Crypto News

Polygon overtakes Solana in NFT sales, Reddit launches new collection

Published by
Nonhlanhla P Dube
  • Polygon has overtaken Solana in NFT sales volume, marking a significant shift in the world of on-chain culture.
  • Reddit has launched its third-generation NFT collection on Polygon, featuring thousands of NFTs from over 100 artists, expanding the number of artist collaborations.
  • With Polygon now overtaking Solana to reach the second-highest level in NFT sales volume, Reddit’s new launch indicates that it continues to dominate in the NFT space, increasing competition in the market.

Polygon, the decentralized Ethereum scaling platform, has overtaken Solana in NFT sales volume, marking a significant shift in the world of on-chain culture. Polygon has jumped to the second rank, whereas Solana has fallen to the third rank, with Ethereum continuing to hold the top spot in the sales volume ranking.

Polygon’s NFT sales volume is now around $2,469,752, which is an increase of 133.06% in the last 24 hours. On the other hand, Solana’s trading volume is around $2,368,436, which has only increased by 33.79%. This shift marks the beginning of the on-chain culture revolution by Polygon.

Reddit launches NFT

In a related development, the social media platform Reddit has launched its NFT collection on Polygon, featuring thousands of NFTs from over 100 artists. This is Reddit’s third generation of the NFT collection, and it significantly expands the number of artist collaborations.

The first two collections of Reddit’s NFT were launched on the Polygon network in June 2022, and over the following months, Reddit dropped numerous collections that generated significant buzz and attracted over 7.3 million unique wallets. The new third-generation (Gen 3) collection is set to expand upon the previous collections with much more extensive artistic output, with over 100 artists featured in Gen 3 alone. The collection aims to attract a huge base of collectors.

Reddit’s impact on the NFT space has been widely praised over the last year for its artistic-centric approach and for reaching a new web3 audience. With Polygon now overtaking Solana to reach the second-highest level in NFT sales volume, Reddit’s new launch indicates that it continues to dominate in the NFT space. This success rate increases the competition in the NFT market, bringing forth new opportunities for creators and collectors alike.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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