Introduction to Polygon Network’s Dominance in the NFT Market
Polygon Network (MATIC) has recently reaffirmed itself as a powerhouse in the non-fungible tokens (NFTs) arena. Although there has been an ample amount of wash-trading transactions, it has exceeded Solana (SOL) in terms of significant trading metrics and seems to exhibit indefinite endurance. Polygon’s success is reflected in its higher trading volumes, ever-increasing transaction numbers, and strong partnerships with industry leaders.
Polygon’s Growth and Trading Dominance
Polygon (MATIC) has demonstrated impressive growth in the 30-day cumulative volume of NFT transactions, securing its position as a popular blockchain choice beyond Ethereum (ETH). According to its co-founder Sandeep Nailwal, this achievement is something his blockchain has obtained for the first time.
Some compelling points about Polygon’s growth include:
- Polygon’s NFT ecosystem is ranked second in terms of trading volume over a 30-day period.
- Web3 games significantly contributed to Polygon’s NFT trading volume.
- Superiority in transaction numbers, with Polygon leading Ethereum by 200%.
- Polygons’ extensive use for micro-payments, indicating a high level of transaction activity.
Nailwal lends some insights into this remarkable surge in Polygon’s growth. He highlights that the majority of Polygon’s NFT trading volume comes from the Web3 games segment. Games that offer credit card support also played a crucial role in boosting Polygon’s status in this domain. Despite being the second NFT-centric chain by trading volume, Polygon (MATIC) outperforms Ethereum (ETH) by logging three times more transactions, events that primarily consist of micro-payments. Nailwal finds this development encouraging as it aligns with the vision of cryptocurrency.
Polygon vs. Solana: The Rivalry
In the context of the competition, Polygon (MATIC) is leading Solana (SOL). The former is increasingly becoming the preferred blockchain for NFTs, resulting in some significant NFT projects shifting bases from Solana (SOL) to Polygon (MATIC) in the first quarter of 2023.
Examples of NFT Platform Migration:
- For instance, y00ts, a popular NFT platform, facilitated such a migration.
Trading on Polygon and Ethereum
On comparing the number of buyers, Polygon (MATIC) stands tall with a 30% higher rate than the Ethereum (ETH) mainnet. This shows a strong reception and massive adoption of Polygon (MATIC) as a mainstream NFT-centric blockchain.
Addressing the Issue of Wash Trading
Wash trading, a manipulative method involving token operations aimed at fluffing stats, poses a significant challenge for the Ethereum (ETH) and Polygon (MATIC) platforms. Nailwal acknowledged the presence of this concern while discussing the performance of both platforms.
Partnerships and Collaborations
Moving from 2022 into 2023, Polygon has managed to secure multiple collaborations with businesses focused on listing their NFT collections.
Remarkable Partnerships:
- Nike
- Mastercard
These partnerships with reputable Web2 brands such as Reddit, Nike, and Mastercard, have not only given Polygon an excellent growth boost but also further established it as a reliable, adaptable platform for seamless corporate NFT launches.
