Tuesday, September 19, 2023
HomeOpenseaHere’s why OpenSea users are buying more NFTs on Polygon

Here’s why OpenSea users are buying more NFTs on Polygon

As global brands consistently drop their collections, NFT activity at the leading NFT marketplace OpenSea using the Polygon sidechain network has increased for several months, hitting a record high in January.

The user was able to trade NFT High seas over- polygon Since July 2021, this option has been popular from the beginning. Polygon is a sidechain of Ethereum virtual machines compatible with Ethereum, and by using OpenSea with Polygon, users can not only save Ethereum gas charges, but also experience faster transactions.

By tweet threadAccording to Polygon analyst Simran Gogia, Polygon’s trading volume on OpenSea reached $ 78.9 million in January, with daily trading volume exceeding 102,000. According to Gogia, using Polygon instead of the Ethereum basechain saved users a total of $ 195.6 per month and an average of $ 0.04 per transaction.

According to Gogia, users can save a total of $ 7.18 million per day, or about $ 70 per transaction.

People have more NFTs with polygons

Data from Dune Analytics confirm The number of godia. In January of this year, Polygon Network trading volume exceeded $ 79 million, up almost 4% from December and up 465% from July 2021.

Polygon monthly volume
Monthly volume of polygons (Source: Dune Analytics)

Benefits of using polygon The network is evident in the high number of average NFTs that users trade. At Polygon, OpenSea users trade an average of 12 NFTs, 2.7 times more than users who trade on OpenSea using the Layer 1 Ethereum basechain.

“”[This is] Driven by Polygon’s low-cost environment, it’s even more helpful in providing opportunities for new creators, “Gogia tweeted.

The downside of trading NFTs over the Polygon network is the lack of liquidity. EthereumLayer-1 has far more potential buyers. In fact, according to Dune Analytics data, there are about $ 5 billion worth of NFT transactions on the Ethereum basechain in January this year alone.

But in January there were actually slightly higher numbers NFT Sold in polygons rather than Ethereum – 2.6 million vs. 2.4 million respectively. This shows that users are willing to make more deals if they don’t have to spend too much money on gas charges.

Monthly NFT sales of polygons
Monthly NFT of sold polygons (Source: Dune Analytics)

Top NFT projects that contribute to volume

According to Gogia, the project that contributed most to OpenSea’s trading volume using the Polygon network in January was Cryptographic unicorn market, Decentralized game ICE poker >> >> Zed Run, Chumbi ValleyWhen Cryptraders..

A new popular NFT drop that contributes to the high trading volume of polygons is a real estate parcel land In “London” and “Tokyo” of the division network Metaverse, which has reached 290 books so far ETH In the last 7 days, Adidas Originals for Prada has re-raised with a trading volume of 365 ETH.

“Polygon has established itself in this area, helping various brands create and enhance their asset valuations.” Ryan Watt On board, Polygon is ready to challenge and achieve a new frontier, “Gogia tweeted.

Ryan Wyatt is a former YouTube game director who recently joined Polygon as a leader in Polygon Studios organizations for games, entertainment, fashion, news, sports and more.


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