This is why the Polygon price is skyrocketing

According to public blockchain data For the second month in a row, more NFTs were sold on the Polygon network than on the Ethereum network through the largest NFT marketplace OpenSea.

The Polygon network is becoming increasingly popular

In December and January, OpenSea sold more NFTs on Polygon than on Ethereum. In December, OpenSea sold 1.3 million NFTs on Polygon, compared to just under 1 million Ethereum NFTs. In January, the number on Polygon jumped to 1.5 million sales, while the number of Ethereum sales was just over 1.1 million.

While Ethereum has long been the main blockchain for NFTs and hosts the most high-quality projects, Polygon has gained traction in the market with major brand names such as Meta, Starbucks, and Reddit joining the network. In addition, the number of game projects being created on Polygon’s network is growing. This is all great news for the project and will also cause the price of the MATIC token to skyrocket.

Although the Ethereum Merge, which was completed in September, reduced mainnet energy consumption by 99.998%, it still did not solve the problem of gas costs (transaction costs) on the network. In contrast, Polygon and other layer-1 Ethereum competitors such as Solana and Avalanche offer exponentially low user transaction fees, and have become increasingly popular for hosting more affordable NFT collections.

Trump NFTs were popular

In January, according to OpenSea, the most popular Polygon NFT collection was Donald Trump’s controversial NFTs, which generated more than 5,500 transactions across all Polygon marketplaces, with a trading volume of 1,743 ETH (nearly $2.5 million). Other popular NFT collections were Planet IX, Sunflower Land and Mocaverse.

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All in all, the good performance of the Polygon network has caused the MATIC price to skyrocket in recent days. At the time of writing, the price of 1 MATIC token is around $1.23. That is 13 percent higher than a day ago and even 24 percent higher than a week ago.

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