The top non-fungible token (NFT) by users, OpenSea, had Polygon blockchain on its ecosystem for a while. Nevertheless, it ‘extremely’ restricted crypto usage compared to the Ethereum network, which most of its users favored.
However, it appears that OpenSea wants to prioritize MATIC. The NFT marketplace revealed that Polygon’s MATIC would form an integral portion of Seaport (its new web3 protocol).
More for Less
The details revealed that MATIC would function outside transaction usage alone. Meanwhile, Polygon confirmed the OpenSea partnership. The blockchain highlighted that the move would mean quitting the 0x protocol for MATIC. Polygon had previously worked with this protocol.
Moreover, its presence on Seaport means the min price of any MATIC-listed NFT was $1. And not the previous limit of $5. The update means OpenSea’s Polygon transactions attract several creator fees, sales, and bundle listing. Also, users can expect cheaper gas charges.
Assessing Polygon’s NFT stats on OpenSea revealed that activities declined. DappRadar data shows sales volume through Polygon within the past week capped at around $1.13 million. That indicated a 26.82% dip, with 7,630 investors involved with a $73.91 average sale.
According to the available data, the present Polygon state highlighted the lowest the blockchain has been. However, can MATIC’s involvement attract the crowd?
We Can!
It appears the OpenSea update could have triggered some positive outcomes for MATIC. That’s because Santiment indicated surged participation in Polygon’s network activity. Though active addresses deteriorated to extreme lows on August 30, its uptick within the past day remained phenomenal. While publishing this post, MATIC’s active wallets stood at 128,000.
Meanwhile, the volume didn’t see massive hikes, surging only 3.90% to $451.76M.Let’s check MATIC’s momentum before concluding that Seaport integration is a lucrative step. While prices noted a somewhat weaker upside to $0.83, the OBV (on-balance volume) appeared to align with the active address hike.
The OBV stood at 25.66 billion as of August 29. Meanwhile, it noted improvements to 25.82 billion. For now, it could appear early for shots, according to investor attention, especially with the CMF (Chaikin Money Flow) dropping from 0.12 to 0.11 within 24 hours.
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