According to a Dune dashboard public blockchain data, for the second consecutive month, more individual NFTs were sold on the Polygon network than the Ethereum network through OpenSea, a leading overall NFT marketplace. According to the blockchain data, in January 2023, OpenSea handled more than 1.5 million NFTs sales on the Ethereum sidechain Polygon. On the other hand, Ethereum handled more than 1.1 million sales through the same NFT marketplace.
And in the last month of 2022, there were more than 1.3 million NFTs sales on Polygon through OpenSea. At that time, Ethereum recorded only under 1 million NFT sales through the leading NFT marketplace. However, despite its high gas fees, which is a cost that the Ethereum network charges users to complete a transaction, the Ethereum network has long been considered the premier blockchain for NFTs, and most of the high-value NFT projects are hosted on this blockchain network. But the Polygon network has also made large brand deals, including with Meta, Starbucks, and Reddit.
In September 2022, when the Ethereum merge occurred, the mainnet’s energy consumption was reduced by around 99%. But this merge didn’t resolve the problem of the network’s gas fees, which exceed the base price of the asset itself sometimes. On the other hand, Polygon, Avalanche, and Solana blockchain networks offer lower fees for user transactions, due to which these networks are well-known for hosting more inexpensive NFT collections.
According to OpenSea, in January, the top Polygon NFT collection was the controversial Donald Trump digital trading cards, which recorded around 5,500 sales across all Polygon marketplaces, and earned more than 1,743 ETH, around $2.8 million. And Polygon collections with the highest sales across all marketplaces are Planet IX recorded more than 5 million sales in January, Sunflower Land recorded 1 million sales, and Mocaverse recorded 42,000 sales.
