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Dune Data Analysis Reveals the Rise of Polygon NFT Market: Y00ts Leads with $6.5 Million Trading Volume

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According to reports, Dune data analysis shows that in the past 30 days, the trading volume of the Polygon NFT market has exceeded $1 million on two days; Y00ts has the highest tra

Dune Data Analysis Reveals the Rise of Polygon NFT Market: Y00ts Leads with $6.5 Million Trading Volume

According to reports, Dune data analysis shows that in the past 30 days, the trading volume of the Polygon NFT market has exceeded $1 million on two days; Y00ts has the highest trading volume among Opensea (Polygon) and MagicEden (Polygon), with a total trading volume of approximately $6.5 million.

The Polygon NFT market has had trading volume exceeding $1 million on two days in the past month

The Non-Fungible Tokens (NFTs) market has witnessed a surge in popularity in recent years, with several marketplaces such as Opensea, MagicEden, and SuperRare, among others, experiencing significant growth in trading volumes. However, in the past 30 days, Dune Analytics data has shown that the trading volume of the Polygon NFT market has exceeded $1 million on two specific days, with Y00ts leading the market with a trading volume of approximately $6.5 million. In this article, we delve deeper into the Dune data analysis and highlight the reasons behind the rise of Polygon NFTs.

The Polygon NFT Market

Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to improve Ethereum’s scalability and provide faster and cheaper transactions. Polygon has become increasingly popular in the NFT market since its launch in 2020, with several NFT marketplaces leveraging the Polygon infrastructure to offer their users faster and cheaper transactions.

Dune Data Analysis on Polygon NFT Market

Dune Analytics is a platform that provides data analysis tools for Ethereum, allowing users to create customizable dashboards and analyze data on the Ethereum blockchain. According to Dune Analytics data, the trading volume of the Polygon NFT market has been steadily increasing in the past 30 days, with the trading volume exceeding $1 million on two specific days.

Y00ts Leads the Polygon NFT Market

Y00ts, a Polygon-based NFT marketplace, has emerged as the market leader in the Polygon NFT market, with a total trading volume of approximately $6.5 million. Y00ts offers unique features such as dynamic royalty pools, enabling creators to earn more from their NFTs over time, and a focus on social interactions, allowing for more engagement between creators and buyers.

Opensea and MagicEden: Competing for Second Place

Opensea and MagicEden are two other popular NFT marketplaces on the Polygon blockchain. However, in terms of trading volume, both Opensea and MagicEden fall behind Y00ts, with Opensea having a total trading volume of approximately $3.5 million, and MagicEden having a trading volume of approximately $2.4 million.

The Rise of Polygon NFTs

The rise of Polygon NFTs can be attributed to several factors. Firstly, the scalability and fast transaction processing provided by the Polygon infrastructure have attracted several NFT creators and collectors. Secondly, Polygon offers more cost-effective transactions compared to the Ethereum mainnet, making it a more accessible option for creators and collectors who want to avoid high gas fees. Lastly, Polygon’s focus on fostering a vibrant community has led to several new NFT marketplaces emerging on the Polygon blockchain, further increasing the network effects of the Polygon NFT market.

Conclusion

Dune Analytics data has revealed the growing significance of the Polygon NFT market, with Y00ts leading the market with a trading volume of approximately $6.5 million. The scalability, cost-effectiveness, and vibrant community provided by the Polygon infrastructure have contributed to the rise of the Polygon NFT market and its popularity among NFT creators and collectors.

FAQs

1. What is Dune Analytics?
Dune Analytics is a platform that provides data analysis tools for Ethereum, allowing users to create customizable dashboards and analyze data on the Ethereum blockchain.
2. What is Polygon NFT market?
Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to improve Ethereum’s scalability and provide faster and cheaper transactions. Several NFT marketplaces leverage the Polygon infrastructure to offer their users faster and cheaper transactions.
3. Why has Y00ts emerged as the market leader in the Polygon NFT market?
Y00ts offers unique features such as dynamic royalty pools, enabling creators to earn more from their NFTs over time, and a focus on social interactions, allowing for more engagement between creators and buyers.

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