- NFTs sold on the layer-two protocol Polygon sales jumped 60% to a new record high at just short of 2 million.
- The NFT user demographic looks to be more aligned to developers and gaming companies than collectibles.
- The number of unique daily active proof-of-stake chain addresses on the Polygon network is assumed to exceed 556.5k.
According to a report from Dune Analytics, the sales of non-fungible tokens (NFTs) on the layer-two protocol of Polygon hit an all-time high in December 2021, coming in just short of 2 million. The record marks a 60% increase in comparison to November and the third consecutive month-on-month rise for the network.
Polygon, which is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, has seen exponential growth over the past year. The network has registered over 3,000 decentralized applications on its network with a total value locked (TVL) of more than $3.8 billion.
Moreover, the network is also expecting to see a new record number of unique daily active proof-of-stake chain addresses, as it aims to cross the record of 556.5k on its platform. The network’s NFT market seems to attract users, while the user demographic is more aligned to developers and gaming companies than collectibles on the Ethereum network.
Why is the Polygon Network is Growing?
The network’s immense growth is partly due to the increase in popularity of the Ethereum network and the adoption of its blockchain. Polygon also facilitates quicker and cheaper transactions, which have also generated a much-anticipated hype in price and public perception. Additionally, by using the Polygon blockchain, full-fledged multi-chain systems can be created that can work in sync with other interfaces built on Ethereum.
However, besides all these trends, the native token of Polygon (MATIC), which reached its peak price of $2.92 on December 27, 2021, has fallen to $2.11 on January 6, 2022, amid a broader risk-off day for risk assets.