OpenSea Attracts 88% Of Polygon’s NFT Trading In Last 3 Months

OpenSea, the world’s largest NFT marketplace, has managed to maintain status quo by attracting the majority of Polygon’s NFT business over the past three months. The digital asset marketplace saw 88% of Polygon NFT transactions being executed on its platform since February 4, 2023.

The market metrics surrounding Polygon NFTs have been dominated by OpenSea over the last three months. Be it total transactions, market share or transaction value, OpenSea takes the lead on every front. Ansubin.eth, who works for blockchain research group decipher global, recently took to Twitter to share the metrics.

Source: Dune Analytics

According to data gathered from Dune Analytics by Ansubin.eth, OpenSea accounted for 88% of Polygon NFTs total transactions over the past three months, seeing more than 1.8 million transactions. The next closest NFT marketplace rival was Tofu, with 180,352 transactions over the same period.

OpenSea also accounted for more than 95% of total amount spent on Polygon NFTs since February 4, 2023, bringing in over $151 million. Magic Eden was the second largest avenue in terms of transaction amount for Polygon NFTs, with a dollar value of $4.9 million. Meanwhile over 330,000 buyers lined up to trade Polygon NFTs on OpenSea.

On May 2, 2023, the total Polygon NFT transactions on OpenSea reached a 9-week high of 44,611 transactions within a single day. However, the market share chart from Dune Analytics indicated that OpenSea has been losing its dominance to rival NFT marketplaces like Tofu and Magic Eden. The prospering NFT business seemed to have little effect on the network’s native token MATIC, which has lost more than 20% since February 4, 2023.

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