Polygon overtakes Ethereum with 1.5M NFT sales on OpenSea


  • In January 2023, the number of NFTs exchanged on OpenSea increased significantly.
  • In regards to monthly lending amount, quantity of deals, the NFT lending environment has achieved an all-time best.
  • BendDAO was the biggest NFT lending mechanism in January, with nearly $36 million loaned.

With $444 million in monthly turnover during January, NFT lending had its best month yet. According to a fresh report from NFT Gators, polygon NFTs have once again eclipsed Ethereum in terms of volume. The boost in activity is mainly due to an increase in NFT lending. BendDAO had the highest volume in January, at $36 million, according to Dune analytics

The increase in NFT lending is part of a larger NFT revival. In January, 319,641 Ethereum customers traded 1,132,681 NFTs, while 224,719 Polygon members exchanged 1,514,895 NFTs on OpenSea. As a consequence, the ordinary NFT on Ethereum sold for $1390, purchasing 3.54 NFTs in aggregate. In comparison, Polygon had a retail price of $69 and an average of 7 NFTs per customer. As a result, Ethereum dealers invested an average of $4,920, whereas Polygon investors spent $483.

17,900 ETH was disbursed through 4,399 loans. The average loan amount was 4 ETH, with 29 ETH for each borrower and 61.5 ETH for each lender. The increased activity has also lowered the cost of NFT loans, with lenders paying an average of $90 in interest on each loan. Aside from the industry leader, BendDAO, other services such as NFTfi, X2Y2, and Arcade contributed $44.8 million. During the NFT bull market of 2021, loan volume was less than 1,000 ETH per month, and it previously peaked right before the Terra Luna disaster in May 2022.