The NFT industry consists of multiple blockchains beyond Ethereum. However, it will be tricky for other ecosystems to gain traction. OpenSea has begun integrating support for Polygon and Klaytn. Speaking of Polygon, it appears there are 387 Matic-based collections on OpenSea today, although very few of them have proved successful.
It is good to see popular NFT marketplaces acknowledge the potential of blockchains that aren’t Ethereum. While most non-fungible token collections and activity occur on Ethereum, Polygon is a cheaper and more efficient alternative. It seems unlikely all existing Ethereum collections will migrate toPolygon, but one shouldn’t dismiss the potential of that ecosystem either.
Speaking of Polygon NFT collections on OpenSea, there are currently 387 collections to choose from. An impressive amount, although it is essential to put everything in the correct perspective. These collections are a fractional representation of the available non-fungible tokens available on the leading NFT marketplace. Moreover, There are just 44 collections with 1 ETH or more in total volume to date.
Going into further specifics, there are only three Polygon NFT collections with over 50 ETH in volume today. The leading project is ZED RUN, which mainly gained momentum as a project on a different blockchain. Creature Playground comes in second place, slightly ahead of Chicken Derby. Interestingly, the floor prices of these collections vary from 0.015 ETH to 0.237 ETH, which is not necessarily too impressive.
Some of these collections issued on Polygon have intriguing metics. For example, there are collections with 40,000 NFTs, yet others have merely 8. Neon District Season one Item is perhaps the “biggest” NFT collection of them all, with 1.6 million items distributed across 145,700 holders. The price floor is well below 0.001 ETH, however, which doesn’t bode too well.
It is not abnormal to see NFT collections pick up their trading volume now and then. The Polygon-based collections on OpenSea note increases of up to 65246.3% in the past seven days. That is good news for CryptoCyborg; Clones Never Die V2, Wolfable Collection, dotmoovs NFTs, and Golden Chalices AnRKey X.All of these collections note an increase of at least 1,600% this past week, although it remains unclear if that trend is sustainable.
The bigger question is whether the floor prices for Polygon NFTs will move higher in the coming weeks and months. Four projects maintain a price floor of over 1 ETH, which is not too appealing to those looking for a quick flip. Interestingly, all of these successful collections have 154 or fewer NFTs for sale on OpenSea. Scarcity may become a distinguishable factor for Polygon-based NFTs, although things always remain subject to change.
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