Polygon vs Ethereum: Choosing the Right Network to Deploy Your NFTs
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Polygon vs Ethereum: Choosing the Right Network to Deploy Your NFTs

Tags
NFT
Common Questions
Date
Feb 25, 2023

Why Choose Polygon to Deploy Your NFTs?

 
  • Low transaction fees - Polygon's network fees are significantly lower than Ethereum's, making it more accessible to users who want to deploy NFTs without spending a lot of money on fees.
  • Fast transaction times - Polygon's network can handle a higher number of transactions per second than Ethereum, resulting in faster confirmation times for NFT transactions.
  • Interoperability - Polygon's network is compatible with Ethereum's, making it easy to transfer assets between the two networks. This also means that Ethereum-based NFTs can be easily deployed on Polygon.

Why Choose Ethereum to Deploy Your NFTs?

 
  • Network maturity - Ethereum is a more established and widely used network, making it a good choice for users who want to deploy NFTs with a larger audience.
  • Proven track record - Ethereum has a proven track record in the NFT space, with many successful NFT projects already deployed on the network.
  • Strong community - Ethereum has a large and active community of developers and users, providing a wealth of resources and support for NFT creators.

NFT Deployment on Polygon vs Ethereum

 
  • As of February 2023, there are approximately 30,000 NFT contracts deployed on Polygon, compared to over 2 million NFT contracts deployed on Ethereum.
  • However, the number of NFTs deployed on Polygon has been growing rapidly in recent months, with a 600% increase in the number of Polygon-based NFT projects in the last year alone.

Revenue Generated by Polygon NFTs

 
  • The total value of NFT transactions on the Polygon network was over $8 billion in the last 30 days, with an average daily volume of around $270 million.
  • The top 10 Polygon-based NFT projects by total sales volume include Art Blocks, Punks Comics, and Bored Ape Kennel Club, among others.
  • One of the most successful Polygon-based NFT projects is the Meebits collection, which has generated over $1 billion in total sales volume since its launch in May 2021.

Revenue Generated by Ethereum NFTs

 
  • The total value of NFT transactions on the Ethereum network was over $40 billion in the last 30 days, with an average daily volume of around $1.3 billion.
  • The top 10 Ethereum-based NFT projects by total sales volume include CryptoPunks, Axie Infinity, and Bored Ape Yacht Club, among others.
  • The most expensive NFT ever sold was on Ethereum - Beeple's "The First 5000 Days" was sold for $69 million in March 2021.

Generating Passive Income with Polygon or Ethereum NFTs

 
  • NFTs on both Polygon and Ethereum can generate passive income for their owners through various means, such as royalties and staking.
  • On Polygon, NFT owners can earn royalties by setting a percentage of each secondary sale to be paid to them. They can also earn rewards by staking their NFTs in liquidity pools.