Polygon NFT Sales Surge, Now Second Only to Ethereum

• Polygon, an Ethereum Layer-2 scaling solution, saw more than $2.71 million in NFT sales on Tuesday, overtaking Solana as the second blockchain in sales volume.
• The sudden spike in NFT sales is associated with a new NFT drop by Reddit called Gen 3.
• Once the hype around the new Reddit NFT drop subsides, NFT sales on Polygon might decrease.

Polygon Overtakes Solana In NFT Sales Volume

Polygon saw a few hundred thousand dollars more non-fungible token (NFT) sales than Solana on Tuesday, overtaking Solana in other important metrics like transactions. The sudden surge of activity was related to a popular NFT project created by over 100 artists called “Gen 3” that was dropped by Reddit.

NFT Activity is Coming Back

NFT activity has been low for most of the last year compared to what it was at the peak of the bull market in November 2021; however this seems to be changing with Polygon leading the charge. On Tuesday, Polygon processed around 42,000 transactions and more than $2.71 million of NFT sales which placed them ahead of Solana ($2.34 million).

Winklevoss Twins Investing In Gemini

In other news regarding cryptocurrency and blockchain technology: Winklevoss twins recently injected $100M into Gemini amid low crypto VC activity reflecting their belief that digital assets are here to stay and will continue to play a role in traditional finance markets going forward.

Reddit Launches Gen 3

The recent spike in activity on Polygon can be linked back to Reddit launching its latest collection of limited edition designs from over 100 different artists called “Gen 3” which has attracted many people looking for unique digital collectibles.

Decrease In Activity Predicted

Once the hype surrounding this project dies down it is expected that there will be a decrease in activity on Polygon; however this does not mean that interest for these types of tokens have disappeared entirely as evidenced by Winklevoss’ investment into Gemini and continued interest from investors looking for alternative ways to diversify their portfolios outside traditional markets.