As Polygon Poised to Outshine Ethereum in the NFT Sales Market?

February 10, 2023

By Murtuza Merchant

Polygon has once again proven to be a leader in the NFT sales market, outpacing Ethereum for the second consecutive month on OpenSea. 

In January 2023, the popular blockchain solution recorded an impressive 1.5 million NFT sales, while Ethereum reported 1.1 million, according to the Dune dashboard.

This noteworthy achievement follows Polygon’s billion-plus transactions in 2022 and its growing popularity among NFT traders.

One of the reasons behind Polygon’s success is its compatibility with Ethereum, making it an attractive alternative for NFT traders looking to avoid the high gas fees that have plagued the Ethereum network. 

Additionally, Polygon’s commitment to being carbon-neutral has won it accolades among environmentally conscious NFT traders. The network has also secured partnerships with major companies like Reddit, Meta, and Adobe, further strengthening its position in the NFT market.

At present, Polygon has over 224,000 active NFT traders, while Ethereum boasts 319,000. Despite the larger number of users, Ethereum remains the dominant player in terms of overall value, with its traders valued at $446 million in January, compared to Polygon’s $15.4 million.

It’s worth noting that Polygon has come a long way since its inception in 2017 as Matic. 

The network’s cost-effective gas fees, compatibility with Ethereum, and commitment to being environmentally friendly are just some of the reasons why it continues to attract more NFT traders and capture market share from Ethereum. As the NFT market continues to grow, it will be interesting to see how Polygon and Ethereum compete for dominance.

About the author

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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