According to data from the dune boardthe number of unique polygonal NFTs sold on OpenSea has surpassed 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 compared to the 1 million NFTs that were sold on Ethereum, this pattern has not abated. 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 marketplace. .
The exponential growth of Defi and NFTs on the Ethereum network since 2020 has resulted in increasing 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 measurement used to calculate transaction fees. These fees have led to the search for alternative solutions such as Polygon, Solana, and Avalanche, which offer lower transaction costs and provide more efficient chains for hosting high-volume NFT collections.
Thanks to its partnerships with well-known companies like Reddit, Polygon’s NFT marketplace is seeing a surge in adoption. Despite the crypto market downturn, the number of new and returning buyers on Polygon’s NFT marketplace reached record levels in December 2022, according to data from blockchain analytics firm Nansen.
Nearly a billion successful transactions were processed on the @0xPolygon blockchain last year⚡️
Look at this @DuneAnalytics Polygon review panel in 2022📊
📍https://t.co/XOPURG8LH4 pic.twitter.com/D3uFQ1uf3b
—James (@JamesT0lan) February 5, 2023
Polygon Rise as a Destination for NFT Games and Affordable Collectibles
According to a recent analysis, Polygon outperformed Ethereum by a small margin. However, the number of merchants on Ethereum still exceeds that of Polygon, with Ethereum having 319,641 merchants and Polygon having 224,719.
Although Polygon has sold more non-fungible tokens than Ethereum since the start of the year, Ethereum still has a much higher market value overall. On OpenSea, Ethereum transactions in January were worth around $446 million, while Polygon NFT sales were only worth $15.4 million. In the last 7 days according to Cryptoslam data, Ethereum has had $179 million in sales while Polygon has only $2 million in sales.
It is worth noting that this is not the first time that Polygon NFT’s total number of monthly sales has surpassed Ethereum. Late 2021 and early 2022 saw a similar increase in sales, but then the number of Polygon sales declined until recently. Most of the most popular and expensive NFTs, like the Bored Ape Yacht Club, are still on Ethereum, which has much more trading volume than Polygon. However, the sidechain network is gaining traction as a destination for low-cost NFT games and collectibles, which could help drive broader NFT adoption by reaching a broader audience.
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*All investment/financial opinions expressed by NFT Plazas come from the research and experience of our site moderators and are intended for educational purposes only. People are required to thoroughly research any product before making any investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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