While NFTs became popular due to well known profile picture collections like CryptoPunks and BAYC, the use cases now go beyond simply pictures. Now, NFTs can be used as membership verifications, gate access to special features, are characters in Web3 games and much more. With the evolution of NFTs, users are exploring use cases across different chains to find the best fit. Popular collections such as Lens and Reddit Collectibles Avatars chose to launch on Polygon rather than the more tradition Ethereum. So, why Polygon?
Low Transaction Fees
One of the best benefits of Polygon NFTs are the low transaction fees. If you’ve ever desperately been trying to buy a trending NFT on Ethereum only to be presented with a $100 gas fee you’ll appreciate Polygon’s low fees. At time of writing Polygon gas fees to buy an NFT are approximately $0.01. The lower transaction costs make flipping NFTs more profitable as sellers don’t need to wait for the floor price to rise as much before they’re in profit.
Low transaction fees also allow different types of collections and organizations to launch collections. Reddit for example launched their Reddit Collectible Avatars on Polygon to their users who weren’t crypto natives. To simplify the process of minting an NFT, Reddit elected to cover the gas cost for users, enabling easier onboarding to Web3 for millions of users for only a small cost.
Faster Transaction Speeds
Polygon transactions are super fast. As a result, users can create, buy, and sell NFTs on Polygon’s network with quicker transaction speeds, reducing the risk of failed transactions or delayed confirmations.
This is particularly helpful when you’re trying to buy an NFT from a collection that’s going viral. If you were on Ethereum, during the time between the transaction being submitted to being finalized, someone else could submit a transaction to buy the same NFT but with faster priority and get it before you. Then you would lose your gas fee plus miss out on buying the NFT. As Polygon transactions are close to instantaneous this problem doesn’t come up as often, a big plus!
Finally, Polygon’s scalability makes it an attractive option for NFT creators and collectors. The network can handle a high volume of transactions without experiencing significant delays or congestion, making it an ideal platform for artists to launch large-scale NFT sales or for collectors to purchase multiple NFTs simultaneously. Avid NFT collectors will remember the disastrous mint of BAYC’s Otherdeed for Otherside NFT. With close to 100,000 participants trying to mint at the same time, gas prices were astronomically high, some minters paying as much at 2.5 ETH on gas alone.
The Bottom Line
The sum of benefits offered to creators and collectors of Polygon NFTs make it an attractive place to operate. Many of the issues users encountered in the 2021 NFT bullrun are already solved by Polygon. As the popularity and use-cases of NFTs continue to grow, we can expect to see even more advancements and innovations in the space, making Polygon an increasingly essential player in the NFT ecosystem.