Polygon NFT Market Adoption increased significantly in December 2022 but Sales Volumes are near All-Time Lows

As we are nearing the year end, 2022 has been an eventful year at a glance. Not only has the crypto winter made its round in news, but there have been some very interesting partnerships and deals that have propelled the adoption of crypto and NFTs even more! One such instance has been when Polygon announced its collaboration with one of the name-brand companies, Reddit. Polygon’s NFT market has recently been experiencing a significant increase in adoption for the same.

As per the data derived by Nasen, a blockchain analytics platform, the number of first-time and returning buyers per day in Polygon’s non-fungible token (NFT) market has reached a new all-time high during the last month of the year! This surge is massive when it comes to NFTs as when it comes to NFT ecosystems on other chains such as Ethereum and Solana; their numbers have a decreasing slope when it comes to looking at numbers for users per week.

The number of users per week on Solana’s NFT network dropped from over 160,000 users in late September to almost less than 60,000 users as of today. Similarly, looking at Ethereum’s number of users per week; it dropped from roughly 250,000 users to around 183,000 users during the same time period!

Read more: Coffee Themed NFTs on Polygon

Source: Nansen

Looking at the data from Nansen, for the past year, if we take a look at only mints and NFT projects on OpenSea, the number of first-time buyers varied somewhere between 1,000 and 10,000, while the number of returning buyers was in and around 10,000 to 15,000 per day. Cut to 11 December 2022, the number of first-time buyers surged to 43,761 from merely 1,858 as of 5 October 2022! While there was a surge in first-time buyers, the number of returning buyers also saw a rise from 81,317 to 8,739 as of 5 October 2022!

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Polygon’s development activity sees a 470% jump in 2022!

 Polygon x  Reddit

With so much happening in the crypto world, the Polygon network has shown that it is going strong and provenly, big brands have joined hands with the network to work on various Web3 projects! The social platform, Reddit made use of the Polygon network to introduce minting unique NFT avatars. The platform had also announced that it will be launching a new Collectibles Avatar marketplace leveraging non-fungible tokens and hosting them on the Ethereum scaling network.

Within the past 24 hours, Polygon’s NFT market had around 10 NFT collections with over 180,000 holders and four NFT collections with above 500,000! Among the top 10 collections in the last 24 hours for Polygon’s NFT market, four of them are connected to the Reddit platform. Those collections were airdropped around late August; this initiation was a part of Reddit’s initial push in order to integrate blockchain technology.

Source: Nansen

Referring to the various collaborations that polygon has had, Polygon Studios CEO Ryan Wyatt, commented, “We’ve built this great funnel for partners to come through and make the onboarding to Polygon really seamless.”

Source:CoinDesk