Polygon's Reddit NFTs hit a milestone; will the rest follow?

Polygon’s Reddit NFT collection achieves 10 million holders and $32.7 million in cumulative sales.
MATIC’s price continues to decline as social sentiment wanes.

Due to increasing collaborations across various sectors, the interest in Polygon NFTs has continued to surge. The interest shown in Polygon’s Reddit NFT collection was indicative of the growing enthusiasm around Polygon NFTs.

The number of Reddit NFT collection holders recently crossed the remarkable 10 million mark. Cumulative sales for the NFT collection amounted to an impressive $32,704,898, involving over 300,000 sales transactions. As a result, the current market value of these NFTs reached an impressive $39,611,774.

There are now over 10 million holders of the Polygon-based @Reddit Collectible Avatars, holding a total of 13.9M Avatars.@DuneAnalytics dashboard by @0xPolygon pic.twitter.com/XLDyDp9MV5

— NFTgators (@NFTgators) May 31, 2023

All that glitters

However, the same level of success couldn’t be seen for other NFT collections on Polygon. Notable collections such as y00ts and the Trump card collection have struggled to gain traction among users.

y00ts, a highly popular NFT collection on the Solana network, migrated to Polygon earlier this year. This was done so that the y00ts collection could appeal to a wider audience. However, according to data from Dapp Radar, the volume of y00ts NFTs traded witnessed a significant decline of 49.52% in the last 30 days. This decline has had a corresponding impact on the overall sales of the y00ts collection during this period.

Likewise, the Trump card collection experienced a substantial decline in the number of unique active wallets holding these NFTs. It thus, resulted in a decline of 65% in volume and sales. The decreased interest in these NFTs may be attributed, in part, to the diminishing social prominence of Polygon.

Source: Dapp Radar

Lunar Crush’s data revealed a 33.9% decrease in social mentions and Polygon’s social dominance over the last month. Additionally, the weighted sentiment surrounding Polygon declined, with negative comments outweighing the positive ones.

This negative sentiment inevitably impacted the price of Polygon’s native token, MATIC. The token experienced a material decline in terms of price over the same period.

Realistic or not, here’s MATIC market cap in BTC’s terms

Source: Santiment

Despite the declining price of MATIC, the transaction count of the token continued to rise steadily. Furthermore, the number of MATIC holders showed consistent growth. However, the accumulation of MATIC by these holders didn’t have a substantial positive impact on its price.

Interestingly, data from coinglass suggested that the number of long positions taken against MATIC increased. This indicated a level of confidence in the token’s future performance, despite MATIC’s declining price.