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- The NFT market’s trading volume has reached a low not observed since November 2021.
- CryptoSlam, OpenSea, and PolygonScan have been identified as the three sources.
The cryptocurrency market is experiencing a downturn, with a significant decline affecting nearly all cryptocurrencies. Polygon (MATIC) has not been able to escape this downward trend. As reported by CMC, MATIC experienced a 15% drop in value over the past week. Additionally, the trading volume in the NFT market has fallen to levels not seen since November 2021.
Polygon’s affordability and efficiency have made it a preferred choice for NFT minting. Recently, the head of Growth at Polygon Labs, known on Twitter as Sanket.Polygon, highlighted some discrepancies in the current state of on-chain NFT data on Polygon.
Awaiting a Practical Solution
Sanket’s tweet indicated that three distinct sources present varying information regarding the same on-chain data. While metadata for NFTs can be stored in multiple formats, on-chain storage is regarded as the most dependable and sustainable method.
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The three sources identified are CryptoSlam, OpenSea, and PolygonScan. CryptoSlam is an NFT data aggregator backed by Mark Cuban, while the other two are also well-respected entities in the industry.
The current status of on-chain NFT data on Polygon
3 sources all show different things
1. @cryptoslamio
2. @opensea
3. @polygonscan
they all track the same on-chain data.
How do we solve it? pic.twitter.com/AsEiKLHDwg— sanket.polygon (@sourcex44) April 24, 2023
While @SeaLaunch_ noted that the dashboard currently displays only selected markets due to incomplete data decoding, the goal is to represent the entire Polygon NFT ecosystem. However, Sanket has yet to respond to the proposed solutions.
In a separate development, Polygon Labs announced the Mainnet Beta launch of Polygon zkEVM today. This allows anyone to trade and develop using the Polygon zkEVM Mainnet Beta. Furthermore, Polygon zkEVM is currently 100% open-source. This marks a significant milestone for Polygon, Ethereum, and the broader Web3 landscape.
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