Polygon NFT sales on OpenSea reached 1.5 million in January

The Polygon blockchain reported more non-fungible token (NFT) sales than the Ethereum blockchain on the OpenSea marketplace for the second consecutive month. In January, OpenSea recorded 1.5 million Polygon NFT sales, while Ethereum NFT sales came in at around 1.1 million.

Polygon NFT sales on OpenSea hit 1.5 million in January

Polygon NFTs have been recording notable success in the past few months. In January, Polygon NFT sales on OpenSea beat Ethereum NFT sales. The trend was similar to what was reported in December, when Polygon NFT sales on OpenSea totaled 1.3 million, while Ethereum NFT sales were below 1 million.

The Ethereum blockchain has been leading in terms of NFTs created across different blockchains. Ethereum is also the home for some of the most popular NFT collections. However, there have been complaints about the high gas fees on the blockchain.

On the other hand, Polygon, a layer-two network running on Ethereum, has been gaining much popularity within and beyond the blockchain industry. In recent months, Polygon has secured partnerships with some of the largest brands like Meta, Reddit, and Starbucks. Gaming projects have also been launching on the network, raising the number of assets traded.

The Ethereum network is still plagued with high gas fees and slow transaction speeds despite the Ethereum Merge that happened in September last year. The Merge transitioned Ethereum from a proof-of-work to a proof-of-stake consensus, reducing the blockchain’s energy consumption by more than 99%. However, gas fees on the blockchain can sometimes be abnormally high.

On the other hand, Polygon and other Ethereum killers, such as Solana, offer significantly low gas fees. These networks are now attracting many NFT and gaming projects as the developers take advantage of the cost-effectiveness.

However, Polygon is only ahead of Ethereum in the total number of sales and not the value of the sales. In January, the total sales for Polygon NFTs on OpenSea were worth $15.4 million. This was notably less than the $446 million worth of Ethereum NFT sales on the marketplace.

Top NFT collections on Polygon

Data from OpenSea shows that the most traded Polygon NFT collection in January was the Donald Trump digital trading cards. The former US President released a controversial NFT collection that sold out in hours. The collection recorded around 5,500 sales across Polygon NFT marketplaces. This collection was sold for 1,743 ETH, worth around $2.8 million in trading volumes.

On the other hand, the Polygon NFT collections that reported the highest sales across different marketplaces other than OpenSea include Planet IX, which had around 5 million sales in the last month, and Sunflower Land, which had 1 million sales. On the other hand, Mocaverse reported 42,000 sales, while Lympo Athletes reported 37,000 sales in the last 30 days.

Most Polygon NFT sales on NFT marketplaces comprise low-cost assets used within metaverse worlds and Web3 gaming platforms. This has resulted in the low value of the total Polygon NFT sales.