A recent\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fool.com\/investing\/2023\/07\/21\/is-it-time-to-sell-polygon\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0also highlights the increasing competition that Polygon, a Layer-2 scaling solution for Ethereum, is facing within its market niche. Polygon has been known for its ability to enhance Ethereum&#8217;s performance, making it faster, cheaper, and more efficient. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/dd0QyfDv\/\" width=\"2475\" height=\"1187\"><\/p>\n<pre style=\"text-align: center\">MATIC market cap currently at $7.11 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p><span data-preserver-spaces=\"true\">However, the emergence of numerous other cryptocurrencies offering similar services, including Optimism, poses a significant challenge to Polygon&#8217;s once-dominant position in the sector.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the past, Polygon enjoyed a clear lead in the Layer-2 scaling niche, capturing investor attention and interest. However, the current market dynamics indicate that this advantage has diminished.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/chainlink-holds-strong-with-19-rally-more-gains-in-the-pipeline\/\" target=\"_blank\" rel=\"noopener \">Chainlink Holds Strong With 19% Rally \u2013 More Gains In The Pipeline?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Despite its impressive features, the price of Polygon has exhibited minimal movement throughout the year, indicating subdued investor sentiment and potentially reduced demand.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the other hand, Optimism, a direct competitor to Polygon, has experienced remarkable growth over the year, with its\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coingecko.com\/en\/coins\/optimism\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">yearly growth soaring by over 80%<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em>Featured image from Coin Chapter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.\u00a0 However, despite the impressive\u00a0surge in NFT sales volume\u00a0and seller participation, a closer examination reveals that not everything works in Polygon&#8217;s favor.\u00a0 While the NFT market on the platform may be flourishing, other factors could impact the overall sentiment and performance of MATIC. Polygon NFT sales are trending up. Polygon NFT summer? pic.twitter.com\/9Jh2ENkyjj \u2014 Narb (@NarbTrading) July 20, 2023 MATIC Price Movement In Response To Metric Movement The recent\u00a0MATIC price report indicates a remarkable surge in Polygon NFT sellers, recording a staggering increase of over 480% within the last 30 days.\u00a0 Related Reading: Dogecoin Sees Positive Price Movement, Bulls Set Crosshair At $0.075 Meanwhile, MATIC&#8217;s current price stands at $0.772874 according to Coingecko, experiencing a 1.6% rally in the last 24 hours but also facing a 4.3% decline. Several factors could explain this lackluster price performance.\u00a0 Source: Cryptoslam For one, market sentiment plays a crucial role in shaping cryptocurrency prices, and during this period, overall opinion towards cryptocurrencies, including MATIC, might not have been favorable. Source: Coingecko Regulatory uncertainties, macroeconomic events, and broader market trends could have overshadowed the positive impact of the NFT growth on Polygon. However, price movements in the cryptocurrency market may only sometimes reflect immediate developments. There could be a time lag between the surge in NFT volume and its direct impact on MATIC&#8217;s price. Market reactions can be delayed, and sustained growth in NFT activity may be required to affect the token&#8217;s value significantly. Rising Competition Poses Challenge For Polygon\u00a0 A recent\u00a0report\u00a0also highlights the increasing competition that Polygon, a Layer-2 scaling solution for Ethereum, is facing within its market niche. Polygon has been known for its ability to enhance Ethereum&#8217;s performance, making it faster, cheaper, and more efficient. MATIC market cap currently at $7.11 billion. Chart: TradingView.com However, the emergence of numerous other cryptocurrencies offering similar services, including Optimism, poses a significant challenge to Polygon&#8217;s once-dominant position in the sector.\u00a0 In the past, Polygon enjoyed a clear lead in the Layer-2 scaling niche, capturing investor attention and interest. However, the current market dynamics indicate that this advantage has diminished. Related Reading: Chainlink Holds Strong With 19% Rally \u2013 More Gains In The Pipeline? Despite its impressive features, the price of Polygon has exhibited minimal movement throughout the year, indicating subdued investor sentiment and potentially reduced demand. On the other hand, Optimism, a direct competitor to Polygon, has experienced remarkable growth over the year, with its\u00a0yearly growth soaring by over 80%. (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Coin Chapter<\/p>\n","protected":false},"author":557,"featured_media":543837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,8686,86442,83584,4735],"class_list":["post-543828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-matic-price","tag-polygon","tag-price-action"],"acf":[],"yoast_head":"\n<title>From Polygon NFT Wins To MATIC Gains: The Connection<\/title>\n<meta name=\"description\" content=\"Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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