Reddit: NFT sales on Polygon explode by more than 1,110% as millions participate – Will MATIC price explode?

  •  NFT avatars on Polygon surge by over 1,113 percent as sales on Reddit explode.
  • Polygon’s expansion into Gamify, zk Rollups play a part in its attractiveness, MATIC is one of the best-performing coins in the crypto bear market.

Despite the ongoing crypto winter weighing down heavily on the crypto market, Reddit’s NFT avatars on Polygon may not be feeling all that cold.

This week, there has been a sweeping rise in the number of Polygon NFTs sold on Reddit. According to data from Dune analytics, secondary market sales of Reddit’s Avatar NFTs minted on Polygon, topped at $2.5M on Tuesday, representing a 1,113 percent surge in the past 24 hours. Accordingly, the number of holders reached a new high of 2,838,347, with the total of total registered NFT wallets surpassing 3 million.

The surge in sales, which entered its fifth consecutive day per Dune’s dashboard saw all 40,000 of Reddit’s second-generation NFTs launched on October 22 sell out almost instantly, setting a new record after the first generation NFT collection in July sold out sluggishly.

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Notably, although Reddit’s NFT Avatar NFT floor price ranges from $10 to $100, Gen 1 and Gen2 avatars have been selling at 40 to 50 times their initial prices on OpenSea. Cumulatively, about 86K NFTs have been sold and the two lots now have a collective market cap of just over $137.15 million based on data from the Reddit floor.

Notably, though Polygon has since lost its second position to Solana in terms of users since the bear market started and the networks NFT collections, the majority of those that are listed on OpenSea make up a smaller percentage of the market than before, the drastic rise in Reddit sales goes to proves that the social network is a significant force for NFT adoption.

Apart from Reddit NFTs, Polygon has also been making significant strides in the GameFi sector. Recently, Sandeep Nailwal, Polygon’s cofounder described Poygon’s gaming ecosystem growth as an “ORDER OF MAGNITUDE”. According to data from Footprint Analytics, Polygon ranks third by the “weekly number of games by chain” falling only behind BNB chain and Ethereum.

In early October, Polygon also unveiled zkEVM, a layer2 scaling network that aims to drastically reduce transaction fees and improve the transparency and security of the network. Although this upgrade is in its test phase, it will eliminate network interruptions thrusting Polygon’s public image and pitting it against competitors using zk Rollups such as Cardano.

When does MATIC rise?

That said, although MATIC-Polygon’s native token- remains trapped in a tight range, investors believe that the recent developments will be a boon for its price. So far MATIC has somehow managed to shake off its weakness surging by over 175 percent from its low of $0.32.

Currently, the price faces resistance at around $1.00 and support at $0.70. A break above that resistance could catapult it toward $1.35. At press time, MATIC was trading at $0.94 after a 7.33 percent gain in the past 24 hours based on our data.