- Reddit NFTs have now surpassed the $50 million market cap
- Polygon’s USD NFT volume has also delivered impressive numbers
The launch of Reddit Avatar Non-Fungible Tokens (NFT) on Polygon, with their subsequent record sales, somewhat resolved the question of whether or not NFTs are dead. As a bonus, it proved the importance of networking in the crypto world. In fact, Reddit NFTs recently crossed a very significant market cap threshold, one that also impacted Polygon NFT sales.
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Reddit NFT sales exceed $50 million
According to Dune Analytics, Reddit NFTs have a market cap of over $50 million. In fact, at the time of writing, the market cap was on its way to $51 million.
The number of people owning NFTs has also increased, as data from Dune shows. At the time of writing, the total number of holders had passed 7.1 million. Total sales volume is another crucial indicator that is on the rise. A total of over $13.3 million has been traded since launch.
Source: Dune analysis
Considering how recent it is and how it has surpassed its $50 million market cap, the outstanding nature of Reddit’s NFT sale is evident.
A few crucial stats on the Polygon network have also been impacted by the Reddit community’s enthusiastic response to the NFT’s debut.
Polygon NFT sales
There has been significant movement on the NFT front on the Polygon blockchain. Given the volume it has experienced since its launch, the popularity of Reddit NFTs contributes significantly to these positive swings.
There have been volume spikes as evidenced by the total USD NFT trading volume on Santiment. The volume was about $348,000 at the time of going to press, but as of March 7 it was about $1.7 million.
Source: Sentiment
MATIC remains unaffected
Reddit NFTs and Polygon’s volume stats are promising, but so far they have yet to impact MATIC.
In fact, the trendline revealed that it has been falling since February 18. According to the price range calculator, it has lost about 26% of its value since the start of the decline.
Source: TradingView
Nevertheless, MATIC appeared to be trading with gains of about 1% at $1.14 on the daily time frame at the time of going to press. While the prevailing price may be insufficient to push it over the trendline, acting as resistance, it has held support at $1.12 and $1.05. The price can rise quickly if it can move past the trendline and the short moving average.
– Realistic or not, here is the market cap of MATIC in terms of BTC
Whether positive NFT developments on the Polygon blockchain will affect MATIC is a question that is still up in the air. Only time will provide much-needed clarity to the market on that front.