With all eyes on Bitcoin as the SEC gets ready to approve (deny, or delay) the first Bitcoin ETFs, another blockchain has been having its moment in the sun.
Polygon, a layer 2 blockchain with dozens of big-name partnerships, recently overtook Ethereum in 24-hour NFT transaction volume. The move marks the first time ever that Polygon has outshined Ethereum, the OG blockchain for NFTs, in daily NFT volumes. Furthermore, not only did Polygon flip Ethereum, it also surpassed Solana —which has been on a tear in recent months.
Some of the most popular NFT projects on Polygon include Collect Trump Cards, The Sandbox’s LAND NFTs, ZED RUN Legacy, DraftKings, and Genesis WildPass. However, the biggest boost to Polygon NFT trading comes from the Web3 social-strategy game Gas Hero from Find Satoshi Lab (the game creator behind Web3 lifestyle app STEPN), which was released only a few weeks ago.
Gas Hero, a game that lets players battle to earn NFTs and its native $GMT token, has several NFT collections trading, and they’re currently holding down the top eight spots for Polygon NFT trading over the past seven days. ‘Gas Hero Common Heroes’ is leading the way with an impressive $14.4 million in trading volume since launch, as per data from CryptoSlam.
Despite the boost in NFT trading on the platform, Polygon’s native token $MATIC has yet to catch fire. It’s currently trading around $0.78 per coin, down around 9% on the year and nearly 20% this month.
At the time of writing, Polygon has returned to 4th place for total NFT volume over the past seven days, positioned behind Bitcoin, Ethereum and Solana, respectively — but still ahead of Avalanche. However, Polygon is the only layer 2 blockchain in the top five, a significant achievement for the network.
Polygon Remains Top Layer 2 Blockchain
When it comes to layer 2 blockchains — network protocols that are layered on top of layer 1 blockchains to provide solutions like scaling and overall throughput on the network — few networks have been as successful as Polygon. One reason Polygon has been able to reach such heights is because it used the bear market to form partnerships with some of the biggest companies in the world.
Here are a list of headlines detailing Polygon’s strategic partnerships in 2023:
- November. Animoca, Polygon, & AWS Launch Web3 Accelerator Program
- September. Casio Partners with Polygon for G-Shock NFT Drop
- August. Lufthansa Partners with Polygon for NFT Loyalty Program
- August. LimeWire Opens AI Creator Studio with Polygon
- August. Polygon Partners with South Korea’s Telecom Giant SKT
- April. Google & Polygon Partner to Accelerate Ecosystem Development
- March. Starbucks Tabs Its Siren Logo for First Premium NFT Collection on Polygon
With names like Amazon, Google, and Starbucks on its list of collaborators, it’s difficult to see how Polygon could not be successful in the future. Although the price of $MATIC hasn’t quite caught up, that could all change in the next bull market. Only time will tell.
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