• The launch of the Donald Trump NFT Collection on Polygon gave a huge boost to NFT trading volumes on the blockchain.
• The MATIC token is available to Ethereum whales and was among the top ten most purchased tokens in a single day last week.

Although the cryptocurrency market has faced strong obstacles this year, the Polygon blockchain network has continued to scale further in its development process. Polygon has now become the second largest blockchain platform in terms of daily active users on Web3, leaving behind Ethereum, Solana and others.

According to the latest data, daily active users on the Polygon blockchain have reached close to 400,000. This user activity has been contributing to a daily income of almost $42,000 on the platform.

Daily active users on web3 👥⤵️

🥇BNB Chain ~1.1m
🥈 Polygon ~394.5k
🥉 Ethereal ~344.6k
4⃣ Solana ~120.3k
5⃣ Fantom ~58.2k
6⃣ Referee ~58k
7⃣ Open Mar ~54.4k
8⃣ Optimism ~49.3k
9⃣ Uniswap ~44.5k
🔟 Avalanche ~30k

How are these figures converted into fees paid by users? 🧵⤵️ pic.twitter.com/O6G2osoB55

— Token Terminal (@tokenterminal) December 18, 2022

Other data from blockchain analytics firm Nansen shows that more than 332,000 users minted or traded NFTs on the Polygon blockchain last week. The biggest development in the space has been the Trump NFT trading cards which contributed to the most expensive purchases.

He looks like a former US president. @realDonaldTrump has issued NFT

I heard they’re in @0xPolygonCan anyone confirm?

If yes, another big step for the widespread adoption of Polygon. I love that most utility NFTs choose Polygon as their base.pic.twitter.com/d0cHqdjlyM

— Sandeep | Polygon 💜 Top 3 for impact (@sandeepnailwal) December 15, 2022

Last week, former US President Donald Trump launched his NFT collection on his own social media platform Truth Social. He announced: “My official Donald Trump digital trading card collection is here! These limited edition cards feature amazing ART from my life and career! Collect all your favorite Trump digital trading cards.”

Read more: US President Launches Super Rare NFT Collection – Can It Score Big? Report

Note that the entire collection of NFTs released by Trump is minted on the Polygon blockchain with a total of 45,000 NFTs each trading at a retail price of $99. Interestingly, the launch of this NFT collection also turned out to be a huge success and was completely sold out within hours of launch.

Polygon is unlocking something big

All the developments taking place in the Polygon ecosystem have also made investors optimistic about the blockchain network. Real Vision CEO Raoul Pal said Polygon is about to “unlock something big.”

Pal shared his bullish outlook for Polygon along with two other blockchains, Solana and Avalanche. The investor believes that Polygon is about to change the crypto landscape and focus on tokenizing real-world assets. “I think the Polygon guys are [unlocking something big]also…” Pal said.

Last week, the Polygon blockchain network also announced the launch of Polygon Entangled. This was a major upgrade to the blockchain node protocol in the NaaS (Node as a Service) system. Despite being a Layer-2 solution itself, Polygon is giving stiff competition to some of the Layer-1 Ethereum competitors like Solana.

At the same time, Polygon’s native cryptocurrency MATIC has recently become available to Ethereum whales. Last week, Polygon MATIC was the most purchased digital asset by ETH whales in a single day on December 14.

ONLY IN: $MATIC @0xPolygon now in the top 10 of tokens bought among the largest 100 #ETH whales in the last 24hrs 🐳

Check out the top 100 whales here: https://t.co/N5qqsCAH8j

(and hello $BBW to see the data for the top 5000!)#MATIC #whalestats #babywhale #BBW pic.twitter.com/41C7tpFjhv

— WhaleStats (crypto whale tracking) (@WhaleStats) December 14, 2022

However, the MATIC price has been under selling pressure amid the market sell-off over the past weekend. At press time, MATIC is trading down 2.4% at a price of $0.79 and a market capitalization of $6.9 billion. It is down more than 10% on the weekly charts.