close
close

Cosmetics brand MAC launches Keith Haring-inspired NFTs on Polygon

Key ideas:

  • MAC Cosmetics launches the collection in partnership with ConsenSys.

  • Polygon NFTs have lost ground over the days, which can be revived with this development.

  • In recent days, we have also observed growth in the price action of MATIC.

After Ethereum, Polygon is known to be the second largest NFT chain on Opensea. However, being on OpenSea limits its exposure since the DeFi royal chain has considerable dominance over the entire market.

And while the effects of this dominance are showing on Polygon’s performance, new developments could repair this damage.

Keith Haring NFT on Polygon

Known for being an influential artist in the 1980s, Keith Haring was a pop artist who produced drawings, murals and more based on societal and political themes, including the fight against crack cocaine, the fight against apartheid, safe sex, homosexuality and AIDS.

AIDS being the cause of his death in 1990, the launch of this NFT aims to avoid such a fate for young people who suffer from it.

In line with this spirit, profits generated from the sale of these NFTs will be used to support young people affected by HIV/AIDS.

The collection of 5,275 NFTs is divided into three rarities. The red Keith Haring Collection NFTs will be worth $25 each, and approximately 5,000 copies will be issued.

The rarest category of blue NFTs will cost around $150, and only 250 of them will exist. The greatest scarcity is yellow NFTs, of which only 25 will be issued and each will cost $1,000.

This could present a huge opportunity for Polygon to increase its NFT sales.

Polygon and NFT

Over the past few weeks, Polygon has seen a sharp decline in the volume and number of NFTs sold. While the numbers peaked in January, February did not see a big decline.

But the gradual decline triggered in February led Polygon NFT volume to fall from $3.9 million to less than $1 million as of today.

But not only did it lose the sale and trading of these NFTs, it also lost its traders. Between January 2022 and this month, the number of active traders for Polygon NFTs plunged 61%.

However, with the sale of these NFTs and the recent rally seen by MATIC, traders could return to the network again.

As it stands, MATIC is up almost 23% in the last 15 days and has also managed to turn the 50-day SMA into support and is now looking to do the same with the 200-day SMA. Testing it again as support would be a huge boost for the altcoin going forward.

This article was originally published on FX Empire

More from FXEMPIRE: