The world of Non-Fungible Tokens (NFTs) has been revolutionizing the art industry, and the blockchain technology that powers it is evolving at a breakneck pace. According to public blockchain data, for the second month in a row, more NFTs were sold on the Polygon network than on Ethereum via the largest NFT marketplace, OpenSea. This news marks a significant development for the NFT market and is a game-changer for NFT enthusiasts.
While Ethereum has long been the dominant blockchain for NFTs and has hosted most of the high-quality projects, Polygon is quickly gaining a foothold in the market. The increase in popularity is due to the integration of major brands such as Meta, Starbucks, and Reddit into the network, alongside the growing number of game projects on the Polygon network. These developments are fantastic news for the project and have resulted in the price of the MATIC token surging.
Polygon, along with other layer-1 Ethereum competitors like Solana and Avalanche, offers exponentially lower rates for user transactions than Ethereum. This affordability is crucial in solving the problem of gas costs, i.e., transaction fees on the network. Therefore, they are increasingly becoming the preferred hosting platforms for more affordable NFT collections.
The most popular Polygon NFT collection in January, according to OpenSea, was the controversial Donald Trump NFTs. They were responsible for over 5,500 transactions on all Polygon marketplaces, with a trading volume of 1,743 ETH (almost 2.5 million euros). Other popular NFT collections included Planet IX, Sunflower Land, and Mocaverse.
All in all, the outstanding performance of the Polygon network has led to the significant increase in the MATIC token’s price. At the time of writing, the price of one MATIC token is around $1.23, which is 13 percent higher than a day ago and even 24 percent higher than a week ago.
The rise of Polygon network is a testament to the rapid progress in the NFT market, and it’s exciting to see how it will continue to evolve in the future. With Polygon becoming a game-changer for the NFT industry, we can expect new players to enter the market, leading to more innovations and opportunities for artists, collectors, and enthusiasts alike