• Polygon’s native crypto MATIC delivered a decent performance in 2022 and made its way into the top ten crypto list.
• Despite the crypto winter in 2022, Polygon clocked $324 million in NFT sales, surpassing its own 2021 OpenSea NFT volume record.
• Popular NFT collections like y00t and Aavegotchi are planning to move to the Polygon blockchain in 2023.
The crypto market witnessed a major slowdown in 2022, however the NFT trading volumes on Polygon touched new record highs despite the crypto winter. Ethereum’s Layer-2 scalability platform Polygon continues to expand its ecosystem and footprint in the crypto space. Last year, Polygon’s native crypto MATIC delivered a decent performance in comparison to peer altcoins and made its way into the top ten crypto list.
Due to its low fee and instant transfer capabilities, the Polygon blockchain is becoming a go-to network for several market players to launch their non-fungible tokens (NFTs). During the last year, the Ethereum scaling solution witnessed a good volume in NFTs sales. Despite the crypto winter last year, Polygon clocked $324 million in NFT sales while surpassing its own 2021 OpenSea NFT volume record.
The Polygon’s NFT OpenSea program in 2022 saw a record uptake as Ethereum competitor, Solana is facing major trouble following the collapse of crypto exchange FTX, and a few NFT issuers are moving away from the platform. This has immensely benefitted players like Ethereum and Polygon. Some popular NFT collections like y00t, a generative art project with 15,000 curated NFTs built by a community of creators and builders, are planning to move to the Polygon blockchain ahead of this year in 2023.
Other NFT projects like Aavegotchi are also planning to set up a base on the Polygon blockchain. Aavegotchi is a virtual game that allows players to collect, battle, and trade virtual characters called Aavegotchis. The game is built on the Aave lending protocol and allows players to earn rewards by staking their Aavegotchis and participating in the game.
As the NFT industry continues to grow and expand, Polygon is becoming a go-to platform for businesses to launch their NFT and seek entry into the world of Web3. With the increasing demand and interest in NFTs, Polygon is well positioned to onboard billions of users to Web3.