Is NFT summer approaching?

Most indicators for Polygon NFT have been on the rise over the past few months.
MATIC rose 3%, but the indicator remained weak.

Polygon (MATIC) has seen a surge in activity in the NFT ecosystem over the past few months. This suggested that the NFT space, which had previously been enduring the winter, was gaining traction once again.
Does this mean 2024 will bring a fresh NFT summer to Polygon?
Polygon NFTs are making a comeback
The start of 2023 has been prosperous for the entire NFT ecosystem, with the industry thriving. However, the situation reversed in the second half of last year.
Nonetheless, Polygon’s NFT ecosystem has been gaining some traction over the past few months, which seems optimistic about the ecosystem’s growth.
Today, the popular X (formerly Twitter) handle In Polygon recently posted a tweet highlighting the growth of blockchain in the NFT space.
According to the tweet, Polygon’s NFT sales have surged to levels not seen in six months. This episode signaled renewed interest in MATIC NFTs, which could have a greater impact on the ecosystem in the coming months.

new:
Polygon NFT sales are surging to levels not seen in over six months. pic.twitter.com/M4iWtRTDOe
— Today In Polygon (@TodayInPolygon) January 5, 2024

AMBCrypto then looked at other data sets to better understand how the NFT space on blockchain is growing. Our analysis shows that the total number of NFT transactions on MATIC has gained upward momentum over the past seven weeks.
In addition, total NFT trading volume in USD also recorded a huge surge on December 6, 2023.
Source: Santiment
We looked at data from DappRadar to find a collection of NFTs on the blockchain that helped Polygon reach this level.
The top Polygon NFTs over the past 30 days appear to be Gas Hero Coupon NFT, Collect Trump, The Sandbox, and Genesis WildPas.
These collections have performed well over the past month and have been instrumental in improving Polygon’s NFT statistics.
While these indicators look optimistic, not everything is in Polygon’s favor. For example, analysis of Dune’s data showed that the unique address graph declined after a spike on December 25, 2023.
A similar decline was observed in terms of the number of transactions.
Source: Dune
MATIC is going strong.
While all this was happening, MATIC bulls stepped up their game as the token price chart turned green. According to CoinMarketCap, MATIC is up more than 3% in the last 24 hours alone.

Is your portfolio green? Check out the MATIC Profit Calculator

At the time of writing, it was trading at $0.8384, with a market capitalization of over $8 billion.
Thanks to rising prices, Polygon’s Social Volume has remained relatively high. However, it is surprising that despite the upward trend, MATIC’s MVRV Ratio and Weighted Sentiment have plummeted.
Source: Santiment