Polygon and Solana saw significant growth in trading volume during the NFT summer of 2023. Both blockchains experienced a surge in NFT trade volume and trade counts, with Polygon reaching nearly $17 million in trade volume and Solana also experiencing a substantial increase. However, despite the strong performance in trading metrics, both tokens saw a decline in price due to a bearish market condition.
The NFT market’s popularity started to decline in the third quarter of 2023. Bored Ape Yacht Club and Y00ts, two popular NFT collections, saw drops in average price and trading volume. This decline in interest was also evident in the overall ecosystem, with a popular NFT marketplace ceasing its operations and data from CRYPTOSLAM showing a drop in Polygon and Solana’s NFT sales volume and total transactions.
Despite this downturn, there is still the possibility of renewed interest in Polygon and Solana’s NFT ecosystems. The blockchain platforms have been making efforts to expand their respective ecosystems, such as Polygon’s recent announcement of Pokemon Cards Pack selling hundreds of NFTs and Solana Daily highlighting the top-performing NFT collections in its ecosystem.
In terms of market performance, SOL has seen a 3.52% increase in the last seven days, with a market cap of over $8.1 billion. On the other hand, MATIC has experienced a 3% drop in the last 24 hours, with a market cap of over $4.8 billion.
Overall, while the NFT market experienced a decline in popularity and trading volume, there is still the potential for a revival in interest in Polygon and Solana’s NFT ecosystems, especially with their efforts to expand and attract new projects.