- Polygon outsold Ethereum in variety of NFTs for the second month working on OpenSea.
- Trump’s NFT venture timing coincides with Polygon’s spike in gross sales.
- Polygon’s latest success can be attributed to technical components and company partnerships.
Polygon community has outsold Ethereum in NFTs for 2 straight months, coinciding with Donald Trump’s profitable NFT venture on the Layer 2 community. Trump’s NFTs launched on Polygon in December 2022. Since then, Polygon has overtaken Ethereum within the variety of NFTs offered.
Information from Dune, a blockchain analytic platform, exhibits that for 2 straight months, the variety of NFTs offered on Polygon has topped that of Ethereum. Final 12 months, whereas Ethereum accounted for 995,000 offered NFTs, Polygon recorded 1.1 million NFTs offered. Equally, in January, Ethereum’s 1.3 million offered NFTs had been decrease than the 1.5 million items offered on Polygon.
In the midst of December, Donald Trump launched an NFT venture that confronted criticism from many crypto customers. His venture timing was faulted, contemplating the bear market scenario and a fading hype in NFTs. Others criticized him for dropping contact together with his voter base, which fashioned the majority of his supporters.
In opposition to the chances, Trump’s NFT venture was profitable, promoting out shortly and topping Polygon’s gross sales chart by venture worth. OpenSea‘s information for January confirmed that 5,517 Trump NFTs had been offered for a complete worth of 1,760 ETH, equal to $9.2 million. Whereas a bit of the market attributes Polygon’s latest success to Trump, different segments consider it’s a lot past him.
In line with experiences, Anndy Lian, creator of the e-book “NFT: From Zero to Hero” connects Polygon’s newest increase to a rising assist base interested in the community’s low transaction charges. He added that the a number of collaborations established by Polygon in the direction of the top of 2022 with the likes of Reddit, Meta, Starbucks, and Nike additionally contributed to the latest spike in gross sales.
Polygon’s latest progress might not outcome from one or the opposite. As an alternative, a mix of the social capital of Trump’s affiliation with the platform, and the underlying improvement, as elaborated by Lian, might have contributed to the success that the community has recorded this time round.