Polygon Passes Bitcoin, Ties Solana in NFT Trading Volume

Credit: Polygon on X

Yesterday, NFT trading volume on Polygon surged, rising 164% for a total USD amount of $4 million. This surpassed the non-fungible token trading volume on Bitcoin and put it in a de facto tie with Solana for 2nd place.

The rise in volume appears attributed to two new collections — Order & Chaos and ACHU — whose smart contracts were deployed late yesterday. The volume between those collections was $2.2 million or 54% of the total volume on Polygon. The unusual part is that the number of buyers (21) of those NFTs accounts for just 0.1% of all NFT buyers (20,000) on the L2 sidechain during the 24-hour period.

According to CryptoSlam, the Top 5 NFT collections on Polygon as of this time of writing are:

  1. Order & Chaos: 44 transactions, $1.3 million in volume, #1 collection overall
  2. ACHU: 42 transactions, $840,000 in volume, #3 collection overall
  3. Pixels: 12 transactions, $240,000 in volume, #14 collection overall
  4. MJGirl: 34 transactions, $235,000 in volume, #16 collection overall
  5. Base Ape Polygon: 134 transactions, $131,000 in volume, #28 collection overall

Of the Top 5 blockchains in the 24-hour period, only Polygon and Solana experienced a rise in trading volume, with the once-thought-to-be Ethereum-killer Solana showing an increase in trading volume of 16%. Ethereum, which has been the leading blockchain since late May, experienced a 24-hour drop of 7%. Bitcoin and Immutable, in the 4th and 5th spots, saw trading volume decreases of 26% and 4%.

Time will tell if these new NFT collections on Polygon can keep up their blistering pace. Here at Rarity Sniper, we’ll keep an eye on them and report back if needed.

NFT Market Shows Strongest Performance in a Year

In Q1 2024, the NFT market showed its strongest performance in a year according to DappRadar, an organization that compiles statistics on the crypto industry. Through the first three months of this year, trading volume reached $3.9 billion, up 50% since Q4 2023, with a total of 11.6 million sales (a jump of 13%).

The top five collections in that time were:

  1. Pudgy Penguins: $291 million in volume, up 112%
  2. Bored Ape Yacht Club: $283 million in volume, down 6%
  3. Mutant Ape Yacht Club: $239 million in volume, up 35%
  4. Azuki: $223 million in volume, up 100%
  5. DeGods: $122 million in volume, up 19%

The top marketplaces in that quarter were Blur (50% share) and Magic Eden (17% share), with OKX’s NFT market, OpenSea, and Tensor rounding out the Top 5. While Q1 showed a bounce back in the NFT market, there are some signs that it’s taking water as of late. According to NFTValuations, an analytics firm, the number of active wallets has fallen to 73,000 amidst a Fear/Greed Index of 28.

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