- Polygon saw a few hundred thousand dollars more NFT sales than Solana on Tuesday.
- It also overtook Solana in other important metrics like transactions.
- The sudden spike in NFT sales on Polygon is related to a popular NFT project.
Non-fungible token (NFT) sales have been very low for the better part of the last year compared to what they were at the peak of the bull market in November 2021.
However, it seems that NFT activity is coming back. And Polygon, an Ethereum Layer-2 scaling solution, is proving to be one of the main places for them.
Polygon (MATIC) has become a top two blockchain for NFT activity. On Tuesday, NFT sales on Polygon spiked by 219%, overtaking Solana as the second blockchain in sales volume.
Polygon saw more than $2.71 million of NFT sales on Tuesday, compared to $2.34 million on Solana, according to data from CryptoSlam. In terms of transactions, Polygon processed around 42,000 transactions. That’s almost double what Solana processed (22,800).
Polygon now trails only Ethereum in terms of NFT sales volume. In the past 24 hours, Ethereum has seen more than $13 million in NFT sales.
The sudden spike in sales on Polygon is associated with a new NFT drop by Reddit called Gen 3. The popular social media platform dropped thousands of new NFTs on Polygon, created by over 100 artists.
On the Flipside
- Once the hype around the new Reddit NFT drop subsides, NFT sales on Polygon might decrease.
Why You Should Care
Polygon is one of the leading Ethereum Layer-2 scaling projects. It’s encouraging to see users migrating to Layer-2s and experiencing Ethereum with lower transaction fees.
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