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Thursday, February 2, 2023
HomeCryptoNFT: Polygon beats Ethereum on OpenSea

NFT: Polygon beats Ethereum on OpenSea


It’s all true: Polygon, by means of the main world market OpenSea, bought extra particular person NFTs than Ethereum for the second consecutive month, in accordance with public blockchain knowledge curated by means of a Dune dashboard. However, it seems that these are principally low-cost property.

OpenSea and file NFT gross sales on Polygon: all the small print

In January, OpenSea dealt with greater than 1.5 million NFT gross sales on Polygon, a sidechain of Ethereum, whereas, Ethereum’s mainnet recorded simply over 1.1 million gross sales by way of the identical market.

This is according to the development in December, when 1.3 million NFTs have been bought on Polygon by way of OpenSea in comparison with just below 1 million NFTs on Ethereum.

Ethereum has lengthy been thought-about the main blockchain for NFTs and hosts the vast majority of high-value tasks, regardless of its generally excessive gasoline charges.

However, as Polygon continues to strike huge model offers with huge names akin to Meta, Starbucks, and Reddit, and as extra gaming tasks launch on the scaling community, an growing variety of assets are being traded on the sidechain.

Even although Ethereum’s merge, finalized in September, has diminished the vitality consumption of the core community by 99.998%, it has not solved the issue of community gasoline charges, which might generally exceed the bottom worth of the asset itself. In reality, a gasoline payment is a price that the Ethereum community expenses customers to finish a transaction.

In distinction, Polygon and tier-1 rivals of Ethereum akin to Solana and Avalanche supply exponentially decrease charges for consumer transactions and, in flip, have turn into more and more recognized for internet hosting extra inexpensive NFT collections.

At any price, in accordance with OpenSea, the most effective Polygon NFT assortment in January was the controversial Donald Trump digital buying and selling card, which noticed almost 5,500 gross sales throughout all Polygon marketplaces, with a buying and selling quantity of 1,743 ETH (almost $2.8 million).

However, in the case of the Polygon collections with the very best variety of gross sales throughout all markets in addition to OpenSea, one can’t fail to say Planet IX, which has recorded about 5 million gross sales previously 30 days, whereas Sunflower Land has recorded 1 million gross sales, Mocaverse 42,000 gross sales, and Lympo Athletes has amassed about 37,000 gross sales previously month.

Polygon and Ethereum: comparability of NFT gross sales numbers on OpenSea

It is price noting that the majority of Polygon’s NFT gross sales contain low-cost property to be used in metaverse worlds or Web3 video games.

In some instances, as with Sunflower Land and Planet IX, NFT property are bought for a number of hundredths of ETH, considerably decreasing the typical promoting worth for Polygon-based NFTs at the moment.

While Polygon has surpassed Ethereum within the complete variety of gross sales, Ethereum has nonetheless seen considerably extra worth traded total. Indeed, on OpenSea, Ethereum recorded a complete buying and selling quantity of about $446 million in January, whereas Polygon NFT gross sales amounted to solely $15.4 million.

So, with about 1.5 million NFT gross sales on Polygon, the typical promoting worth is about $10. Notably, this isn’t the primary time that the full variety of month-to-month gross sales of Polygon NFT has surpassed Ethereum.

Dune exhibits an analogous peak in late 2021 and early 2022, solely to see the variety of Polygon gross sales decline dramatically till the latest rebound.

More costly and fascinating NFTs, such because the Bored Ape Yacht Club, nonetheless stay on Ethereum, which is producing considerably extra buying and selling quantity than Polygon.

However, the sidechain community sees traction as a vacation spot for cheap gaming NFTs and collectibles, which may assist wider adoption of NFTs by reaching a a lot bigger viewers.

Donald Trump’s NFT assortment: gross sales skyrocket once more?

As anticipated, the most effective Polygon NFT assortment in January was Donald Trump’s digital collectible card, albeit one which has a controversial historical past behind it. In reality, Donald Trump’s NFT assortment condensed a lot of the wild volatility of the NFT area in its first 5 weeks of existence.

Specifically, it bought out instantly after which noticed rising costs and gross sales earlier than shortly collapsing. Now, it seems that gross sales are out of the blue skyrocketing once more.

Total each day gross sales quantity for the official Trump Digital Trading Cards assortment has elevated by almost 800% previously few weeks, from about $34,000 on Tuesday to over $306,000.

The variety of NFTs traded has elevated each day, however so has the typical promoting worth. CryptoSlam recorded 115 complete transactions at a mean promoting worth of $296 ETH per NFT. Then, the tally rose to 704 NFTs traded at a mean of $435 every.

Even although there is no such thing as a concrete cause for the sudden enhance in exercise, some specialists on Crypto Twitter imagine that the rise in demand is expounded to a report that the previous US president is planning a return to main social media networks.


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