Polygon outpaces Ethereum in NFT transactions, but challenges loom ahead

  • Polygon outperformed Ethereum in NFT transactions, solidifying its layer 2 position.
  • Despite growth in the NFT market, the network faced declining dApp activity and token volume.

Polygon [MATIC], a layer 2 scaling solution for Ethereum [ETH], has been outperforming the latter in terms of the number of NFT transactions made on each protocol. Moreover, the increasing NFT transactions are strengthening Polygon’s position in the layer 2 space.

Read Polygon’s [MATIC] Price Prediction 2023-2024

The Polygon NFT market has been growing, and even though the number of transactions has been high, the average fees generated by these transactions were low.

The low fees could affect the network’s overall ability to generate revenue, however, it…

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