There’s a reason Polygon is gaining a reputation as one of the most cost-effective, efficient, and scalable networks on the market. Similarly, the NFTs on the Polygon network also have promising potential that’s continued to grow this year.
Created in 2017, Polygon is a Layer-2 blockchain that exists above Ethereum. You can think of Layer-2 solutions as a 2.0 enhancement added to the original chain that works with it. It's like a power-up added to your weaponry in a game, making it even more efficient and formidable.
A Layer-1 blockchain like Ethereum ultimately secures and processes transactions. Meanwhile, Layer-2 solutions minimize storage on the first layer. This makes it easier for the network to enjoy greater efficiency and lower fees, which allows it to scale up with more transactions and new users.
Polygon, A Layer Above the Rest
With its high efficiency and low fees, networks like Polygon offer a particularly timely and attractive market solution. On the other hand, the top complaints users have with Ethereum are its high transaction cost, clunkiness, and low level of scalability.
In terms of fees, users can buy and sell NFTs on Polygon gas-free. The only time gas fees are required is when transferring ETH (Ethereum) funds to Polygon. The downside of a network like Polygon is that it has fewer buyers and less liquidity than Ethereum. However, both have the potential to grow over time.
Polygon is available on several networks and has grown in popularity on OpenSea, the largest NFT marketplace. In January of 2022, Polygon’s OpenSea trading volume totaled more than $79 million, an increase of 465% from July 2021 and 4% since December 2021.
Each user on the Polygon network also trades 2.7 times more on Open Sea than they do on the Layer-1 Ethereum base chain. In addition, the price of Polygon’s token, MATIC, has also been on the rise in 2022.
Gamers Love Polygon
Investors may want to keep an eye on the NFT gaming space within Polygon. Combining recreation, technology, and finance, the intersection of NFTs and gaming has been rising in the last year. In this new space, players can buy, sell, or earn NFTs while playing a video game.
Many big names have launched their own crypto games, from celebrities to luxury brands to sports teams, to profit from the hype. In Q3 of 2021, in-game NFT items generated over $2.3 billion in trading volume, about 22% of the total volume.
Currently, NFT gamers make up much of Polygon’s activity. About 42% of Polygon’s gas fees were consumed by the play-to-earn game Sunflower Farmers in January. As Polygon continues to tap into the NFT gaming ecosystem, it may be able to establish itself as the go-to Layer-2 solution.
NFTs Worth Watching on Polygon
A few rising star NFTs on Polygon bear watching with their growing usage. These are chosen based on a combination of factors, including their daily trading volume, market cap, and interesting value proposition. In no particular order, here are three highlighted Polygon NFTs.
Decentral Games ICE Poker
If you’re a fan of free poker and betting on the Metaverse, Decentral Games’ play-to-earn ICE Poker might be a worthwhile investment for you.
Decentral Games ICE Poker is a no-charge poker game in the Decentraland metaverse where poker players can earn tokens by competing and completing daily challenges.
ICE is the name of the game’s wearable native currency, which allows players to upgrade their items in exchange for added liquidity. The Decentral Games (DG) token grants users community votes as a governance token to allow users to allocate the game’s treasury.
Decentral Games ICE Poker’s mission is to bring billions of users with its free play-to-earn familiar poker game. For interested investors, with a market cap of almost $5.8 million and more interest in virtual gaming, ICE seems a coin with the potential to grow as the most popular virtual casino in Decentraland.
Crypto Unicorns Market
With gameplay launch coming in May 2022, Crypto Unicorns Market offers users a unique digital farming and pet collecting blockchain game. In Crypto Unicorns, players can use their Unicorn NFTs to farm, joust, race, breed more Unicorns, and more. These 10,000 Unicorns can also be bred up to 8 times and hatched from Genesis Eggs, crucial to the game’s economy.
Crypto Unicorns Market was created by LagunaGames, which announced a seed round of $5 million in 2019 to fund the game. Crypto Unicorns Market has been funded by Polygon Studio, Bitkraft Ventures, Transcend Fund, Delphi Digital, as well as Transcend Fund, Headline Ventures, and Polygon Studios.
At the time of writing, UNICORN has a market cap of $17,292 and a fully-diluted market cap of $1,585,900.
Think of a virtual Kentucky Derby with shiny futuristic horses without jockeys. With the NFT horse racing game ZED run, you can “create your free stable” and get all the horse racing fun without the long, sweaty day at the races.
ZED Run has over 100,000 horse NFTs, including NASCAR-branded horses, as of February 2022. Like Crypto Unicorns, these horses fall into “breathing NFTs,” where users can breed their own NFTs. In 2022, ZED Run has plans to airdrop its new native token, introduce retirement and renting features, and more.
Built by the Australian Virtually Human Studio, ZED Run NFTs have fetched six-figure sums. The company expects betting will come in the future, which will certainly add to the draw and value of the NFT. At the time of writing, ZED Run has a floor price of 0.004 ETh on OpenSea.
Some honorable mentions of rising Polygon NFTs include:
- Ember Sword Badge, a free-to-play combat game set in a fantasy universe where users can buy Ember Sword Badge NFTs.
- Chumbi Valley, a role-playing blockchain game with cute NFT Chumbisin an enchanting forest valley.
- Lucky Block Platinum Rollers Club, a project that gives holders an entry to its about $10,000 lottery with each NFT purchase. Entrants also have a 1 in 10,000 chance to win a Lamborghini.
More Articles from the Wealth of Geeks Network:
This post was produced and syndicated by Wealth of Geeks.
All information provided by Wealth of Geeks on or via this website is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors.
Featured Image Credit: Shutterstock.
Amanda is a professional writer who is passionate about helping people share their vision with more audiences using SEO, data, and storytelling. She often writes about cryptocurrency, fintech, politics, and the law. Her background is in policy and research, with a degree from NYU and certifications from Harvard, Google, and more. When not writing, Amanda enjoys painting, dancing, and playing chess.