How Polygon’s zkEVM and NFTs are shaping the ecosystem

• Polygon’s NFT trade count and trade volume plummeted sharply last month. 
• MATIC’s price was also down, but a few metrics looked bullish. 

Polygon’s [MATIC] NFT ecosystem has witnessed a massive plummet in its metrics in the last 30 days. This decline clearly suggested less usage. However, with Polygon 2.0, zkEVM, and NFTs gaining traction over the past few days, the scenario might change.  

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Read Polygon’s [MATIC] Price Prediction 2023-24

While the possibility of the blockchain’s NFT ecosystem flourishing remained, zkEVM continued to reach new highs, reflecting the increased popularity of the roll-up.

Polygon 2.0 might have a positive impact

As per CryptoSlam, the blockchain’s NFT sales volume declined by more than 39%. On top of that, Santiment’s chart pointed out that the blockchain’s total NFT trade counts sank substantially.

The total NFT trade volume in USD followed a similar route, which looked concerning. 

However, things could soon turn in the blockchain’s favor as hype around Polygon 2.0 increases. In fact, One Planet, an NFT marketplace, hinted that it would soon launch on Polygon 2.0.

As per the tweet, the launch will look to tackle the bear market and help turn things around in Polygon’s favor.

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It’s coming… 🟪🌊 pic.twitter.com/QOC3CyTptK

— OnePlanet (@OnePlanet_NFT) July 26, 2023

Also, a few days ago, the Polygon 2.0 zkEVM Saga Campaign went live. Participating in the Quest will allow members to become one of the first to access a zkEVM exploration adventure. Moreover, zkEVM also made it to the news recently as its daily transaction count reached a new ATH of over 83,000 on 26 July. 

Source: Polygonscan

Thanks to the uptick in daily transactions, the roll-up’s daily gas usage also spiked over the last few days. Additionally, the roll-up also managed to increase its value, which was evident from the rise in its TVL over the last month. 

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MATIC is under pressure

Polygon 2.0’s hype did not translate into benefits for investors as MATIC’s price action continued to be under bears’ control. According to CoinMarketCap, MATIC was down by more than 7% in the last seven days.

At the time of writing, it was trading at $0.7119 with a market capitalization of over $6.6 billion, making it the 12th largest crypto.

However, quite a few metrics suggested a trend reversal. For instance, as per CryptoQuant, MATIC’s stochastic was in an oversold zone. Its exchange reserve was also declining, suggesting that buying pressure was increasing. 

Source: CryptoQuant