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

With planetary brands consistently dropping their collections, NFT enactment connected the ascendant NFT marketplace OpenSea, utilizing the Polygon sidechain network, has been connected the emergence for respective months, hitting caller grounds highs successful January.

Users person been capable to commercialized NFTs connected OpenSea implicit the Polygon web since July 2021, and the enactment has grown successful popularity from the precise beginning. Polygon is an Ethereum Virtual Machine compatible sidechain to Ethereum, and by utilizing OpenSea connected Polygon, users tin prevention connected Ethereum state fees arsenic good arsenic acquisition faster transactions.

In a tweet thread, Polygon expert Simran Gogia says trading volumes connected OpenSea implicit Polygon reached $78.9 cardinal successful January with implicit 102,000 trades per day. According to Gogia, by utilizing Polygon alternatively of the Ethereum basal chain, users saved a full of $195.6 per month, averaging $0.04 per transaction.

On a regular basis, users prevention successful full $7.18 million, oregon astir $70 per transaction, according to Gogia.

People person much NFTs connected Polygon

Data derived from Dune Analytics confirms Gogia’s numbers. In January this year, the trading measurement implicit the Polygon web amounted to implicit $79 million, up astir 4% since December and up 465% since July 2021.

Polygon monthly measurement (source: Dune Analytics)

The upside from utilizing the Polygon web is evident by the precocious fig of mean NFTs traded by users. On Polygon, OpenSea users person traded 12 NFTs connected average, which is 2.7 times much than what users commercialized connected OpenSea utilizing the Layer-1 Ethereum basal chain. 

“[This is] driven by Polygon’s low-cost situation which further helps successful rendering opportunities to caller creators too,” Gogia tweets.

The downside of trading NFT implicit the Polygon web is deficiency of liquidity – There are simply a batch much imaginable buyers connected Ethereum Layer-1. In fact, looking astatine information from Dune Analytics, astir $5 cardinal worthy of NFT trades took spot connected the Ethereum basal concatenation successful January this twelvemonth alone.

However, successful January determination was really a somewhat higher fig of NFTs sold connected Polygon than connected Ethereum – 2.6 cardinal versus 2.4 cardinal respectively. This speaks to the willingness of users to commercialized much if they don’t person to walk arsenic overmuch wealth successful state fees.

Polygon monthly NFTs sold (source: Dune Analytics)

Top NFT projects contributing to volume

According to Gogia, the apical contributing projects to the trading measurement connected OpenSea utilizing the Polygon web successful January was Crypto Unicorns Market, Decentral Games ICE Poker > Zed Run, Chumbi Valley, and Crypto Raiders.

New fashionable NFT drops contributing to precocious trading volumes connected Polygon are parcels of existent property land successful “London” and “Tokyo” successful the Division Network metaverse, which has truthful acold reached a measurement of 290 ETH implicit the past 7 days, and Adidas Originals for Prada re-source with a trading measurement of 365 ETH.

“Polygon has established itself successful the domain, helping brands crossed the spectrum successful creating and enhancing their plus valuation. With Ryan Watt connected board, Polygon is acceptable to situation and execute caller frontiers,” Gogia tweets.

Ryan Wyatt is YouTube’s erstwhile Head of Gaming who conscionable precocious joined Polygon arsenic the person of Polygon Studios enactment crossed Gaming, Entertainment, Fashion, News, Sports, and more.