The Best Polygon NFT Marketplace
Looking for the best marketplace to trade Polygon NFTs? Well look no further.
Maybe you’re here just looking for an alternative to trading Ethereum NFTs? Sick of the high gas fees and low translation fees? So are we.
In this article I will cover everything you need to know about Polygon, NFTs and the best marketplace for you to trade them.
- Polygon is faster and cheaper than Ethereum
- Opensea is the biggest NFT marketplace
- Opensea now supports Polygon NFTs
- Polygon is a layer 2 built alongside Ethereum
What is Polygon?
Polygon (also known as MATIC) is a layer 2 network that is built alongside Ethereum to help with its scalability issues.
With the growing popularity in DeFi and NFTs built on Ethereum this has brought some scalability issues causing high gas fees and slow transactions for the Ethereum network, this has caused it to sometimes be unprofitable to commit small or low value transactions.
That’s where Polygon comes along. Built to work alongside Ethereum as a parallel or “sidechain” Polygon allows users to process transactions at a fraction of the cost of Ethereum and much faster.
Polygon boasts transaction speeds of up to 200 transactions per second which compared to Ethereums 15 transaction per second is quite the improvement. Transaction fees or also known as gas fees are also as low as a couple of dollars on Polygon while Ethereums gas fees can range as high as in the hundreds when the network is congested. Hopefully Ethereum 2.0 will reduce this a bit after the merge.
What Is MATIC?
You may have noticed people talking about MATIC in relation to Polygon, so what is MATIC?
MATIC is the native token of Polygon which can be used for transaction fees, staking and for governance.
You can see details regarding MATIC such as current price, daily volume and marketcap here at Coingecko.
Ethereum Vs Polygon NFTs
Everyone knows Ethereum is the king of NFTs (though Solana is hot on its heels) with the highest transactions and transaction volume, unfortunately it has its fair share of setbacks which can make it hard for the everyday person to get into the world of Ethereum NFTs.
High gas fees mainly being the big set back that will turn most people off, I mean who wants to pay upwards of hundreds of dollars just for a transaction? I know I don’t.
That is where Polygon comes in. With the lower gas fees and faster transactions Polygon is a great alternative for people to trade NFTs on. Especially those that don’t want to spend an arm and a leg on gas fees.
Ethereum does however have the higher ticket NFTs such as the Bored Ape Yacht Club and so on. Ethereum also holds the majority of the NFT trading volume especially compared to Polygon.
From this data provided by Crypto Slam we can see that Ethereum has had $12.3million worth of transactions in the last 24 hours and 25,000 transactions made.
NFT Sles Volume over the past 24 hours
Comparing this to Polygons $85,000 worth of transactions and 1,500 transactions completed you can see that Ethereum definitely has a lot more volume and established NFT collections.
By using Polygon you are able to trade NFTs at a fraction of the cost and have no worries about sending through low value transactions. By using Polygon you are essentially using the cheaper faster version of Ethereum.
What is the best marketplace for Polygon NFTs?
Polygon NFTs are supported on a handful of NFT marketplaces such as Refinable, NFTrade and many others.
There is however one kingpin when it comes to NFT marketplaces and that is Opensea, unless you’ve been living under a rock you will have heard of Opensea. Dominating the volume and daily transactions Opensea has solidified itself as the go to marketplace for trading NFTs, that includes Polygons NFTs.
Buying and selling Polygon NFTs on Opensea is super easy. When exploring collections on Opensea there is a menu to the right where you can change a handful of filters, one being which chain the NFTs are hosted on. From this dropdown you can see each chain that Opensea supports such as Ethereum, Solana and Polygon.
Opensea Polygon NFT Marketplace
To wrap things up, Opensea is the biggest marketplace gaining the most volume that you can trade Polygon NFTs.
Polygon is a faster and cheaper alternative to Ethereum while being built alongside Ethereum.
With Ethereums merge coming up any day now it could be the fix to Ethereums scalability problems. When Ethereum merges it will be moving from a proof of work consensus mechanism to a proof of stake mechanism.
This will remove the need for miners to mine transactions and instead use validators that are created when people stake their Ethereum (ETH) tokens.
The proof of work consensus is notorious for creating high gas fees so this may be a fix to the scalability problems. A lot of other successful layer 1’s are running proof of stake such as Solana.