Ethereum and Polygon show market resilience despite NFT sales slump

  • Stock Market News
Ethereum and Polygon show market resilience despite NFT sales slump

Despite a significant drop in Non-Fungible Token (NFT) sales on the OpenSea platform, Ethereum (ETH) and Polygon (MATIC) have shown resilience in the market, driven by anticipation of Bitcoin Spot ETF approval, new partnerships, increased Ethereum staking, and zkEVM adoption.

NFT sales for Ethereum plummeted from $659 million in January 2023 to $74 million by September, while Polygon's sales dropped from $109.12 million to $4.5 million during the same period. Despite this downturn, both cryptocurrencies demonstrated improved market performance in October. ETH increased by 8.7%, while MATIC rose by 14.3%. If network activity continues to rise, analysts predict that ETH could increase by 17.1% to $2,120 and MATIC by 42.2% to $0.923.

In contrast to the decline in OpenSea's NFT sales, NuggetRush (NUGX) is preparing to launch a play-to-earn mining game with high earning potential. The game features a richly detailed virtual landscape with NFT characters such as skilled miners and business professionals. Players will mine mineral resources and receive real-world rewards through NFT to gold conversion using the NUGX token, which is currently in its Initial Coin Offering (ICO) presale stage. Given its growth prospects, analysts believe that NUGX is one of the most promising new ICOs on the market today.

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