Just before the May crash, MATIC surged nearly 500% before collapsing during the drawdown. Now, over the past 6 weeks, most analysts and investors have become more aware of the price movements of the alternatives. On the contrary, fewer people have a clearer understanding of how the Polygon project is playing out.
Is Polygon Ahead of the Competition?
Well, that may be an exaggeration, but Polygon is taking the right steps right now. According to a recent announcement, Polygon is raising a $ 100 million fund to help blockchain game developers and NFT creators on its platform. The project has already attracted over 100 NFT and gaming projects. At the moment, it appears that the scaling solution is being advanced with a larger agenda.
The NFT room may not seem that great at the moment. However, statistics show that the number of sales and daily average unique addresses increased 111% and 152%, respectively, in the second quarter of 2021. One of the leading projects was a game called Axie Infinity.
Source: Token Terminal
Axie Infinity had sales of nearly $ 90 million in the last 30 days, beating PancakeSwap, which had “only” $ 11.9 million in sales.
The competition remains fierce with Ethereum, Binance Smart Chain
It’s also important to keep in mind that with a new NFT marketplace, Polygon doesn’t have a clear streak of success as Ethereum and Binance Smart Chain also have their respective marketplaces in full swing. The success of Axie Infinity is due to the Ronin sidechain, which is based on Ethereum. However, there is one major difference between Polygon’s goals and the rest of the market.
According to Polygon Studios, its goals remain focused on becoming the de facto platform for NFTs. And yet the biggest point remains that Polygon wants to combine Web 2.0 and Web 3.0 in its development.
Web 3.0 is the next generation of Internet services for websites and applications. Therefore, developing an NFT marketplace remains critical to Polygon’s future as the industry moves together in that direction.
Does polygon have the traffic?
Polygon outperformed Ethereum in the previous quarter as the network registered more than 73,000 unique active wallets daily. The increase over the previous year was 13,000% and over the two preceding quarters 845%.
While these numbers are exorbitant, the main reason is that all of this growth came at a time of market crisis. Hence, this is unlikely to stall when the up cycle is back. This will be crucial in getting more users and users into the area.
Comments are closed.