Wednesday, June 12, 2024

Polygon is outperforming Ethereum NFTs in OpenSea for the second month

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Popular blockchain solution Polygon leads the OpenSea NFT sales charts again! This is the second month that Polygon has outperformed Ethereum trading volume, with 1.5 million NFTs sold in January alone. In other words, the platform maintains its massive popularity after recording more than 1 billion transactions in 2022.

Portrait of the three polygon network founders
Recent reports show that the Layer 2 scaling solution has outperformed Polygon on Ethereum for the second month in a row. Credit: Twitter

polygon vs. Ethereum: Which is Leading the NFT Charts?

Recent Dune Dashboard reports showed that the popular Polygon network recorded a whopping 1.5 million NFT sales on OpenSea in January. In comparison, Ethereum has sold about 1.1 million NFTs in the same market. Surprisingly, this is the second month that Polygon has outperformed Ethereum.

Back in December 2022, Ethereum announced 1 million NFT sales on OpenSea while Polygon sales surpassed 1.3 million. While both networks are on the rise, Polygon is undoubtedly off to a better start in 2023.

For example, the network has initiated promising partnerships with giant companies like Reddit, Meta, Adobe, and more. Many users have switched to this alternative in 2022 as Ethereum gas prices skyrocket – one of the biggest issues in the NFT market.

Twitter screenshot of polygon vs.  Ethereum report
Although Polygon is outperforming Ethereum at the moment, the former is still leading the overall NFT trading volume charts. Credit: Twitterr

Is Ethereum really going down?

At the time of writing, Polygon has 224,719 active NFT traders, while Ethereum has 319,641 users. Moreover, Ethereum traded $446 million while Polygon barely surpassed $15.4 million in January sales.

In other words, the Ethereum network is not going anywhere anytime soon, and it will still be in a leading position overall. However, Polygon has come a long way since 2017 when it was founded (under the name “Matic”). The second layer scaling solution is carbon neutral, compatible with Ethereum, and cheap in terms of gas fees — three key aspects that continue to grow in popularity among NFT traders.

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All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is an educational material.

As always, do your research before making any type of investment.

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