- Polygon and Solana’s NFT trading volume exceeded $16 million during the NFT summer.
- SOL rose 3% over the past week, while MATIC’s price fell.
The first half of 2023 was exciting for crypto enthusiasts as the overall NFT ecosystem flourished. Not only Ethereum [ETH] – A major player in the NFT world – witness an increase, but the statistics of other prominent blockchains also skyrocketed.
Read Polygon [MATIC] Price prediction 2023-24
For example, Polygon [MATIC] And Solana [SOL] recorded substantial growth in trading volume over the past NFT summer. However, all seasons must change. To that extent, there was a huge drop in the metrics, along with price drops for multiple NFT collections.
Everything about the NFT Summer 2023
The entire NFT market boomed in March 2023, as trading volumes soared. This was evident in The Block’s data, which showed that NFT trading volumes across most blockchains skyrocketed.
Source: Het Blok
To determine this exactly, let’s look specifically at Polygon and Solana. Santiment’s chart showed that Polygon’s NFT trading volume spiked to nearly $17 million during the final days of March, marking the start of NFT summer.
During that period, Polygon‘s trading volume reached the $18 million mark. A similar upward trend was also noted in terms of the number of trade counts.
Source: Santiment
Not only Polygon, but also Solana’s graph was very similar as the stats also skyrocketed. Solana’s NFT trading numbers and USD trading volume increased significantly during that period.
The only difference between both blockchains was the price actions of their native tokens. Notably, both tokens witnessed a decline in their prices during that period, thanks to bearish market conditions.
During the last part though SOL reacted differently. This was evident from the fact that the price of the token started moving during the last days of June, earning it a spot on the list of the top 10 cryptos by market capitalization.
Source: Santiment
The tides have now changed direction
The good days didn’t last long as the popularity of the NFT market has declined since the third quarter of this year. The hype and high numbers subsided as trading volume in the NFT market dropped, and the trend remained the same until the time of writing.
For reference: DappRadar’s facts revealed that Bored Ape Yacht Club [BAYC]one of the most popular NFT collections in the world, saw its average price drop by more than 15% over the past 30 days.
Y00ts, yet another popular NFT collection, also suffered a similar fate as its average price and trading volume dropped by almost 40% and 70% respectively. This suggested that community interest in NFTs was waning, which was worrying for the overall ecosystem.
Moreover, a few months ago, a popular NFT marketplace also ceased operations. Just two years after its highly anticipated launch, Recur ceased operations despite a $50 million fundraising round and notable investors.
CRYPTOSLAMS facts it appeared that the downward trend continued. Polygon‘s NFT sales volume and total transactions are down 50% in the last 30 days.
Not only Polygon, but also Solana’s stats dropped. Sales volume and total transactions fell by 14% and 8% respectively.
Source: CRYPTOSLAM
Will Polygon and Solana’s NFT ecosystems revive?
While the NFT summer may have ended a few weeks ago, the possibility of renewed interest in Polygon and Solana NFTs in the near future cannot be ruled out. This seemed likely given the blockchain’s efforts in expanding their respective ecosystems.
For example, Sandeep Nailwal, co-founder of Polygon, recently revealed some notable news.
NFT ecosystem @onPolygon_ continues to push forward https://t.co/v0Es8vKmjR
—Sandeep Nailwal | sand deep. polygon 💜 (@sandeepnailwal) September 21, 2023
In some good news, Pokemon Cards Pack, an NFT collection, recently sold hundreds of NFTs within hours of launch. Solana Daily also unveiled a list of the best performing NFT collections of the week in its ecosystem.
According to the tweet, The Heist was the most traded NFT collection last week, followed by VTOPIA and Famous Fox.
Most traded NFT collectibles on Solana last 7 days🔥🔥
🥇 @playtheheist
🥈 @vtopiaio
🥉 @FamousFoxFed@MadLadsNFT@DegenApeAcademy@Solcasinoio@DowngrApes_NFT@oogyNFT@GalacticGeckoSG@FidelionNFT@MagicEden #Solana $SOL pic.twitter.com/BKaLZogtib— Solana Daily (@solana_daily) September 19, 2023
Realistic or not, here it is The market capitalization of SOL in terms of BTC
Despite the above developments, the network’s tokens continue to exist behaved differently. Remarkable, CoinMarketCapThe company’s data showed that SOL has risen more than 3.52% over the past seven days. At the time of writing, it was trading at $19.71 with a market cap of over $8.1 billion.
On the other hand, MATIC is down 3% in the last 24 hours. At the time of writing, it was valued at $0.5233 with a market cap of over $4.8 billion.