Polygon Community (MATIC) but once more strengthened its dominance within the section of non-fungible tokens (NFTs). Regardless of an enormous variety of wash-trading transactions, it exceeded Solana (SOL) by main buying and selling metrics and exhibits no indicators of exhaustion.
Polygon (MATIC) processes 3x extra NFT-related transactions than Ethereum (ETH)
When it comes to 30-day cumulative quantity of NFT transactions, Polygon (MATIC) grew to become the preferred blockchain exterior Ethereum (ETH). As harassed by its cofounder Sandeep Nailwal, that is the primary time his blockchain has reached this standing. Nailwal shared some potential causes of this marvelous upsurge.
.@0xPolygon NFT ecosystem, for the primary time, throughout a 30D interval will get on the second rank by way of traded quantity.
Few different observations:
1. That is when a whole lot of Polygon NFT volumes are carried out by video games and so forth which course of funds through Credit score Playing cards and so forth however solely switch NFTs… pic.twitter.com/eJk1o78q87— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 15, 2023
To begin with, the Web3 video games section is accountable for almost all of Polygon’s NFT buying and selling quantity. Video games with bank cards help additionally contributed to Polygon’s success on this discipline.
Regardless of being the second NFT-centric chain by buying and selling quantity, Polygon (MATIC) exceeds Ethereum (ETH) by the variety of transactions by 200%. The vast majority of these transfers are micro-payments, which excites Nailwal essentially the most:
Which means there’s a whole lot of micro transactions occurring which is in the end the dream of crypto. So that is encouraging.
On this rivalry, Polygon (MATIC) overcomes Solana (SOL), which has been promoted as a go-to blockchain for NFTs. In Q1, 2023, some main NFT tasks migrated from Solana (SOL) to Polygon (MATIC).
As an illustration, such migration was initiated by y00ts, one of the crucial fashionable NFT platforms.
Wash buying and selling stays downside for Ethereum, Polygon
Additionally, the variety of consumers on Polygon (MATIC) is 30% greater than on the Ethereum (ETH) mainnet. It’s an indicator of huge adoption of Polygon (MATIC) as a mainstream NFT-centric blockchain.
On the similar time, Nailwal admitted that for each Ethreum (ETH) and Polygon (MATIC), “wash buying and selling,” a zero-sum manipulative operation with tokens designed to make its statistics extra enticing, stays a serious downside.
In 2022-2023, Polygon (MATIC) scored quite a few partnerships with “real-world” companies serious about itemizing their very own NFT collections.
Collaborating with a few Web2 heavyweights, from Reddit to Nike and Mastercard, Polygon (MATIC) proved itself as a dependable and versatile platform for frictionless company NFT launches.
