Polygon NFT outperforms Ethereum in the OpenSea market thanks to the “Trump Digital Trading Card”
Donald Trump’s non-fungible token (NFT) initiative has enabled its host network, Polygon, to outsell Ethereum on the top NFT marketplace OpenSea for the second consecutive month.
Dune Analytics, a blockchain data aggregator, reports that Polygon NFT sales were 1.3 million in December and 1.5 million in January, compared to Ethereum sales of 995,000 and 1.1 million in those same months.
If not in terms of individual purchases, “Trump Digital Trading Cards” was Polygon’s top project on OpenSea in January with 5,517 transactions totaling 1,760 Eth ($9.2 million).
When Trump’s collection was launched in the middle of December, both the right and the left mocked it for its perceived poor timing in missing the peak of the NFT market over a year earlier as well as for being disconnected from his supporter base. Regardless, the project was rapidly sold out.
Anndy Lian, the author of the recently released book “NFT: From Zero to Hero,” said that Polygon’s expansion isn’t truly related to Trump. The key factor contributing to Polygon’s success is its extensive support network and significantly lower gas fees than Ethereum. The partnership with social media network Reddit in August 2022 caused the genuine popularity rise.
The collaboration with well-known brands like Meta, Starbucks, and Nike, according to Lian, is another important sign that they are on the correct route and generally liked by general audiences. Lian said that a significant number of projects with larger utility are also hosted by Polygon, including Sandbox and PlanetIX, both of which were in the top 10 collections on all NFT marketplaces in January.
According to DappRadar, OpenSea, the largest NFT marketplace in the market, accounted for 40% of all NFT sales volume in January.
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