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Many sources suggest that the global non-fungible token market is indeed gearing up for another bull run, driven by factors like increased adoption in gaming and the metaverse, institutional interest, and technological advancements. Unlike the previous market cycle, the ongoing market season is different and unique. For the first time, Ethereum has lost NFT market dominance to Polygon and Immutable, becoming the third most traded blockchain in terms of daily sales volume.
ETH Loses Market Dominance To Immutable
Data compiled by cryptoslam, an on-chain crypto market data aggregator and non-fungible token explorer, shows the non-fungible token market has surged in trading sales volume. In the past 24 hours, the NFT market has amassed a trading sales volume of $24 million. During this time, the NFT market has surged by 22% from the previous day. The number of investors buying NFTs has also surged by 21% from the past day.
Unfortunately, Ethereum, the blockchain network renowned in the NFT market as the market leader for hosting the majority of NFTs, has lost market dominance to Immutable and Polygon blockchain networks. In the past 24 hours, the Immutable-based NFT collection has recorded a trading sales volume of $8.7 million. During this time, the Immutable NFT sales volume has surged by 39% from the past day.
Polygon, an Ethereum scaling solution blockchain network, is today’s second most traded NFT blockchain network in the NFT market. In the past 24 hours, the Polygon-based NFT collections have raised a trading sales volume of $5.1 million. During this period, the Polygon NFT trading sales volume has surged by 199% from the past day. Polygon has also flipped Ethereum in terms of daily trading sales volume.
Ethereum Drops To The 3rd Spot In The NFT Chart
Ethereum, a leading blockchain network previously known as the dominant chain for NFTs, is today’s third most-traded blockchain network, trailing behind Immutable and Polygon in terms of daily sales volume. In the past 24 hours, the Ethereum-based NFT collection has recorded a sales volume of $4.4 million. During this period, the Ethereum NFT trading sales volume has plunged by 8.77% from the past day. The recent NFT market resurgence indicates that the sector could be gearing up for another bull season.
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