Polygon (MATIC) Records Significant Surge in NFT Transactions

Polygon (MATIC) records surge due to the increase in NFT transactions that are made on each protocol.

Polygon (MATIC) has been the forerunner for thirty days and thus proving it to be the best investment in the present situation. Polygon (MATIC) records surge with an increase of 55.29%, due to which every enthusiast is seeking to invest in Polygon. The huge impact on Polygon prices is due to NFT. The polygon platform has increased its NFT transactions reaching 1.5 million. In addition, Polygon is rescaling its potential with its layer 2 scalings, the platform being a solution for Ethereum providing less and quicker expensive transactions.

Polygon's popularity is increasing at a fast pace due to its inexpensive, secure, and quick transactions. For the same reason, the platform made NFT creators collect and participate in the NFT industry. Thus, secure transactions and the association of NFT transactions made Polygon an appealing platform.

In January 2023, Polygon made NFT sales of 1.5 million while Ethereum made just 1,1 million sales both of the platforms achieved training in the same marketplace. This milestone created a benchmark in Polygon's journey. Though Ethereum is considered to be the foremost blockchain for NFTs it holds the high worth projects which consumed high gas fees. While polygon deals with big names like Reddit, Starbucks, and Reddit.

The gas cost paid by polygon users is 9.50 Matic or it is US$15.86, while the regular price is less than US$0.01 for every transaction. Ethereum on other hand is priced at US$25 and it swings on the basis of network congestion.  

In contrast, Polygon keeps tough competition to Solana and Avalanche. With the fact that Polygon has made the highest number of sales in the market in contrast to Ethereum, the value of Ethereum is a more valued trade.

At the beginning of 2021, Polygon witnessed a bull market like ever before and reached the value of US$1 level. Further, at the end of 2021, it reached almost a high of US$2.92. It later swiftly dropped to 50% with a market loss. As per the expert's prediction, the Polygon is anticipated to reach US$10.38 by January 2027.

Investing in NFT platforms carry own advantages but risks as well. Investors will have the highest chance of boosting the revenues also additional early investors will receive additional tokens. Also, holders will get access to a decentralized autonomous organization (DAO) allowing them to take a stake in the project's future. However, there is also a risk with this the prices may incur a potential fall.