- Polygon’s GameFi and NFT ecosystem registered noteworthy growth
- However, the metrics did not look favorable for MATIC’s price action
Polygon’s [MATIC] GameFi ecosystem celebrated another milestone on December 11th when it partnered with Earn Alliance. The primary objective of this new association was “to bring 100 million gamers to Web3.”
$MATIC JUST IN – Polygon and Earn Alliance Partners to Bring Next 100 M Gamers to Web3👀🔥#Polygon #Top3 🙌 pic.twitter.com/Ny3sUGY5Gj
— WEB3 Market Insight 🇦🇺 (@iftikharpost) December 11, 2022
Through this collaboration, Earn Alliance will take advantage of the Polygon network’s low gas fees, quick translation times, and minimal carbon footprint to produce more immersive blockchain gaming experiences.
Read Polygon’s [MATIC] Price Prediction 2023-2024
Polygon NFTs are also growing
Polygon saw growth in both the GameFi and NFT space. In a tweet dated 10 December, Sandeep Nailwal, co-founder of Polygon, revealed that the company’s NFT buyers were “growing exponentially.”
NFT buyers @0xPolygon These numbers are rising exponentially. Polygon is witnessing an NFT supercycle.
Source: @nansen_ai
PS: I saw some major discrepancies @cryptoslamio Data as they don’t index many Polygon applications. We escalated to the company again. Soon, we will post a new dashboard based on bigquery. pic.twitter.com/Y9ZaooggWm
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) December 10, 2022
Santiment’s chart revealed that Polygon’s total NFT trade count spiked last week. The total NFT trade volume also followed the same trend and increased on 6/12/12. The figure has declined in the past few days.
Source: Santiment
Moreover, Polygon’s users per week followed a similar trend and registered an uptick Over the past few weeks. This was another positive update for blockchain.
Are you to blame for the crypto winter?
Despite all the above developments, MATIC‘s weekly growth was negative. According to CoinMarketCapMATIC fell 5% in the past week. MATIC was trading at $0.8858, with a market cap of $7,736,492,248 as of the time of writing
The blockchain’s on-chain metrics also shed some light on the current scenario. MATIC’s Market Value to Realized Value (MVRV) Ratio declined considerably over the past week. This was a huge bearish indicator. The blockchain’s network growth also plummeted on 12 December.
Source: Santiment
However, CryptoQuant’s data It provided some relief for investors as it indicated an increase in the price of the stock. MATIC’s exchange reserve decreased, which was a bullish signal as it indicated less selling pressure.
Additionally, both the active addresses and the transfer volume saw a rise. Despite the negative price action MATIC remains popular in the crypto market. The altcoin was the top cryptocurrency in terms of social activity as of 11/12/12.
⚡️TOP @0xPolygon Ecosystem Coins through Social Activity
11 December 2022$MATIC $GRT $MANA $SFUND $TEL #POLYDOGE $NAKA $TVK $ANKR $KASTA pic.twitter.com/mQtya00ufg— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 11, 2022