Former US President Donald Trump’s non-fungible token (NFT) project has helped his host network Polygon outsell Ethereum on leading NFT marketplace OpenSea for the second month in a row, according to data of transactions.
See related article: The new Bitcoin protocol may shake up the NFT market
Fast facts
-
According to blockchain data aggregator Dune Analytics, 1.3 million Polygon NFTs were sold in December and 1.5 million in January, while Ethereum figures for those same months were 995,000 and 1.1 million.
-
“Trump Digital Trading Cards” was Polygon’s top project by sales value, if not individual sales, at OpenSea in January with 5,517 sales totaling 1,760 Eth ($9.2 million).
-
Trump’s collection was derided by both left and right when it was released in mid-December, both for perceived bad timing in missing the heyday of the NFT market nearly a year earlier, and for not being in touch with his fan base. voters. The project sold out quickly despite everything.
-
Anndy Lian, author of the new book “NFT: From Zero to Hero,” said Forkast in an emailed statement that Polygon’s growth is not really about Trump. The main reason for Polygon’s gain is that it has an extensive support system with gas fees (costs for transacting on the network) that are much lower than on Ethereum.
-
“The real peak of popularity was with [collaboration with social media platform] Reddit in August 2022,” Lian said. “Collaborations with major brands like Meta, Starbucks and Nike are also key indicators that they are on the right track and are well accepted by the general public.”
-
Lian added that Polygon is also home to a large percentage of projects with higher utility, such as Sandbox and PlanetIX, which were the top 10 ranked collections across all NFT markets in January.
-
“When there is demand, there is supply,” Lian said. “This is what we see in the Polygon case.”
-
OpenSea is the largest NFT marketplace in the industry, accounting for 40% of total NFT sales volume in January, according to DappRadar.
See related article: Polygon Co-Founder Says Bear Market Is An Opportunity For Blockchain Builders
