such as improvements in its staking and gas rates. In addition, it has important partnerships inside and outside the cryptocurrency market, which contribute even more to its growth.
In January, the OpenSea marketplace reported over 1.5 million NFT sales on Polygon's scalable network, outpacing Ethereum's 1.1 million sales in the same period. Despite Ethereum recording a higher traded value in NFTs compared to Polygon's $15.4 million, Polygon has consistently outperformed the smart contracts platform in the NFT sector since the end of 2022.
Additionally, several scandals have contributed to Solana's loss of ground to Polygon. For instance, in early 2023, Magic Eden, Solana's NFT marketplace, sold counterfeit digital art, causing harm to the reputation of the NFT marketplace. Although the project pledged to compensate affected buyers, the damage has already been done.
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