- Polygon outsold Ethereum in number of NFTs for the second month running on OpenSea.
- Trump’s NFT project timing coincides with Polygon’s spike in sales.
- Polygon’s recent success is also attributed to technical factors and corporate partnerships.
Polygon network has outsold Ethereum in NFTs for two straight months, coinciding with Donald Trump’s successful NFT project on the Layer 2 network. Trump’s NFTs launched on Polygon in December 2022. Since then, Polygon has overtaken Ethereum in the number of NFTs sold.
Data from Dune, a blockchain analytic platform, shows that for two straight months, the number of NFTs sold on Polygon has topped that of Ethereum. Last year, while Ethereum accounted for 995,000 sold NFTs, Polygon recorded 1.1 million NFTs sold. Similarly, in January, Ethereum’s 1.3 million sold NFTs were lower than the 1.5 million units sold on Polygon.
In the middle of December, Donald Trump launched an NFT project that faced criticism from many crypto users. His project timing was faulted, considering the bear market situation and a fading hype in NFTs. Others criticized him for losing touch with his voter base, which formed the bulk of his supporters.
Against the odds, Trump’s NFT project was successful, selling out quickly and topping Polygon’s sales chart by project value. OpenSea‘s records for January showed that 5,517 Trump NFTs were sold for a total value of 1,760 ETH, equivalent to $9.2 million. While a section of the market attributes Polygon’s recent success to Trump, other segments believe it is much beyond him.
According to reports, Anndy Lian, author of the book “NFT: From Zero to Hero” connects Polygon’s latest boom to a growing support base attracted to the network’s low transaction fees. He added that the multiple collaborations established by Polygon towards the end of 2022 with the likes of Reddit, Meta, Starbucks, and Nike also contributed to the recent spike in sales.
Polygon’s recent growth may not result from one or the other. Instead, a combination of the social capital of Trump’s association with the platform, and the underlying development, as elaborated by Lian, could have contributed to the success that the network has recorded this time around.