Polygon (MATIC) Eclipses Solana (SOL) by NFT Trading Volume Last Month
Polygon Community (MATIC) but once more strengthened its dominance within the section of non-fungible tokens (NFTs). Regardless of an enormous variety of wash-trading transactions, it exceeded Solana (SOL) by main buying and selling metrics and reveals no indicators of exhaustion.
Polygon (MATIC) processes 3x extra NFT-related transactions than Ethereum (ETH)
When it comes to 30-day cumulative quantity of NFT transactions, Polygon (MATIC) turned the preferred blockchain exterior Ethereum (ETH). As confused by its cofounder Sandeep Nailwal, that is the primary time his blockchain has reached this standing. Nailwal shared some potential causes of this marvelous upsurge.
.@0xPolygon NFT ecosystem, for the primary time, throughout a 30D interval will get on the second rank when it comes to traded quantity.
Few different observations:
1. That is when a number of Polygon NFT volumes are executed by video games and many others which course of funds through Credit score Playing cards and many others however solely switch NFTs… pic.twitter.com/eJk1o78q87— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 15, 2023
To start with, the Web3 video games section is accountable for almost all of Polygon’s NFT buying and selling quantity. Video games with bank cards help additionally contributed to Polygon’s success on this subject.
Regardless of being the second NFT-centric chain by buying and selling quantity, Polygon (MATIC) exceeds Ethereum (ETH) by the variety of transactions by 200%. Nearly all of these transfers are micro-payments, which excites Nailwal probably the most:
Which means there may be a number of micro transactions occurring which is finally the dream of crypto. So that is encouraging.
On this rivalry, Polygon (MATIC) overcomes Solana (SOL), which has been promoted as a go-to blockchain for NFTs. In Q1, 2023, some main NFT initiatives migrated from Solana (SOL) to Polygon (MATIC).
As an illustration, such migration was initiated by y00ts, one of the fashionable NFT platforms.
Wash buying and selling stays downside for Ethereum, Polygon
Additionally, the variety of consumers on Polygon (MATIC) is 30% greater than on the Ethereum (ETH) mainnet. It’s an indicator of huge adoption of Polygon (MATIC) as a mainstream NFT-centric blockchain.
On the identical time, Nailwal admitted that for each Ethreum (ETH) and Polygon (MATIC), “wash buying and selling,” a zero-sum manipulative operation with tokens designed to make its statistics extra engaging, stays a significant downside.
In 2022-2023, Polygon (MATIC) scored a variety of partnerships with “real-world” companies interested by itemizing their very own NFT collections.
Collaborating with a few Web2 heavyweights, from Reddit to Nike and Mastercard, Polygon (MATIC) proved itself as a dependable and versatile platform for frictionless company NFT launches.
