- NFT activity on Polygon has surpassed the competition.
- Polygon’s Web 2.0 partnerships remain a major catalyst.
- Scaling solutions are benefiting from Ethereum’s congestion and gas fee woes.
Polygon‘s NFT ecosystem shows significant growth despite a market-wide downturn spurred by relentless bear market conditions.
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Bolstered by big brand partnerships, NFT activity on the scaling solution has now surpassed its biggest competitors, including Ethereum.
Polygon Leads
According to Dune Analytics data from Variant Data Scientist Jack Gorman, NFT mints on Polygon have surpassed Ethereum, Optimism, Arbitrum, and Base in the past 30 days.
Source: Twitter
Specifically, the Polygon network has witnessed about 11.7 million NFT mint transactions within the period. By comparison, the closest competitor in this metric, Base, saw only about 2.92 million NFT mints. While Base ranking second is impressive for a newly launched blockchain, it still pales compared to Polygon.
The growth in activity in the Polygon NFT ecosystem comes on the back of an impressive showing for the ecosystem in August 2023, even though broader NFT volumes are tapping multi-year lows.
How Polygon Became #1
A big driver for the Polygon NFT ecosystem has been partnerships with Web 2.0 firms like Reddit and DraftKings.
At the time of writing, Reddit’s collectible avatars collection boasts about 17.5 million holders, with 21.4 million NFTs minted since the project’s inception, per data from the polygon_analytics Dune Analytics dashboard. Meanwhile, the DraftKings collection has grown in popularity in recent weeks, leading the pack in Polygon NFT sales volume over the past 30 days with $17.3 million per CryptoSlam data at the time of writing.
Sharing the network’s recent achievement, Polygon Labs Head of Growth Sanket Shah highlighted that through its partnerships, Polygon has not only drawn more attention to Web3 but also eliminated some of the complexities associated with minting NFTs, further driving adoption.
The recent dynamics in the NFT ecosystem further underscore the growing appeal of Ethereum scaling solutions. Many new projects now prefer to launch on these networks to offer users a more seamless experience with lower fees and minimal chances of congestion as Ethereum still battles scaling concerns.
On the Flipside
- Ethereum still dwarfs other blockchains in NFT sales volume, with $246.6 million generated in the past 30 days per CryptoSlam data.
Why This Matters
The rise in NFT activity on the Polygon network despite the extended crypto winter highlights the ecosystem’s growth amid back-to-back big brand partnerships that are helping to onboard millions to Web3.
Read this to learn more about the growth of Polygon’s NFT ecosystem:
Polygon 30-Day NFT Sales Surpass Solana for the First Time
Activity on Base sensation friend.tech is declining. Find out more:
Base’s friend.tech Loses Steam Amid Privacy and Legal Concerns
