- Trading volume in the NFT market is at a low not seen since November of 2021.
- CryptoSlam, OpenSea, and PolygonScan were named as the 3 sources.
The cryptocurrency market has been trading in the red, with a sharp decrease for almost all cryptocurrencies. Not even Polygon (MATIC) could buck the market’s downward momentum. According to CMC, MATIC lost 15% of its value in the previous week. Trading volume in the NFT market is also at a low not seen since November of 2021.
The fact that Polygon is low-cost and highly efficient, has made it a go-to for NFT minting. Some inconsistencies in the present state of on-chain NFT data on Polygon were recently brought to light by the head of Growth at Polygon Labs, who goes by the Twitter name Sanket.Polygon.
Waiting For a Viable Solution
According to the tweet, three separate sources provide different things of the same on-chain data. Metadata for NFTs may be stored in a variety of ways, but on-chain storage is the most reliable and long-term option.
CryptoSlam, OpenSea, and PolygonScan were named as the 3 sources. The first is a Mark Cuban-backed NFT data aggregator, and the other two are also respected players in the field.
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
A number of users offered suggestions for improving the situation, with one proposing using open, on-chain auditable data from Dune Analytics to monitor the whole @0xPolygon NFT market and determine where gaps may exist.
Although @SeaLaunch_ claimed that the dashboard only displays select markets due to incomplete decoding of data, the intended result is to display the whole Polygon NFT ecosystem. However, Sanket is yet to respond to the solutions mentioned so far.
On the other hand, the Mainnet Beta release of Polygon zkEVM was announced today by Polygon Labs. Anyone is free to trade on and develop using the Polygon zkEVM Mainnet Beta. Additionally, as of right now, Polygon zkEVM is 100% open-source. This is a watershed moment for Polygon, Ethereum, and the whole Web3.
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