Polygon network activity spikes as NFT sales reach new height

Users continue to flock to Polygon’s NFT market, however the demography is more geared toward gaming firms and developers than collectibles, as it is on the Ethereum network.

Last month, the number of nonfungible tokens (NFTs) sold on the layer-two protocol Polygon surpassed 2 million for the first time.

According to Dune Analytics, this represents an almost 60% growth over November and the network’s third consecutive monthly increase.

Polygon’s ecosystem has grown exponentially over the past twelve months, registering over 3,000 decentralised applications on its network, as well as a total value locked figure of $3.86 billion. Polygon is an Ethereum-based scaling solution that seeks to construct, distribute, and manage securities on blockchain technology.

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In addition, the number of unique daily active proof-of-stake chain addresses on the network is on track to break the previous record of 566,516 set on Oct. 2, 2021, with the most current data from Jan. 5, 2022 calculating 554,163.

Sandeep Nailwal, co-founder of Polygon, said in an interview LAST MONTH that the company has identified a niche in attracting a high number of gaming firms and platforms to construct NFTs on their network, as opposed to the collectibles and art seen on Ethereum.

MATIC, Polygon’s native token, peaked at $2.92 on December 27, 2021, before falling to $2.11 at the time of writing, in line with a wider market drop.