Whales’ interest surging in Polygon (Matic) because of Reddit NFT marketplace launch

The healthy crypto Investors are showing significant interest in native tokens of Polygon because of the launch of the NFTs marketplace of Reddit on the Polygon network. 

Polygon is a big Proof-of-stake consensus model-based blockchain network. This project entered the crypto industry through a mainnet launch in May 2020. The initial aim of Polygon blockchain is to provide scalability to the Ethereum blockchain Network via its Layer2 scaling solution. The current position of Polygon is creating competition against all other crypto blockchain networks, including the Ethereum blockchain.

As all of us know very well that In early of this week, giat social media platform Reddit launched its Avtar NFTs concept-based marketplace. The whole thing is showing better outcomes for Polygon’s native token Matic. 

Reddit did the whole thing in partnership with Polygon because of the high scalability of the Polygon network, which can provide better ease for the Reddit NFT marketplace users. 

IntoTheBlock, a crypto & blockchain research platform, figured out that “whales holding below 10 and 100 million MATIC have been accumulating, taking advantage of lower prices”. So Investors are looking at Matic coins as the best game-changer. 

In particular, a significant surge can be seen in the trade volume of Matic coin, which has increased by around 29.6%. After the announcement of the Reddit NFTs marketplace launch on the Polygon network, the Matic coin saw an increment of 10% in its price.  

In the initial phase, Reddit’s NFTs marketplace will showcase only 90 designed avatars. And these limited numbers of avatars will be buyable for those Reddit users, which are members of r/CollectibleAvatars subreddit community. Avatars are publicly not shown. 

Reddit stated “You do not need cryptocurrency to purchase these avatars, nor are they being put up for auction…(..)… “Each avatar has been priced at a fixed amount and is purchasable with fiat.”

This was not the first time when Reddit launched its NFTs support feature. Earlier this, when Twitter introduced its NFTs to use as profile pictures, Reddit tested the Ethereum network supported NFTs. 

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