Polygon NFTs on OpenSea outsell Ethereum yet again

Polygon NFTs on OpenSea outsell Ethereum yet again

For the past two months, the number of unique Polygon NFTs sold on OpenSea has overtaken that of Ethereum-based collectibles. 

New record on OpenSea by Polygon NFTs

Towards the end of last year, Polygon NFTs accumulated $324 million, surpassing 2021 volumes and setting a new record. According to reports, polygon NFTs have greatly increased their volume sales on the OpenSea marketplace.Β 

According to data from a Dune Dashboard, OpenSea saw about 1.3 million Polygon-based NFTs sales compared to the 1 million Ethereum sales in December 2022. Coincidentally, Donald Trump launched his NFT collection on Polygon’s Layer 2 network in December 2022 being one of the many mainstream projects to do so in the last year.

The upward trend has been fairly consistent, as OpenSea recorded similar data during January 2023. The Polygon Layer 2 chain sold more than 1.5 million NFTs, while the Ethereum mainnet only sold 1.1 million NFTs on the same marketplace.Β 

Since 2020, there has been a rampant growth of DeFi and NFTs on the Ethereum network. This growth has led to increased transaction volumes, network clogging, and a hike in gas fees during peak usage times. Due to the high prices, traders are looking for alternate solutions like Polygon, Solana, and Avalanche, which offer efficient and cheap chains to deal with high-volume NFT collection at a lower cost.Β 

Gaming NFTs and Affordable Collectibles find space on Polygon

Polygon has experienced a surge in adoption due to its partnership with well-known companies like Reddit and Starbucks. This, alongside the market for low-cost collectibles, has gained Polygon traction by reaching a larger audience.Β 

Gaming projects are tapping into the scaling networks, and more assets are traded on the sidechain network, further aiding a broader NFT adoption. According to data from blockchain analysis firm Nansen, the number of buyers in the Polygon NFT market was highest in Dec 2022.Β 

Although Ethereum has a higher overall traded volume, with the number of traders on Ethereum (319,641) still exceeding that of Polygon (224,719), Polygon overtook Ethereum by a small margin. Moreover, Polygon has sold more NFTs than Ethereum since the year began. 

According to analysis, Ethereum trades in January were worth about $446M, while Polygon was only worth $15.4M. According to Cryptoslam, Ethereum has had about $200M in sales against Polygon’s 2M sales in the past week. 

However, this is not the first time that the total number of monthly Polygon has outdone Ethereum. There was a similar rise in late 2021 and early 2022, but the sales dropped sharply before the recent resurge. Many popular and expensive NFTs like BAYC are still on the Ethereum mainnet, which has substantially more trading volume than Polygon.Β 

Polygon NFTs’ general position in the marketplace

Polygon NFT collectibles have had good sales across all marketplaces. For example, Planet IX recorded about 5 million sales, and Sunflower Land had 1 million sales over the last 30 days. However, most of these sales are low-cost assets to be used in metaverse worlds or web3 games, thus the low average sale price for Polygon NFTs.Β 

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