OpenSea Polygon NFT Sales Top Ethereum NFT Sales
In a space of 3 months I have acquired about over 350 NFTs and most of them were minted through the AVAX chain, the polygon chain, the optimism chain and the Arbitrum chain. Only 5 NFTs out of over the 350 NFTs I have are on the ethereum blockchain, and I am very sure that you know the reason why. Because of high gas fees. I only minted one of these NFTs for $1.64 gas fee price, the rest gas fees has been outrageously high. I had to learn how to track ethereum gas fees so as to know when to mint an NFT or not. I have forfeited a lot of free mint NFTs because they are on the Ethereum chain and the price it will cost me to mint these NFTs is too much so I consider them not worthy of minting.
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I guess I am not the only one feeling this as the polygon NFT sales on OpenSea has topped that of Ethereum. Ethereum is known as the blockchain king for NFTs, yeah yeah, because, big boys didn’t care about the high gas fees because they could afford it. And I think this helped add to the value of some of these NFT collections, because if you consider the price you paid for the gas fees you won’t want to list it at a low price. But then, bigger brands that got into the NFT Web 3.0 space decided to consider blockchains with lower gas fees, because, most of their customers are regular people who will mind paying over $20 on gas fees. We have seen top brands like Starbucks use polygon as the NFT minting blockchain.
In December there were more polygon NFT sales than Ethereum, same thing happened in January, the value in dollars might not be the same as people transacted more low cost assets on the polygon market, but you get the picture. More people can afford to buy the polygon NFTs than the Ethereum NFTs for obvious gas fees reasons, this shouldn’t come as a surprise to anyone. Ethereum can not be compared to polygon in terms of value because, NFTs on that chain are worth too dollars, polygon can double Ethereum NFT sales but can’t top its NFT sales value. People will always go for what they can afford and find value in, it’s going to take a long time before polygon NFT sales value will get close to Ethereum but for now, people are beginning to not allow Ethereum high gas fees issue affect their involvement in NFTs, hence the reason they are utilizing the polygon NFTs.
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Polygon has always been my favorite chain for NFTs, but I will not mint on OpenSea anymore, or buy from there if the NFT was minted using their default store contract.
Minting on creator-owned custom smart contracts is expected nowadays, and many collectors will not buy an NFT unless it is minted on such a contract.
And for Polygon, there are many ways to mint using a custom smart contract. And that's a topic I will post about soon.
i will love to read it because i want to understand more