Polygon NFT

    NFT’s are becoming popular on the polygon blockchain. This analysis will focus on the NFT activities on the said blockchain.

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    Polygon Opensea Volume.

    The graphs below shows the total volume of NFT Transactions on based on Token Volume, Token Volume in USD and Total Volume in USD. These graphs only cover the volume on the OpenSea Marketplace.

    Based on these graphs we can say the following about the activities on Opensea on the Polygon Chain:

    • The most used token in this chain is WETH.
    • In terms of volume, we can see that there was high volume activity on the months of December 2021 to February 2022.
    • The current volume now is going down. This volume is comparable to the volume of the months of May - June 2021, far from it’s peaks on the month of December 2021 to February 2022.
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    Top Wallets with Profit in USD

    The graphs below show the total value of NFTS bought and sold in USD of each wallet. The USD valuation was based on the value of the token used at the time of buying or selling. This only covers NFTs bought or sold in OpenSea.

    These are the tops wallets.

    1. 0x4941616D2447CF7f81F6d7d59C1aED9E57e4973e - This wallet belongs to Yassart Labs this wallet is from an NFT project about a chinese zodiac collection.
    2. 0x4ada08f88d56da33a8a161e0dd102dddc58ef032 - This wallet belongs to Poseidon Racing, a Youtube influencer who talks about sport racing NFTs particularly the Zed Runs on Polygon.
    3. 0xfbafff865c90814e36559543b91b1be03414fe30 - This wallet belongs to a retail trader, most of the profit this user gained is through the selling of Zed Run Horse Racing NFTs.
    4. 0xa3ea9b33Ce9f0F3789F24A6D7Ae131c66D1c1656 - This wallet also belongs to a retail trader, most of his profits were made from buying and selling various collections such as Zed Run and The Red Village
    5. 0x979e94c3ed003e7efa9415484a80dbecb22cbd22 - This wallet also belongs to a retail trader, most of his profits were from selling Zed Run NFTs.

    Conclusion

    Currently, the Polygon NFT marketplace just like the NFT markets on other chains are experiencing lower transaction volumes. The top 5 sellers are either NFT projects or retail traders. Most of the profit they gained was through buying and selling various NFTs particularly the Zed Run horse racing.

    Count of NFT Wallets in Polygon.

    The graph below shows the wallets in Polygon who were able to buy or sell NFTs. The wallets tagged as NFT wallets are limited only to the ones who were able to buy or sell in the Opensea marketplace.

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    NFT’s are a bit of a minority with only ~4.6% of all wallets bought or sold NFTs in Opensea.