Cosmetics Brand MAC Launches Keith Haring Inspired NFTs on Polygon

Key Insights:

• MAC Cosmetics is launching the collection in partnership with ConsenSys.
• Polygon NFTs have been losing traction over the days, which can be revived with this development.
• The last few days have observed a growth in MATIC’s price action as well.

After Ethereum, Polygon is known to be the second biggest NFT chain on Opensea. However, being on OpenSea limits its exposure since the DeFi king chain has considerable domination over the entire marketplace.

And while the effects of this domination are showing up on Polygon’s performance, some new developments might undo this damage.

Keith Haring NFTs on Polygon

Known to be 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 anti-crack, anti-apartheid, safe sex, homosexuality, and AIDS.

With AIDS being the cause of his death in 1990, the launch of this NFT is dedicated to preventing such fate for young people suffering from the same.

In line with that spirit, the proceeds generated from the sale of these NFTs will go towards supporting the youth impacted by HIV/AIDs.

The 5,275 NFTs collection is divided into three rarities. The red NFTs from the Keith Haring collection will be worth $25 each, and about 5000 of the same will be minted.

The rarer category of blue NFTs will cost around $150, and only 250 of them will exist. The highest rarity is for the yellow NFTs, of which only 25 will be minted, and each will cost $1000.

This could be a massive opportunity for Polygon to drive its NFT sales up.

Polygon and NFTs

In the last few weeks, Polygon has noted a sharp decline in the volume and number of NFTs it has sold. While figures peaked in January, February did not witness a stark drop.

But the gradual decline triggered in February, led to Polygon NFTs’ volume dropping from $3.9 million to less than $1 million as of today.

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

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

As it is, MATIC has rallied by 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. Retesting it as support would act as a huge push for the altcoin in the future.