Polygon NFTs Receive OpenSea Pro Boost After Binance Blow

OpenSea Pro expands to Polygon in multichain quest.

Cool monkey in Polygon NFT world.
Created by Kornelija Poderskytė from DailyCoin
  • OpenSea Pro has expanded to Polygon.
  • The decision boosts the Polygon NFT ecosystem following Binance’s decision to end support in September.
  • The popularity of Polygon’s ecosystem continues to grow.

On September 8, Binance sent tremors through the crypto space by abruptly ending support for Polygon NFTs, reducing marketplace options for active enthusiasts. However, less than two months down the line, the Polygon NFT ecosystem looks set to bounce back from this setback with help from OpenSea Pro, which is now charting a multichain course.

OpenSea Pro Launches on Polygon

In a Twitter thread on Thursday, November 2, developers announced that OpenSea Pro was now live on Polygon. The move is part of the NFT marketplace aggregator’s push to go multichain.

Following the launch, users can easily jump between the Ethereum and Polygon networks from the “customization modal.” OpenSea Pro has also introduced a new bridge and swap feature powered by Socket, an emerging interoperability protocol. According to the NFT aggregator, it promises to make bridging between blockchains and swapping NFTs “a single flow.”

OpenSea Pro’s launch on Polygon expands the alternatives for members of the Polygon NFT ecosystem looking to trade their favorite collectibles. At the same time, the expansion also provides an avenue for liquidity from Ethereum to flow into the Polygon NFT ecosystem.

While OpenSea’s announcement suggests that there is more to come, its decision to expand first to Polygon suggests a recognition of the growing popularity of the blockchain as a venue for NFTs.

Polygon’s Expanding NFT Ecosystem

Polygon’s NFT ecosystem has experienced steady growth over the years, bolstered by significant brand partnerships and increasingly popular game titles. The ecosystem is also gaining notoriety for physical collectibles with the emergence of Courtyard.io.

The real-world collectible marketplace recently grabbed headlines for selling hundreds of tokenized Pokémon trading cards within seconds, a feat that they have now repeated many times over.

At the time of writing, CryptoSlam data ranks Polygon fifth among blockchains with the highest NFT sales volume in the past 30 days, with $21.1 million. By number of NFT transactions, however, the network ranks second only to Mythos with 1.4 million transactions, twice as much as that of Ethereum, which leads in sales volumes.

On the Flipside

  • OpenSea Pro intends to migrate to other blockchains aside from Polygon.
  • In October 2023, y00ts kicked off a migration from Polygon to Ethereum after only four months on the blockchain.

Why This Matters

OpenSea is the world’s largest NFT marketplace. The NFT aggregator’s expansion to Polygon increases the options for blockchain users looking to trade their collectibles. It also allows greater liquidity to flow into the Polygon NFT ecosystem.

Read this to learn more about Binance’s decision to cut Polygon NFTs:

Binance NFT Cuts Polygon from Its Roster, Should You Worry?

Stay up to date on the discussion following the conviction of Sam Bankman-Fried:

SBF Verdict Puts FTX’s Political Donations Back in Focus

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.