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According to data from the Dune Dashboard, the number of unique Polygon NFTs sold on OpenSea has overtaken the number of Ethereum-based collectibles for the past two months in a row.
Since December, when OpenSea handled the sale of 1.3 million NFTs in comparison to the 1 million NFTs that were sold on Ethereum, this pattern has persisted unabated. OpenSea reported the sale of more than 1.5 million NFTs on the Polygon layer 2 chain in the month of January, while the Ethereum mainnet reported sales of more than 1.1 million NFTs through the same market.
The exponential growth of Defi and NFTs on the Ethereum network since 2020 has resulted in increased transaction volumes, causing network clogging and skyrocketing gas fees during peak usage times. Basically, every transaction on a blockchain network requires paying a certain amount of gas, a unit of measure used to calculate transaction fees. These fees have led to a search for alternative solutions such as Polygon, Solana, and Avalanche, which offer lower transaction costs and provide more efficient chains to host high volume NFT collections.
Thanks to its partnerships with well-known companies like Reddit, Polygon’s NFT market is experiencing a surge in adoption. Despite the crypto market downturn, the number of first-time and returning buyers in Polygon’s NFT market hit record highs in December 2022, according to data from blockchain analytics firm Nansen.
Almost 1 billion successful transactions were processed on the @0xPolygon blockchain last year⚡️
Check out this @DuneAnalytics dashboard reviewing Polygon in 2022📊
📍https://t.co/XOPURG8LH4 pic.twitter.com/D3uFQ1uf3b
— James (@JamesT0lan) February 5, 2023
Polygon Rise as a Destination for Gaming NFTs and Affordable Collectibles
According to recent analysis, Polygon outperformed Ethereum by a small margin. However, the number of traders on the Ethereum still exceeds that of Polygon, with Ethereum having 319,641 traders and Polygon reporting 224,719.
Even though Polygon has sold more non-fungible tokens than Ethereum since the start of the year, Ethereum still has a much higher traded value overall. On OpenSea, Ethereum trades in January were worth about $446 million, while Polygon NFT sales were only worth $15.4 million. In the last 7 days according to the data from Cryptoslam, Ethereum has had $179 million of sales while Polygon has only $2 million sales.
It’s worth noting that this isn’t the first time that the total number of monthly Polygon NFT sales has surpassed Ethereum. Late 2021 and early 2022 saw a similar rise in sales, but then the number of Polygon sales dropped until just recently. Most of the most popular and expensive NFTs, like the Bored Ape Yacht Club, are still on Ethereum, which has a lot more trading volume than Polygon. However, the sidechain network is gaining traction as a destination for gaming NFTs and low-cost collectibles, which could help drive broader NFT adoption by reaching a larger audience.
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*All investment/financial opinions expressed by NFT Plazas are from our site moderators’ research and experience and are intended as educational material only. Individuals are required to research any product before making any investment thoroughly.
NFT and Web3 Ambassador. Bullish on all things Blockchain.
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