OpenSea on Polygon

• 3 min read
OpenSea on Polygon

Earlier this year, OpenSea launched a marketplace on Polygon where users can benefit from lower gas fees and faster transaction times. Here are 5 key insights 👇

[1/5] Trading volume in August on Opensea (Polygon) was $51.7M, an all-time high for the platform.

[2/5] 190k wallets have bought or sold an NFT on Opensea (Polygon)

[3/5] 14.5% of the wallets that have traded on Opensea (Polygon) have also traded on Opensea (Ethereum Mainnet). The remaining 85.5% (165k wallets) have only transacted on the Polygon variant of OpenSea.

[4/5] The top Opensea (Polygon) projects of all time are

  1. Zed Run - 29k ETH trading volume
  2. MyCryptoHeroes - 27.1k ETH trading volume
  3. Decentraland Wearables - 22.6k ETH trading volume

[5/5] 77% of OpenSea (Polygon) NFT sales in August were for less than $100. Combined with the low gas fees, I would say that this is promising for NFT accessibility.

One thing is clear. It doesn't end with Hic et Nunc on Tezos, TopShot on Flow, or Axie Infinity on Ronin. The future of NFTs is cross-chain.

This is not to say Ethereum will be usurped as the #1 chain for NFTs. I don't believe that will happen. But I do believe that, over time, a greater proportion of NFT market share will be distributed across many chains, each chain being best suited to different use cases.

Great opportunity for builders who are working to make the cross-chain experience faster, simpler and easier. Hop Protocol, for example, currently allows users to transfer ERC20s between chains and rollups in minutes rather than hours (currently supports Polygon, Optimism and Ethereum mainnet) and may work on NFT support in the future.

Bonus: I made a OpenSea on Polygon data dashboard. Big credit goes to Damjan Kužnar, he worked on the OpenSea Polygon contract and I couldn't have done this without his help, and Richard Chen, the charts are adapted from his wildly popular OpenSea Mainnet dashboard. Check it out here 👇

Dune Analytics
Ethereum Ecosystem analytics by and for the community. Explore and share data from Ethereum Mainnet, Matic, Optimism and xDai for free.

Speaking of Richard Chen’s OpenSea dashboard, he kindly added my Polygon charts to it. Super grateful to have my contribution included on the second-highest starred Dune dashboard of all time ⚡

Dune Analytics
Ethereum Ecosystem analytics by and for the community. Explore and share data from Ethereum Mainnet, Matic, Optimism and xDai for free.

Disclaimer: Some OpenSea users have multiple wallets so unique user count will be lower than unique wallet count.


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Article of the Week

Why decentralization matters
Chris Dixon’s blog.

^An oldie but a goodie. The NFT and wider crypto markets have been on a non-stop rollercoaster for the past two weeks. It's easy to get overwhelmed and lose sight of the path. These wise words from Chris Dixon are a great reminder of why we're all here in the first place and what we are fighting for.

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