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How Polygon Blockchain is Changing the Way we Buy NFTs

Usability is key for NFT adoption, and Polygon has established itself as the go-to Ethereum scaling alternative for several applications. According to search statistics, more blockchain adpopters are integrating Polygon than they are integrating other level 2 network scaling solutions.

Other sources say that, NFTs are a transient cultural phenomenon that will fade and be forgotten with time, much like pet pebbles. While some others say that NFTs are a paradigm-shifting technology that has facilitated the emergence of a new (and sustainable) creative economy. Irrespective of the side of the aisle you stand on, the truth we can agree on is that the world of NFTs is expanding tremendously, and they will significantly influence society for years to come.

In 2020, the entire revenue generated by NFTs was just $94.9 million. By 2021, it surpassed $23 billion.

To grasp how digital art and collectible markets are changing, it's vital to have a working knowledge of where NFTs are now located and how they're being used. With this in mind, will now dive into some of the trends in the NFT space lately and tell you why Polygon is the game changer in NFTs.

Non-Fungible Token (NFTs) and How to Own One

A non-fungible token (NFT) is a token created and managed on a blockchain (most typically Ethereum) to represent ownership of an asset. As a result, most NFTs need payment in Ethereum or other kinds of cryptocurrency compatible on the blockchain where the exist.

To purchase and NFT, simply transfer your cryptocurrency to a secure digital wallet. Consider a wallet that lets you store and transfer NFTs. While some exchanges, like Coinbase, incorporate built-in wallet functionality as part of the account opening process, other choices include standalone wallets such as MetaMask.

Connect your wallet to a trusted (NFT) marketplace. After connecting, you may start browsing the marketplace's selection of NFTs and making purchases.

Buying NFTs and the Overall NFT Market Trend

There are dozens of non-financial transaction markets. The largest is OpenSea, based on Ethereum, and supports over 150 additional payment tokens. Binance NFT, Rarible, and Foundation are more NFT markets that include various art and collectibles.

Certain marketplaces specialize in particular types of assets. For instance, The Musician Marketplace concentrates on musical compositions. At the same time, NBA Top Shot is the National Basketball Association's legally approved marketplace for purchasing digital video highlights.

Whether you're looking for art, collectibles, video game assets, or website domain names, there is a marketplace for you.

Crypto Wallets Are Contributing to the Purchase of NFTs

Everyone needs wallets to hold NFTs. Once you've picked your choice, you'll also require a storage location for your NFT. Simple choices include Coinbase Wallet and MetaMask, while some cryptocurrency exchanges provide wallet functionality as part of their trading platform.

However, there are more wallet solutions for offline storage of cryptos and NFTs that do not require a direct connection to an exchange (known as cold storage). For instance, Trezor and Ledger provide physical hardware wallets capable of storing crypto assets. Wallets that include a private security key can offer an additional layer of protection to the process of storing NFTs.

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A Look at Some NFTs you may Want to Own 

Unlike cryptocurrencies, NFTs are not valued for their utility (as an investment asset, as many investors have come to regard Bitcoin and its usage as a means of payment. Rather than that, NFTs receive their worth from the media they represent such as art, music, video, writing, etc. Thus, investing in NFTs is an investment in a collectible object, the worth of which will be decided over time by various intangible criteria, including the piece's quality, distinctiveness, and the artist's clout.

Additionally, investors can invest in tokens to acquire and manage digital asset networks. The following are the most popular NFT tokens at the moment.

Axie Infinity

Axie Infinity is a digital game that allows players to collect, combat, and trade mythological creatures known as Axies. Axie Infinity is based on the Ethereum blockchain, and tokens can be acquired through gameplay and used in the marketplace.

Decentraland

Decentraland is a decentralized autonomous organization that allows the selling and purchase of digital versions of real lands. It allows holders of the Mana token, which you can buy, to participate in the decision making on the network. Like a physical real-estate, you can buy and sell lands and other valuebles on decentraland. You can also participate and enjoy the ton of activities going on in the ecosystem.

Immutable X

Immutable X is a layer 2 scaling solution for NFTs on Ethereum. It support over 9,000 transactions per second, and without the economic constraint of gas fees while giving users full custody of their assets. The platform also commits to zero knowledge proofs, carbon neutrality, and instantaneous transactions. Immutable X also offers as much security by using the Ethereum consensus layer for settlement of transactions.

While NFTs are now employed primarily on digital art and media, their potential applications extend well beyond ensuring ownership of collectors' artifacts. A rising number of businesses are exploring ways to improve blockchain and NFT technologies in company operations.

Take caution while investing in NFTs as new technology. Cryptocurrency values are highly volatile, and several competitors are fighting for user and investor attention. If you want to purchase NFTs or tokens, keep in mind that they should be included in a balanced portfolio.

Justification for Polygon as a Superior Substitute NFTs

Since the rise of cryptocurrencies as a way of efficient money transactions, investors have regularly examined the price charts on websites for trends in NFTs. Non-fungible tokens, or NFTs, are among the most intriguing advancements in the cryptocurrency. Aside that, unlike cryptocurrencies, NFTs are one-of-a-kind, and similar to collectible artwork or baseball cards. Their worth is derived from their individuality. Also, being a blockchain invention, NFTs are not issued by a central authority. The process of minting NFTs is as decentralized as purchasing and selling them.

Most NFTs are created, purchased, and traded on Ethereum-based platforms, although additional blockchains are beginning to enter the market. Ethereum, despite its present supremacy, does have certain limits. One of these is its slow throughput, or processing rate, which results from heavy network traffic — a significant disadvantage for a major cryptocurrency. Another factor is the high fees associated with minting and trading NFTs.

Polygon enables more efficient and cost-free NFT minting and is a viable alternative to Ethereum. As you read further, you will learn the steps involved in minting NFTs on Polygon Chain. However, let us begin with a brief introduction of Polygon.

Transactions on Polygon Costs Lower Fees than Ethereum

The most considerable gas cost paid by a user across all transactions on Polygon's network is 9.50 MATIC, or US$15.86. Polygon's regular gas price is incredibly low, at less than US$0.01 per transaction. Ethereum, on the other hand, has a regular gas charge that typically starts at US$25 and fluctuates based on network congestion.

Each blockchain transaction requires payment of a fee for the computation involved in processing transactions. The funds paid as fees are subsequently delivered to miners, who authenticate the transaction and add the data to the public ledger using the computer power of their equipment.

Faster Completion of Transactions

The term "transaction finality" refers to the point at which a transaction becomes irreversible. While Ethereum currently has an excellent transaction finality rate of six transactions per minute, Polygon, as a layer 2 protocol designed to prevent network congestion, offers a transaction finality rate of 2.3 seconds per transaction. Polygon Matic is being used in an increasing number of NFT projects. Polygon is also used for more major NFT projects, including the most iconic ape club, which has served as the face of NFTs since their value spike began.

While many of us aim to beat the crowd to an idea, there are instances when the safest way to play a concept is the greatest approach. Rather than gambling on unknowns and potential initiatives, investing in ongoing projects makes sense. According to Polygon, there are approximately 7,000 decentralized applications on the network. This degree of integration is generating a significant network effect.

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Growing Interest in the Polygon Network

We may find evidence of Polygon's acceptance as the preferred layer 2 on the Google's search records. Polygon has maintained a dominating lead in search interest in the United States over the previous six months. It is perhaps due to the range of applications and websites that interact with Matic for their respective projects.

Apart from a brief moment in November when Loopring search interest spiked due to the GameStop tie-in, Polygon is the only layer 2 that US users have consistently searched for. And the narrative is similar throughout the rest of the planet.

Occasionally, terms are searched for a variety of reasons. After all, "polygon" is a mathematical term for a form. We may examine similar searches to determine the word's connection to compensate for this. The following table compares the top five related questions for Polygon and Loopring:

The reasons for the search interest are self-explanatory. Individuals are becoming acquainted with Polygon due to their requirement to utilize it and combine it with their Metamask wallets. Loopring searches have been mostly motivated by supposition.

The reasons for the search interest are self-explanatory. Individuals are becoming acquainted with Polygon due to their requirement to utilize it and combine it with their Metamask wallets. Loopring searches have been mostly motivated by supposition.

Integration With MoonPay

The new Polygon-MoonPay integration will help propel NFTs ahead by minimizing friction in fiat to NFT custody. MoonPay has evolved into a fiat-to-crypto onramp that will significantly reduce friction for many consumers. Previously, purchasing NFTs on Ethereum involved purchasing ETH via an exchange, transferring it to a Metamask wallet, and purchasing the tokens via a marketplace like OpenSea. When NFT projects began utilizing Ethereum via Polygon, customers were still required to purchase ETH on the mainchain and bridge it to the Polygon network. This was a positive move because it restricted the payment of gas fees on ETH to the bridge transaction rather than every single NFT transaction.

Users may now create MoonPay accounts and purchase Ethereum on the Polygon network without paying the gas charge required to bridge the ETH across. This is a significant milestone since it implies that consumers interested in purchasing NFTs but unfamiliar with the complexities of blockchains and cryptocurrency may now move from credit card to wrapped ETH on the Polygon network in a few simple steps and with low costs. It's significant because certain projects do not require ETH to purchase NFTs. Some will instead use the stable coin USDC. MoonPay enables users purchase USDC on four different chains, one of them being Polygon, and the others are Ethereum, and zkSync. MoonPay removes friction for NFT customers, and Polygon is now the network with the most MoonPay options.

Final Thoughts

The value of NFT is growing above and beyond as the new trend that is stealing the attention of several mainstream tech giants like Meta and banks like JP Morgan with spaces in the metaverse at the moment. Everyone needs a wallet to access NFTs and Polygon is available on most of the wallets you will find out there.

Non-fungible tokens, or NFTs, are distinct assets, like collectible artwork or baseball cards. Polygon enables more efficient and cost-free NFT minting and is a reliable alternative to Ethereum. Owing to its scalability, Polygon Matic is now being used by lots of developers in the NFT space. The cost of transactions on Polygon is low at US$0.01 per transaction.

Many NFT buyers purchase NFT on the layer 1 Ethereum chain of the Polygon network. It will help propel NFTs ahead by minimizing friction in the transition from fiat to NFT custody. MoonPay is a fiat-to-crypto onramp that will significantly reduce friction for many consumers. Polygon's MoonPay allows you to purchase ETH on Polygon, zkSync, and IMX. To sum it all the future looks promising, although MATIC may face price pressure if the wider market faces a long-term bear market.

Next Article

Best NFT Marketplaces on Polygon

Frequently Asked Questions

In the end there are a variety of options Defi companies pay for their investors’ yield, and not only by “yield farming”. It is a financial platform that is based on blockchains with public access which is most notably Ethereum. The tokens of Defi generate interest and let you take out loans, borrow money, purchase insurance, or trade as a crypto-speculative investment.

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