In this dashboard, we will look at the popularity of NFTs on Polygon Network. We will find a transaction that involves NFT by tracking ERC721 transfers. These can be tracked by tracking Transfer events that have a tokenId parameter instead of a value or amount parameter, which indicated the non-fungible nature of these transfers.

Now lets compare the make up of NFT transaction in the Polygon Blockchain space.

On the right, you can see the overall and daily metrics of Fees Paid, Transactions and Users.

From the 6 charts on the right:

• NFT transaction makeup 24% of all the transactions, varying between 10 to 40 % on the daily timescale
• Users initiating NFT transfers, only make up 10% of the Users, varying between 5 to 40%
• NFT transfers, make up only 7% of the Fees generated and has been the case on the daily

How much of this NFT volume above is meaningful ?. In order to look at this, we will categorize the transfers and Mints and Burns by tracking NFT transfers to and from the Genesis address.

Looking at this, we see

• Mints make up 66% of all NFT transfers. This could be worse as early July saw quite alot of Transfer volume, ignoring which, the Mint percentage would be higher almost making 3 in 4 NFT transactions as Mint.
• On the daily, almost every day we see double the number of Mints compared to Transfers and Burns

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Looking at the distinct Sending and Receiving wallets on the daily, the disparity is obvious

• There is a distinct high volume of receivers, compared to senders
• This implies, either most of the NFTs are spams or phishing attempts or there simply alot whales selling their NFTs. However latter seems to be the more logical option.
• Ignoring the Mint transactions doesn’t do much.
• These transactions are mostly phishing and spam transactions intended to trick users into making their assets vulnerable. The low fees of Polygon network allow this to happen with ease