About

• Date: 8 July 2022
• Author: mar1na (catscatscode): Twitter, Flipside
  • Image sources: (top right)
  • (middle right)

Introduction

In 2021, OpenSea kicked off its multichain expansion by adding support for Polygon NFTs. Users can list and purchase NFTs with WETH (wrapped ETH) and pay much lower transaction fees a.k.a gas fees compared to buying NFTs on L1 Ethereum.

Methodology

• This analysis explores the landscape of Polygon NFT buyers, sellers, and prices using Flipside Crypto data.
• The time period of the analysis begins with the earliest data available in the schema (6 June 2022), and ends with the most recent data available at the time of analysis (8 July).
• We measure the prices and volumes in ETH equivalent (WETH, contract address ‘0x7ceb23fd6bc0add59e62ac25578270cff1b9f619’).
• OpenSea wallet addresses of interest on Polygon were found by querying the labels table:
  • '0x5b3256965e7c3cf26e11fcaf296dfc8807c01073', -- OpenSea: wallet
  • '0xf715beb51ec8f63317d66f491e37e7bb048fcc2d' -- OpenSea main contract
  • '0x00000000006cee72100d161c57ada5bb2be1ca79', -- OpenSea: seaport.

Takeaways

• Daily, there have been between ~1-6k Polygon NFT sales on OpenSea.
• There are many more sales each day than buyers and sellers, signaling that the same users are transacting repeatedly to create volume.
• Crypto Unicorns are the most popular Polygon NFTs by number and ETH volume of sales (among the NFTs that have been labeled in Flipside data schema).
• Top buyer wallets by volume are not all the same as the top buyers by the number of purchases; however the biggest buyer leads in both.