Polygon Flips Solana as Third Largest NFT Trading Network

The Polygon NFT volume has outranked that of Solana (SOL) in the past 24 hours. According to data from CryptoSlam, the popular Ethereum-based Layer-2 scaling protocol now ranks in the third position after Bitcoin (BTC) and Ethereum (ETH), sending Solana to the 4th position.

Interesting Polygon NFT Figures

CryptoSlam data shows that Polygon has recorded a daily sales volume worth $9,986,754 in the past 24 hours, a figure that is more than double that of Solana which comes in at $4,116,667. While the Polygon NFT sales volume has jumped by 43% in 24 hours, that of Solana has slumped by more than 17%, giving rise to the flippening.

Polygon also has a higher wash sales figure compared to Solana with this metric coming in at $858,631 as compared to $175,493. Cumulatively, the total sales volume including the regular sales and wash sales comes in at $10,845,385 for Polygon NFTs and $4,292,160.

The total number of traders that helped Polygon achieve this rare feat is 12,283. An interesting trend presented itself in this regard as the total traders on Solana are far more than 13,560, underscoring how relatively more valuable the Non-Fungible Tokens being traded on Polygon are.

Conversely, Polygon NFT trader count outpaces the 7,002 buyers on the Bitcoin network and the 10,551 buyers on Ethereum as of the time of ranking. This NFT data positions Polygon as the best-performing non-layer-1 network in the top 5 which was completed by the Avalanche Network.

The growth of Inscriptions on Polygon might account for this massive NFT sales volume recorded thus far.

Crypto Industry’s Transient Growth Phases

Despite being a nascent ecosystem, the crypto industry is seeing increased competition among participants that is reminiscent of the mainstream financial world. 

Weeks ago, Solana made the headlines as a top venue for NFT and DeFi trading activities after surpassing Ethereum in both daily and weekly DEX volumes respectively. This feat is unprecedented, seeing Ethereum still dominates the ecosystem in different aspects.

With Polygon outpacing Solana, signs are there that layer-2 solutions are attaining maturity, a trend that has spurred Vitalik Buterin to call for the development of customized Name Service for these protocols to enhance their adoption and usability.

This current milestone is part of a unique growth trend in Polygon which as reported earlier also extends to growing daily active users.