- Polygon processed higher NFT sales than Ethereum.
- Ethereum remains the preferred blockchain for NFTs.
- Donald Trump digital cards in trading in January.
On Etherscan’s sidechain Polygon in January, OpenSea handled more than 1.5 million NFT sales. In December, sales on the same marketplace totaled just under $1 million.
Ethereum remains the preferred blockchain for NFTs and is home to most high-value projects, despite occasional gas price increases. However, as gaming projects use the scaling network, more assets are being exchanged on the sidechain. Polygon continues to sign important sponsorship deals with household names like Starbucks, Reddit, and Meta.
Although Ethereum’s coalition lowered the mainnet’s energy use by 99.998%, it didn’t address the network’s gas costs. These costs can outweigh the base price of the commodity itself. To complete a transaction on the Ethereum network, users must pay a “gas fee.”
The most popular Polygon NFT set in January was the Donald Trump collection of digital trading cards. Most sales occurred on Planet IX and Sunflower Land across all marketplaces. Lympo Athletes recorded roughly 37,000 retail sales, and Macoverse recorded 42,000 sales.
It’s important to note that most of these transactions are for low-cost items used in Web3 or metaverse games. Offering some NFT assets, including Planet IX and Sunflower Land, for pennies’ worth of ETH during that time significantly reduced the average price for polygon-based NFTs.
The value traded on Ethereum is still significantly higher than Polygon. In January, Polygon NFT sold for just $15.4 million on OpenSea. The average sale price for 1.5 million NFT transactions on Polygon is about $10.
According to information from coinmarketcap.com, the total monthly sales of Polygon NFT have surpassed Bitcoin for the second time in three years. Dune showed a peak in late 2021 and early 2022, but after that, sales of Polygon decreased significantly.
Polygon’s sidechain network is famous for gaming NFTs and inexpensive trinkets. Polygon might aid widespread NFT adoption by reaching a much wider audience. The Bored Ape Yacht Club is traded on the Bitcoin network.