In the last two months, more Polygon NFTs have been purchased on OpenSea than Ethereum, but most of these assets are low cost.
Polygon sold more individual NFTs than Ethereum on OpenSea for the second consecutive month, according to public blockchain data compiled by the Dune dashboard.
In January, OpenSea processed over than 1.5 million sales of NFTs on the Ethereum sidechain Polygon, whereas Ethereum’s mainnet recorded more than 1.1 million sales via the same marketplace. This trend continues from December, when 1.3 million NFTs were sold on Polygon via OpenSea compared to just over 1 million Ethereum NFTs.
Ethereum has been viewed as the premier blockchain for NFTs for a long time, and it hosts the majority of high-value initiatives even through its every once in a while high gas fees. More and more assets are being traded on the sidechain as Polygon continues to forge collaborations with significant brands such as Meta, Starbucks, and Reddit, and as additional game projects influence the scaling network.
The Ethereum merge reduced mainnet energy consumption by 99.998%, but it didn’t fix the network’s gas fees, which can exceed the asset’s base price.
— Ryan Wyatt(@Fwiz) February 1, 2023
The controversial Donald Trump digital trading cards were the top Polygon NFT collection in January, according to OpenSea, with almost 5,500 sales across all Polygon marketplaces and 1,743 ETH (nearly $2.8 million) in trading volume. Planet IX had 5 million sales in the last 30 days across all marketplaces, Sunflower Land had 1 million, Mocaverse had 42,000, and Lympo Athletes had 37,000.
Most of these sales are low-cost assets for metaverse worlds or Web3 games. Sunflower Land and Planet IX are selling NFT assets for pennies of ETH, lowering the average sale price for Polygon-based NFTs over that period.
Polygon sold more than Ethereum, but Ethereum traded more value. Ethereum traded $446 million in January on OpenSea, whereas Polygon NFTs sold $15.4 million. Since Polygon has sold about 1.5 million NFTs, the average sale price is around $10.
This is not the first time that the overall number of Polygon NFT sales in a month has been higher than the number of Ethereum sales. Late 2021 and early 2022 show a similar rise in sales for Dune, but then the number of Polygon sales dropped sharply until just recently.
The most expensive and sought-after NFTs are still on Ethereum, which has a lot more trading volume than Polygon. However, the sidechain network is becoming a destination for gaming NFTs and low-cost collectibles, which could help NFT adoption by reaching more people.
Cover Image Source: simplehold.io
