Polygon NFTs on Opensea Outshine Ethereum Once Again

According the Dune Dashboard data, the number unique Polygon NFTs that have been sold on OpenSea outnumbered the number of Ethereum-based collectibles in the past two months.

This pattern has continued unabated since December, when OpenSea sold 1.3 million NFTs compared to the 1,000,000 NFTs on Ethereum. OpenSea reported that it sold more than 1.5 million NFTs via the Polygon layer 2 Chain in January. The Ethereum mainnet, however, reported more than 1.1million NFTs through the same market.

The Ethereum network has seen an exponential increase in Defi and NFTs since 2020. This has led to increased transaction volumes and network congestion. Each transaction on a blockchain network involves paying a certain amount gas. This is a unit of measurement used to calculate transaction fees. This has led to the search for alternatives such as Polygon and Solana which have lower transaction costs and more efficient chains that can host large volumes of NFT collections.

Polygon’s NFT marketplace is seeing a rise in adoption thanks to partnerships with companies such as Reddit. According to Nansen, data from the blockchain analytics firm Nansen, Polygon’s NFT Market saw record numbers of new and returning buyers in December 2022 despite the market downturn.

Polygon Rise is a Destination For Gaming NFTs And Affordable Collectibles

Recent analysis shows that Polygon has outperformed Ethereum slightly. Polygon still has more traders than Ethereum, but Polygon reports 224,719.

Although Polygon has sold more nonfungible tokens since the beginning of the year than Ethereum, Ethereum still has a higher traded value. OpenSea shows that Ethereum trades were valued at $446 million in January, while Polygon NFT sales only reached $15.4 million. According to Cryptoslam data, Ethereum had $179 million in sales over the past 7 days while Polygon only has $2 million.

It is worth noting, however, that this isn’t the first time that monthly Polygon NFT sales have surpassed Ethereum. The sales of Polygon NFTs increased in late 2021 and early 20,22, with a similar increase in the sales. However, Polygon sales declined until recently. The most expensive and popular NFTs, such as the Bored Ape Yacht Club are still on Ethereum. This network has much more trading volume than Polygon. The sidechain network is growing in popularity as a destination for gaming NFTs or low-cost collectibles. This could lead to wider NFT adoption and help reach a wider audience.

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*All opinions regarding investment and financial matters expressed by NFT Plazas come from the site’s moderators’ experience and research. They are meant to be educational and not for profit. Before making any investment, individuals are responsible to thoroughly research the product.

NFT Plazas first published the post Polygon NFTs on Opensea Outshine Ethereum One More

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