Polygon is 'unlocking something big' as daily active Web3 users explode

The launch of Donald Trump’s NFT collection on Polygon gave a major boost to NFT trading volumes on the blockchain.
The MATIC token is up for grabs by Ethereum whales and was among the top ten tokens purchased on a single day last week.

While the cryptocurrency market has been facing severe headwinds this year, the Polygon blockchain network has continued to scale further on its development journey. Polygon has now become the second-largest blockchain platform in terms of daily active users in Web3 leaving behind Ethereum, Solana, and others.

As per the latest data, the daily active users on the Polygon blockchain have reached close to 400,000. This user activity has been contributing a daily revenue of nearly $42,000 on the platform.

Daily active users in web3 👥⤵️

🥇 BNB Chain ~1.1m
🥈 Polygon ~394.5k
🥉 Ethereum ~344.6k
4⃣ Solana ~120.3k
5⃣ Fantom ~58.2k
6⃣ Arbitrum ~58k
7⃣ OpenSea ~54.4k
8⃣ Optimism ~49.3k
9⃣ Uniswap ~44.5k
🔟 Avalanche ~30k

How do these figures convert into fees paid by users? 🧵⤵️ pic.twitter.com/O6G2osoB55

— Token Terminal (@tokenterminal) December 18, 2022

Another data from blockchain analytics firm Nansen shows that more than 332,000 users minted or either traded NFTs on the Polygon blockchain last week. The biggest development in the space has been the Trump NFT trading cards that contributed to the most expensive purchases.

Seems like ex US President @realDonaldTrump has issued NFTs

I hear that they are on @0xPolygon,Can anyone confirm?

If yes, another big step for Polygon’s mainstream adoption. Love that most utility NFTs choose Polygon as their base.pic.twitter.com/d0cHqdjlyM

— Sandeep | Polygon 💜 Top 3 by impact (@sandeepnailwal) December 15, 2022

Last week, former American president Donald Trump launched his NFT collection on his own social media platform Truth Social. He announced: “My official Donald Trump Digital Trading Card collection is here! These limited edition cards feature amazing ART of my Life & Career! Collect all of your favorite Trump Digital Trading Cards”.

Note that the entire NFT collection launched by Trump is minted on the Polygon blockchain with a total of 45,000 NFTs each trading at a retail price of $99. Interestingly, this NFT collection launch also turned out to be a wild hit and sold out entirely within hours of launch.

Polygon Is Unlocking Something Big

All the developments taking place in the Polygon ecosystem have also got investors bullish about the blockchain network. Real Vision CEO Raoul Pal said that Polygon is on the cusp of ‘unlocking something big’.

Pal shared his bullish outlook for Polygon along with two other blockchains, Solana and Avalanche. The investor believes that Polygon is on the verge of changing the crypto landscape and focusing on real-world asset tokenization. “I think the Polygon guys are [unlocking something big]too…” said Pal.

Last week, blockchain network Polygon also announced the launch of Polygon Entangled. This was a major upgrade to the blockchain node protocol on the NaaS (Node-as-a-Service) system. Despite being a Layer-2 solution itself, Polygon is giving tough competition to some of the Layer-1 Ethereum competitors such as Solana.

At the same time, Polygon’s native cryptocurrency MATIC has been up for grabs by Ethereum whales recently. Last week, Polygon MATIC was the most purchased digital asset by ETH whales on a single day on December 14.

JUST IN: $MATIC @0xPolygon now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳

Check the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see data for the top 5000!)#MATIC #whalestats #babywhale #BBW pic.twitter.com/41C7tpFjhv

— WhaleStats (tracking crypto whales) (@WhaleStats) December 14, 2022

However, the MATIC price has come under selling pressure amid the broader market sell-off over the last weekend. As of press time, MATIC is trading 2.4% down at a price of $0.79 and a market cap of $6.9 billion. It is down by more than 10% on the weekly charts.