Ethereum NFT dominance declines, Polygon seizes NFT market with low transaction fees

To date, the NFT (non-fungible token) market has been dominated by Ethereum, which has a broad ecosystem and diverse trading platforms.

However, Polygon is gradually threatening Ethereum's position with its lower transaction costs and wide application in the fields of games and collectibles.

In the previous week, Ethereum’s NFT sales were approximately $21.7 million, while Polygon’s were approximately $20.3 million, a small difference. This reversal has sparked heated discussions within the crypto asset (virtual currency) community.

The key factor in Polygon's success is its significantly lower transaction fees compared to the Ethereum main chain. This high cost-effectiveness has attracted a large number of NFT traders to turn to Polygon.

In addition, Polygon is also actively integrating with various Web3 platforms, especially games and collectibles-related services, to increase user engagement. The prerequisite for accessing these platforms is to use a secure Web3 wallet.

Certain specific NFT collectibles also play a big role. One of the collections, called “Courtyard,” has significantly boosted Polygon’s sales, accounting for more than 80% of its total daily sales on some days.

Even in the context of a bear market and a severe environment for the entire crypto market, Polygon still performed better than Ethereum.

On the other hand, the total weekly sales of the global NFT market is approximately US$93 million. Although the market size has shrunk from its peak, the number of buyers and sellers engaging in NFT transactions has shown a growth trend, with more than 250,000 buyers and more than 150,000 sellers.

Polygon’s leap this time may indicate that the NFT market power landscape is changing. Low cost and advantages in specific areas may become key factors in future market competition.