OpenSea, the NFT marketplace with the highest number of users, has had the Polygon [MATIC] network on its platform for a while.
However, the use of the cryptocurrency was extremely limited compared to Ethereum [ETH], which many of its users preferred.
Now, it seems that OpenSea has attributed some priority to MATIC. This can be stated as the NFT marketplace announced that MATIC would be an integral part of its new Web3 marketplace protocol known as Seaport.
Starting today, we will begin using Seaport for all new listings and offers on Polygon! We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.
Here’s what you can expect with this move to Seaport ↯
— OpenSea (@opensea) August 30, 2022
More for less
According to the details, MATIC would function beyond transaction use alone. While confirming the partnership with OpenSea, Polygon revealed that the update would mean the network was completely out of the 0x protocol it worked with previously.
Additionally, its existence on Seaport would mean the minimum price of any NFT listed using MATIC was now $1 instead of the previous $5 limit.
With the update, OpenSea MATIC transactions would then open doors to multiple creator fees, bundle listing, and sales, including cheaper gas fees.
A look at the Polygon NFT data on OpenSea showed that the activities had obviously declined. According to DappRadar, sales volume via Polygon for the last seven days capped at $1.13 million. This was a 26.81% decline with 7,630 traders involved with an average sale of $73.91.
Source: DappRadar
Based on the data available, the current Polygon state showed one of the lowest it has ever been. But with MATIC’s involvement, is there any hope to attract a crowd?
Yes! We can
It may seem that the OpenSea update may have yielded some positive results for MATIC. This presumption is because Santiment showed that there has been increased participation in MATIC’s network activity.
While its active addresses went extremely low on 30 August, its rise in the last 24 hours has been phenomenal. At press time, MATIC active addresses were pegged at 128,000.
As for its volume, there was not much increase but a 3.90% rise to $451.76 million.
Before you conclude that the Seaport integration is a step in the right direction, let’s assess the MATIC momentum. While the price was almost a negligible increase to $0.83, the On-Balance-Volume (OBV) looked to have aligned with the active address pump.
As of 29 August, the OBV was 25.66 billion. It has, however, improved to 25.82 billion. At this stage, it may seem too early to call the shots as per investors’ attention, especially, as the Chaikin Money Flow (CMF) went down to 0.11 from 0.21, 24 hours back.
Source: TradingView
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