- Polygon has recorded a surge in new users despite the current crypto winter
- However, sales volume has remained low
- Reddit’s Collectible Avatars have contributed to the new milestone
Ethereum scaling layer Polygon has reached a new milestone in the number of new users and existing users returning to purchase more artworks per day. Polygon beat other prominent NFT blockchains such as Solana and Ethereum which are struggling to attract new users. The milestone comes three weeks after the leading NFT marketplace on Solana, Magic Eden, announced support for Polygon NFTs.
Polygon Beats Ethereum and Solana NFT Markets
According to data from Nansen, Solana leads in low weekly users who have plummeted from 160,000 to 60,000 in less than two months, while Ethereum follows with a drop of roughly 70,000 users. The data revealed that OpenSea was welcoming a high of 10,000 users within 24 hours, while return traders would range between 10,000 and 15,000 in a day.
The Polygon NFT market reached a new high in new and returning buyers reaching over 43,000 and 80,000 respectively. This was a significant rise considering that the last all-time high on the two metrics, which was set in October, was only close to 2,000 for new users and less than 9,000 for return buyers.
Reddit’s Collectible Avatars Reach 5 Million Mints
The surge in new users coincides with Reddit’s Collectible Avatars also hitting five million mints on Polygon. According to Dune Analytics, the avatars are evenly distributed among the Reddit community as more than 3.9 million wallets, out of 4.25 million wallets, hold one avatar NFT.
6/ The nature of the current market is most clearly seen its trading volume per week chart
While every metric is pushing new highs, trading volume hasn’t seen a similar move
Suggesting most activity are free mints/low value purchases pic.twitter.com/RUNBJINaGe
— Martin Lee | Nansen 🧭 (@themlpx) December 9, 2022
Interestingly, the increased usage doesn’t reflect on the trading volume, which is almost at its lowest. According to Nansen’s data journalist Martin Lee, the gap between users and the volume is likely due to “most activity [being] free mints/low-value purchases.” The trading volume is likely to match the usage as Polygon’s latest users like Starbucks start their Web 3.0 journey.
