Polygon NFT landscape has its historic moment, more inside

NFT MARKET_WATCH

NFT sales worth more than $36 million were recorded on Polygon PoS in the last week. 

The driving force was the collections from Web3 game Gas Hero.

Polygon’s [MATIC] non-fungible token (NFT) ecosystem was in the middle of an impressive show, compelling market observers to sit up and take notice.

Historic feat for Polygon

Recently, the network reached a historic milestone after it overtook traditional powerhouse Ethereum [ETH] in 24-hour NFT sales for the first time, according to an X (formerly Twitter) post.

At press time though, Polygon slipped back to the third position, AMBCrypto discovered using the latest data from CryptoSlam.

However, even temporarily outperforming its base layer in one of the important Web3 sectors was a significant achievement for a layer-2 (L2) network.

Polygon’s NFT landscape witnessed a considerable expansion since the start of 2024. NFT sales worth more than $36 million were recorded in the last week, marking a threefold jump from the period before.

This was the network’s best performance in the NFT realm since August 2023.

Gas Hero turns out to be the catalyst

The driving force behind the Polygon NFT boom was the collections from Web3 game Gas Hero. Their contribution was also recognized by Polygon co-founder Sandeep Nailwal.

Indeed, Gas Hero Common Heroes was the most traded collection in the last 24 hours, with sales exceeding $3 million. The collection even trumped Ordinals NFTs that catapulted Bitcoin [BTC]  to the top of the rankings.

Launched just a few days back, Gas Hero brands itself as a social-strategy Web3 game.

Players form squads of heroes and send them into battle to acquire power, collect NFTs, and earn GMT, the token that underpins the ecosystem of Find Satoshi Lab, the game creator who was also behind the well-known Web3 lifestyle app STEPN.

AMBCrypto observed DappRadar’s data and observed a sharp rise in active users and transactions for Gas Hero on the day of the launch. Though the activity tapered down in subsequent days, the game has been an out-and-out success.

MATIC falls on expected lines

Meanwhile, Polygon’s native token MATIC succumbed nearly 6.8% in the last 24 hours, AMBCrypto found out using CoinMarketCap’s data.

The slump was part of a broader trend in the market as traders looked to rotate capital from altcoins to Bitcoin, which was expecting its first spot ETF in the U.S.

Source : AMBCrypto by Aniket Verma / Jan 8, 2024

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