• Polygon has overtaken Solana as the second-largest blockchain in terms of NFT sales volume, due to a spike associated with a new drop by Reddit.
• Ethereum still remains the largest blockchain for NFT sales, with over $13 million in sales in the past 24 hours.
• The sudden surge in NFT activity on Polygon is encouraging and shows users migrating to L2s and experiencing Ethereum with lower transaction fees.
Polygon Overtakes Solana in NFT Sales
Polygon (MATIC) has seen a massive surge in Non-fungible token (NFT) sales, surpassing Solana and becoming the second largest blockchain for NFT activity. On Tuesday, NFT sales on Polygon spiked by 219%, with more than $2.71 million of total sales compared to $2.34 million from Solana according to data from CryptoSlam. In terms of transactions processed, Polygon had around 42,000 transactions while Solana had 22,800 transactions.
Biggest 24-Hour NFT Sale on Polygon
The sudden spike in Polygon’s NFT sales is related to a popular project called Gen 3 on Reddit which dropped thousands of new NFTs created by over 100 artists into the platform. This was one of the biggest 24-hour NFT sale on Polygon ever recorded with some y00ts fetching 75 ETH each according to an article from DailyCoin.
Ethereum Still Leads The Way
Despite this huge jump from Polygon, Ethereum still remains at the top when it comes to overall NFT activity and sales volume; recording more than $13 million worth of sales within 24 hours – almost 6 times that of Polygon’s record high for Tuesday’s sale.
Encouraging User Migration To Layer 2 Scaling Solutions
The migration to Layer 2 solutions such as Polygon is encouraging as it allows users to experience Ethereum without paying high gas fees and transaction costs associated with using Ethereum mainnet directly; making it easier and cheaper for people who want to use dApps built on Ethereum or participate in activities such as buying/selling/trading digital art pieces using tokens like ERC721 or ERC20 tokens within these applications/dApps built on top of Ethereum protocol known as smart contracts.
Conclusion
Overall this recent surge in activity within the space suggests that there are increasing number of people looking into opportunities where they can invest their money or showcase their digital art pieces via platforms like CryptoKitties or Decentraland etc., which are all based off underlying infrastructure that is provided by blockchains such as Ethereum or other layer 2 scaling solutions such as Matic Network (Polyon).