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Polygon Experiences Significantly Increased Adoption in NFT Market, Surpassing Ethereum and Solana

Polygon's NFT market is seeing a surge in adoption, with the weekly users increasing by over 500% since early August.

Polygon Logo
Polygon Logo

According to the analytics platform Nansen, this growth has brought Polygon closer to Ethereum in terms of NFT users.

Ethereum and Solana Experience Decreasing Number of NFT Users

In contrast to Polygon's success, NFT ecosystems on other chains, such as Ethereum and Solana, are experiencing a decrease in weekly users. Solana's NFT weekly users have dropped from over 160,000 in September to around 60,000 in December, while Ethereum's weekly users have decreased from over 250,000 to around 183,000.

Polygon NFT Market Attracts High Number of Holders

Polygon's NFT market has seen many successful collections, with ten collections attracting over 180,000 holders and four collections drawing the attention of more than 500,000 holders in the past month. In comparison, there have been four collections with over 100,000 holders and one collection with over 500,000 holders in Ethereum's NFT market. According to Nansen's statistics, Solana's NFT market has not had a single collection with more than 30,000 holders.

Four top 10 collections on Polygon's NFT market in the past 24 hours are related to Reddit. These collections were airdropped at the end of August as part of Reddit's push to embrace blockchain technology.

Polygon NFTs Experience High Trading Volume

Polygon's NFTs have had a total trading volume of over 338 million MATIC across 2.5 million unique wallets since December. The average weekly volume of transactions processed by Polygon throughout November and early December was around 24.36 million, with the majority coming from mints.