In the last 24 hours, Polygon NFT volume has attracted all the attention by surpassing Solana’s (SOL) volume. According to data provided by CryptoSlam, the popular Ethereum-based Layer-2 scaling protocol has now risen to third place behind Bitcoin (BTC) and Ethereum (ETH), pushing Solana down to fourth place.
Changes in Polygon NFT Figures
Data from CryptoSlam shows that Polygon’s sales volume in the last 24 hours reached $10.5 million, which is more than double the $4.1 million volume of Solana NFT transactions.
While Polygon NFT sales volume increased by 11.94% in 24 hours, a 15% decrease in Solana’s transaction volume is one of the reasons for this shift in ranking.
Polygon also has a higher Wash trading figure compared to Solana, with the metric observed at $858,631 compared to $175,493.
The number of total NFT traders that paved the way for Polygon’s remarkable success was 12,440. Despite the total number of traders on Solana being 12,740, the significant difference did not go unnoticed. This gap suggests that NFTs traded on Polygon may be considered more valuable compared to those on the SOL network.
Nevertheless, the number of Polygon NFT investors has surpassed the 6,898 buyers on the Bitcoin network as of the time of writing, and is just behind the 10,642 on Ethereum. The emerging data related to these NFTs lists Polygon as the best-performing non-layer-1 network in the top 5, completed by the Avalanche Network.
The increasing inscriptions on Polygon serve as another example of this situation and could explain the substantial NFT sales volume recorded so far.
Growth of the Crypto Industry
Despite its relatively recent history, the crypto industry is witnessing an increase in competition among participants, similar to what we’re accustomed to in the mainstream financial world.
In recent weeks, the Solana wind was dominant in the market. Solana had surpassed Ethereum in both daily and weekly DEX volumes and was mentioned as the best option for NFT and DeFi trading activities at that time. Given that Ethereum is still considered the leading ecosystem, Solana’s success was deemed unique.
This trend has since reversed, and today, with Polygon overtaking Solana, there are signs that layer-2 solutions are gaining strength.
Last week, Vitalik Buterin drew attention to ENS systems to increase the adoption and usability of these protocols and clearly expressed his views on the subject.
