Polygon Labs
October 4, 2021
Image source: Dribbble
OpenSea, the wildly successful non-fungible token (NFT) market, has integrated Polygon PoS, providing users with faster and cheaper transactions. By working with OpenSea, Polygon is helping bring NFTs to the world.
Polygon and OpenSea Join Forces
The integration of Polygon with OpenSea offers users with a seamless purchasing and minting experience. Partly due to Polygon’s low transaction fees, OpenSea is able to pay for all gas costs making transactions free for users. Gas fees are only required when transferring ETH funds to the Polygon network.
To find items on Polygon, NFT fans can follow the below-mentioned steps:
- Select Polygon under the chains section on the left panel of OpenSea’s website. Polygon items can be identified by the purple hexagon, Polygon’s logo, on the lower-left corner of each NFT item.
- Unlock currency, and sign a message to complete the checkout of an item users deposit Eth into a wallet..
The user experience for those who access OpenSea on Polygon is similar to those who use OpenSea with Ethereum. Users can view their Polygon NFT on their profile alongside Ethereum NFTs. Users can also view transaction details using associated links to Polygonscan.
Users can do the following:
- Perform lazy minting - a process that allows creators to make NFTs without any upfront gas cost
- Pay for NFTs with ETH, DAI, or USDC
- Buy Polygon NFTs in fixed-price sales
- Make and accept offers on Polygon NFTs
Deep Dive into OpenSea Data
OpenSea usage of Polygon is boding well for both Polygon and the NFT marketplace. The numbers showcase just how successful Polygon on OpenSea has been.
There were 272,357 active traders on OpenSea on Polygon in September, according to Dune Analytics. About 838,000 NFTs were sold on OpenSea on Polygon in September. Small-time purchases make OpenSea on Polygon highly successful. A majority of OpenSea purchases were for less than $100, accounting for 77 percent of transactions for Polygon on OpenSea.
Growth for OpenSea on Polygon is accelerating. The number of NFTs sold on Polygon surged relative to Ethereum. In June only 0.74 percent of transactions on OpenSea were made on Polygon. In September that figure jumped to 49 percent. There is still room for growth. OpenSea usage now only comprises 1.5 percent of volume on Ethereum.
Transaction and Monthly Volume Has Surged on Polygon NFTs on OpenSea
What are NFTs, and Why Are They So Popular Now?
Every NFTs is unique. That is because the blockchain certifies ownership of a piece of art.
NFTs empower artists with a way to mint one-of-a-kind pieces of digital artwork and rare digital collectibles.
Digital art patrons can buy NFTs on one of a number of exchanges that have popped up to cater to the ballooning interest in these assets. On the most utilized NFT Exchange, OpenSea, users can place bids, purchase any of a vast number (over 18,000 items are listed on the OpenSea site) of NFTs and even create their own NFT.
OpenSea has been around since 2017, but the exchange - along with the entire NFT market - has only recently experienced exponential growth. As the cryptocurrency market explodes, digitally native works of art present a compelling outlet for investors to park their extra cash. Some projects that have made a big splash in the past year include Cryptopunks, Pudgy Penguins, and Space Poggers.
In March, a work by an artist known as Beeple sold for $69 million at Christies. The buyer, Vignesh Sundaresan, told CNBC that he would have paid even more for the work! Besides newly minted crypto millionaires, Millennials have also fueled the surge in NFTs to new heights.
If NFTs and OpenSea weren’t already generating enough buzz, the company also announced a $100 million Series B raise at a 1.5 billion dollar valuation. The funding round, which includes names like Ashton Kutcher and Kevin Durant, will help the NFT unicorn scale to even greater heights. OpenSea is sailing to new exciting territory.
With Polygon, OpenSea users will embrace NFTs. We can all be art patrons now.
About OpenSea
OpenSea is the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs) that users can buy, sell, and discover exclusive digital assets.
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