According to data from Dune, a blockchain analytic website, traders on the marketplace OpenSea sold more NFTs on Polygon than Ethereum. Last month, the leading marketplace processed about 1.6 million NFTs sales on Polygon.
Ethereum, on the other hand, tallied nearly 1.2 million sales on OpenSea. The data shows a continuation of the trend that started last December when 1.4 million and 1.1 million NFTs got sold on Polygon and Ethereum, respectively.
Furthermore, Dune shows this is not the first time Polygon NFT sales have surpassed Ethereum. There was a similar spike between late 2021 and January 2022, but then Polygon sales declined massively until recently.
Over the years, most developers have preferred the Ethereum chain for their NFT projects despite the relatively high gas fees. However, the recent trend indicates that more projects are being hosted on Polygon.
Why Ethereum’s Competitors are Becoming Popular in NFT Space
While September’s Ethereum merge minimized the blockchain’s energy consumption, it did not address the issue of gas fees, which sometimes are even higher than the base price of the asset.
By contrast, Ethereum’s rivals, including Solana, Avalanche, and Polygon, offer low transaction fees. As a result, many of them have gained popularity. They also host affordable digital collectibles.
As per OpenSea, former US President Donald Trump’s Digital Trading Cards were the leading Polygon NFT collection on the marketplace in January. Trump’s NFTs saw 2,457 sales on OpenSea with a trading volume worth $1.2 million.
However, for Polygon collections with the highest sales across all NFT marketplaces, Planet IX led the park. The project tallied 5 million sales, followed by Sunflower Land and Mocaverse, recording 1 million and 43,000 sales, respectively.
That said, most of these Polygon-based NFTs’ prices are very low. For example, Planet IX and Sunflower Land are all selling for pennies, resulting in the average price of NFTs on Polygon dropping significantly in January.
Ethereum Records Higher Trading Volume Than Polygon
Despite Polygon surpassing Ethereum in the number of sales, the trading volume generated on Ethereum is way higher than that on Polygon. As per OpenSea, Ethereum and Polygon saw trading volumes worth $445 million and $15.3 million, respectively.
