OpenSea Polygon Daily Volume Worries in February; know why

As the day goes by, the NFT market grows and comes under more and more spotlight. As February 2022 draws to a close, it’s a great time to review OpenSea’s progress, but this time from the Polygon side.

New trends taking shape?

open sea [Polygon] saw some impressive stats in January, but February’s monthly trading volume of $63,977,958,866390646 failed to maintain the record-breaking momentum of the past two months.

Source: Dune Analytics

In addition, we see that the daily volume has been on a downward trend since about February 14.

Source: Dune Analytics

In addition, 1,738,012 NFTs were sold on OpenSea [Polygon] in February, compared to 2,685,757 NFTs in January.

open sea [Ethereum] saw similar trends take place as the month was marred by the OpenSea operation and on a larger scale, the Russian invasion of Ukraine.

Painful gains for AP

The situation may be tense within the NFT sector, but it appears to be the case elsewhere as well. A large proportion of non-crypto users still believe that all NFTs – no matter where they are minted – are exploitative or harmful to the environment.

An example of this came to light when the international news agency Associated Press [AP] had to go back to his plans to have an NFT . to launch with a photo of a boat at sea full of migrants. journalists criticized the move and accused the AP of trying to profit from the struggle of vulnerable people.

In a statement, AP . says said

“AP’s NFT marketplace is a very early pilot program and we are evaluating our efforts immediately.”

Crypto investors and traders may be interested to note that AP planned to put its NFTs on Polygon, which it described like a “eco-friendly, Ethereum-compatible layer two solution.”

Polygon vs Pandas

This isn’t the first time Polygon’s eco-friendly quotient has been called into question. Earlier this month, the World Wildlife Fund faced backlash over its “tokens for nature” project featuring NFTs minted on the Polygon blockchain. WWF later announced that it had received a lot of feedback and was reviewing its decision.

Those aware of the environmental footprint of blockchains believe that even being “Ethereum compatible” is a way to promote an energy-intensive proof-of-work blockchain.

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