Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month

NFT

The non-fungible token (NFT) challenge by former U.S. President Donald Trump has helped its host community, Polygon, outsell Ethereum on the main NFT market OpenSea for the second straight month, based on transaction information.

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Quick info

• In response to blockchain information aggregator Dune Analytics, there have been 1.3 million Polygon NFTs offered in December and 1.5 million in January, whereas Ethereum’s numbers for those self same months had been 995,000 and 1.1 million.
• “Trump Digital Buying and selling Playing cards” was Polygon’s prime challenge by gross sales worth, if not in particular person gross sales, on OpenSea in January with 5,517 gross sales totaling 1,760 Eth (US$9.2 million).
• Trump’s assortment was ridiculed by the appropriate and left alike when it was launched in mid-December for each its perceived poor timing in lacking the peak of the NFT market virtually a 12 months earlier than, and for being out of contact together with his voter base. The challenge shortly offered out regardless.
• Anndy Lian, writer of the brand new ebook “NFT: From Zero to Hero,” advised Forkast in an emailed assertion that Polygon’s progress isn’t actually about Trump. The primary purpose for Polygon’s achieve is it has an unlimited assist system with fuel charges (prices for transacting on the community) which might be a lot decrease than on Ethereum.
• “The precise spike in reputation was with [collaboration with social media platform] Reddit in August 2022,” Lian stated. “The collaboration with prime manufacturers equivalent to Meta, Starbucks and Nike are additionally key indicators that they’re heading in the right direction and nicely accepted by mainstream audiences.”
• Lian added that Polygon can be host to a big proportion of initiatives with better utility, equivalent to Sandbox and PlanetIX, which had been each prime 10 ranked collections throughout all NFT marketplaces in January.
• “When there’s demand, there’s provide,” Lian stated. “That is what we see within the case of Polygon.”
• OpenSea is the most important NFT market within the trade, and had 40% of the full NFT gross sales quantity in January, based on DappRadar.

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