Polygon (MATIC) has had a very good run on the cryptocurrency market with community upgrades akin to enhancements in its staking and fuel charges. As well as, it has necessary partnerships inside and out of doors the cryptocurrency market, which contribute much more to its development.

One of many areas by which Polygon has been rising is within the sector of non-fungible tokens (NFTs). To present an thought of the extent of the Layer 2’s development, it has managed to promote extra particular person NFTs on its community than Ethereum (ETH).

In January, the OpenSea market reported over 1.5 million NFT gross sales on Polygon’s scalable community, outpacing Ethereum’s 1.1 million gross sales in the identical interval. Regardless of Ethereum recording a better traded worth in NFTs ($446 million) in comparison with Polygon’s $15.4 million, Polygon has persistently outperformed the good contracts platform within the NFT sector because the finish of 2022.

The very best quantity NFT collections on Polygon, in response to OpenSea information, are Trump Digital, Lens Protocol and Unstoppable Domains.

What could possibly be behind Polygon’s efficiency

The decline of Solana (SOL) might have performed a big position within the latest success of Polygon (MATIC) within the NFT sector. Solana was as soon as a serious participant in NFTs and second solely to Ethereum, however its fall after the FTX collapse has negatively impacted its efficiency on this space.

Moreover, a number of scandals have contributed to Solana’s lack of floor to Polygon. For example, in early 2023, Magic Eden, Solana’s NFT market, bought counterfeit digital artwork, inflicting hurt to the popularity of the NFT market. Though the venture pledged to compensate affected consumers, the harm has already been performed.

Moreover, the staff behind NFT tasks y00ts and DeGods acquired a $3 million funding to transition its Solana collections to Polygon, placing further stress on the SOL blockchain. In accordance with Frank III, founding father of the tasks, the transfer to Polygon was made on account of its superior platform for his or her tasks.

Polygon’s strategic partnerships and low-fee mannequin additionally contribute to its development within the NFT world. By partnering with firms akin to Meta, Starbucks and gaming tasks, Polygon provides worth to its ecosystem. Its payment construction, which is considerably decrease than Ethereum’s, makes it a extra engaging choice for NFT tasks. Moreover, Polygon’s distinctive structure permits for simpler and quicker creation, commerce and switch of NFTs in comparison with the Ethereum community. With these elements working in its favor, Polygon is poised for continued development within the NFT sector.

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