OpenSea’s Polygon NFT Sales Top Ethereum for Second Straight Month


OpenSea, the leading NFT marketplace, has recorded more Polygon NFT sales than Ethereum NFT sales for the second consecutive month. This is according to public blockchain data presented on a Dune dashboard.

In January, OpenSea generated 1.5 million NFT sales on Polygon, an Ethereum sidechain, while Ethereum NFT sales on the same marketplace were only a little above 1.1 million. This continues the trend which started in December when OpenSea recorded 1.3 million NFT sales on Polygon and below 1 million NFT sales on Ethereum.

Ethereum has been considered the premier blockchain network for non-fungible tokens for a long, and it hosts most of the blue-chip NFT projects despite its high gas fees. However, as Polygon continues to partner with large brands such as Meta, Reddit, and Starbucks, and as more gaming projects are launched on the network, the number of assets traded on the network is rising.

The Ethereum merge, which was completed in September, reduced energy consumption on the network by 99.998%, but it did not solve the problem of high gas consumption. In some cases, the gas fee exceeds the price of the asset being created or traded. The gas fee is the amount that the Ethereum blockchain charges a person to run and complete a transaction on the network.

On the other hand, Polygon and layer-1 Ethereum competitors such as Avalanche and Solana charge lower fees for user transactions, and they are nowadays known for offering cheap NFT collections.

OpenSea data shows that the leading Polygon NFT collection on the platform was the Trump Digital Trading Cards. The collection recorded almost 5,500 sales across various Polygon marketplaces, generating a trading volume of 1,743 ETH (or about $2.8 million).

When it comes to Polygon-based NFT collections with the highest number of sales across all NFT marketplaces, Planet IX recorded about 5 million sales over the past 30 days, while Sunflower Land generated 1 million sales, Mocaverse tallied 42,000 sales, while Lympo Athletes generated 37,000 sales over the last 1 month.

Although Polygon exceeded Ethereum in terms of the total number of sales, Ethereum has more value traded overall. Ethereum NFTs recorded a volume of $446 million on OpenSea in January alone, while Polygon NFTs recorded a volume of $15.4 million. Since there were 1.5 million Polygon NFT sales, this translates to an average price of $10.

This is not the first time that Polygon NFT sales have exceeded Ethereum. According to Dune data, there was a similar spike in late 2021 and early 2022. However, the Polygon NFT sales recorded a sharp fall until the recent rebound.

The most valuable NFTs such as the Bored Ape Yacht Club run on the Ethereum blockchain, driving more trading volume compared to Polygon. However, Polygon is showing a lot of potential as the best network for gaming NFTs and low-cost collectibles, which can see the network reach a wider audience.

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By darnell
February 2, 2023