Solana Overtaken by Polygon as NFT Trading Network Ranks Third

Polygon NFTs Outrank Solana in Trading Volume

The NFT sales volume of Polygon has surged ahead of Solana, securing its position as the third-largest NFT trading network, following Bitcoin and Ethereum.

Interesting Figures from Polygon NFTs

Recent data from CryptoSlam reveals that Polygon has recorded a daily sales volume of $9,986,754 in the past 24 hours. This figure is more than double that of Solana, which stands at $4,116,667. The 43% increase in Polygon’s NFT sales volume contrasts with Solana’s decline by more than 17%, resulting in the flippening.

• Polygon NFT Sales Volume: $9,986,754
• Solana NFT Sales Volume: $4,116,667

Additionally, Polygon boasts a higher wash sales figure of $858,631 compared to Solana’s $175,493. The total sales volume, including regular and wash sales, sums up to $10,845,385 for Polygon NFTs and $4,292,160 for Solana.

Trader Statistics

The total number of traders contributing to Polygon’s success is 12,283, surpassing the 13,560 traders on Solana. This highlights the relatively higher value of the Non-Fungible Tokens traded on Polygon.

Furthermore, Polygon’s NFT trader count exceeds that of Bitcoin (7,002 buyers) and Ethereum (10,551 buyers) at the time of ranking. This positions Polygon as the top-performing non-layer-1 network in the top 5, completed by the Avalanche Network.

Insights into Polygon’s Growth

The significant growth in Polygon’s NFT sales volume may be attributed to the increasing number of Inscriptions on the platform, contributing to its unique growth trend and the expansion of daily active users.

Crypto Industry’s Competitive Landscape

Despite being a nascent ecosystem, the crypto industry witnesses intensified competition, reminiscent of the mainstream financial world. Weeks ago, Solana gained attention for surpassing Ethereum in both daily and weekly DEX volumes for NFT and DeFi trading activities.

With Polygon surpassing Solana, there are indications that layer-2 solutions are maturing. This trend has prompted Vitalik Buterin to advocate for the development of a customized Name Service for these protocols to enhance their adoption and usability.

This milestone in Polygon’s growth aligns with the broader trend of increasing daily active users, marking a unique phase in the crypto industry’s transient growth.