Thread
Polygon NFTs + wETH = Unstoppable 🧩
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1/ The Rise of Polygon NFTs📈
Lightning-fast, budget-friendly transactions are attracting creators & gaming giants.
📈 The growing buzz, strong communities , and Polygon NFT incubator program contribute to this.
💰 Over past 30 days, sales increased to $42.77M (+33.71%).
Lightning-fast, budget-friendly transactions are attracting creators & gaming giants.
📈 The growing buzz, strong communities , and Polygon NFT incubator program contribute to this.
💰 Over past 30 days, sales increased to $42.77M (+33.71%).
2/ What is wETH?🤔
wETH (wrapped Ether) is an ERC-20 token that represents the value of ETH on the Ethereum blockchain.
By using wETH it enables greater compatibility and flexibility within the Polygon NFT market, allowing for more streamlined transactions and integrations.
wETH (wrapped Ether) is an ERC-20 token that represents the value of ETH on the Ethereum blockchain.
By using wETH it enables greater compatibility and flexibility within the Polygon NFT market, allowing for more streamlined transactions and integrations.
3/ The Psychology of wETH🧠
Unit bias plays a major role in the perception of NFT prices. An NFT priced at 0.1 ETH seems more affordable compared to one priced at 170 MATIC, despite having the same value.
The perceived affordability simplifies the decision-making process.
Unit bias plays a major role in the perception of NFT prices. An NFT priced at 0.1 ETH seems more affordable compared to one priced at 170 MATIC, despite having the same value.
The perceived affordability simplifies the decision-making process.
4/ Familiarity & Confidence: wETH Adoption🤝
Since wETH is widely recognized and used in the Ethereum ecosystem, users feel comfortable using it within the Polygon network as well.
This familiarity drives adoption, resulting in increased trading volume and liquidity.
Since wETH is widely recognized and used in the Ethereum ecosystem, users feel comfortable using it within the Polygon network as well.
This familiarity drives adoption, resulting in increased trading volume and liquidity.
5/ Liquidity & Market Efficiency: wETH's Impact💧
The robust market depth facilitated by wETH ensures that the Polygon NFT ecosystem operates with better efficiency.
High trading volumes and liquidity enable more precise valuation and faster transactions.
The robust market depth facilitated by wETH ensures that the Polygon NFT ecosystem operates with better efficiency.
High trading volumes and liquidity enable more precise valuation and faster transactions.
6/ Reducing Confusion for New Users👥
Denominating Polygon NFTs in wETH reduces confusion when comparing prices across different platforms.
It creates a uniform pricing standard, making it easier for users to evaluate NFT values and make informed decisions.
Denominating Polygon NFTs in wETH reduces confusion when comparing prices across different platforms.
It creates a uniform pricing standard, making it easier for users to evaluate NFT values and make informed decisions.
7/ Cross-Chain Interoperability🔗
wETH allows for seamless interaction between the two networks, making it easier for users to move their assets between Ethereum and Polygon.
This cross-chain functionality encourages users to bring liquidity from Ethereum to Polygon NFTs.
wETH allows for seamless interaction between the two networks, making it easier for users to move their assets between Ethereum and Polygon.
This cross-chain functionality encourages users to bring liquidity from Ethereum to Polygon NFTs.
8/ Exposure to a Wider Market🌍
Denominating Polygon NFTs in wETH can attract more users from Ethereum.
Since Ethereum is the most widely used blockchain for NFTs, leveraging wETH could lead to more interest and investment in Polygon NFTs, contributing to market growth.
Denominating Polygon NFTs in wETH can attract more users from Ethereum.
Since Ethereum is the most widely used blockchain for NFTs, leveraging wETH could lead to more interest and investment in Polygon NFTs, contributing to market growth.
9/ The strong preference for wETH is evident, as 8 out of 10 top all-time volume Polygon NFTs are denominated in ETH (wETH).
This can be attributed to the familiarity and trust users have in Ethereum.
This can be attributed to the familiarity and trust users have in Ethereum.
10/ On March 27th, @y00tsnft migrated over to Polygon from Solana and announced that they are now denominated in ETH.
In just over 2 weeks, they have done 5.5M+ in secondary sales.
In just over 2 weeks, they have done 5.5M+ in secondary sales.
@y00tsNFT 11/ On April 3rd, The highest NFT sale of the day was a 1/1 @y00tsNFT #onPolygon.
This was the first time in a long time where an ETH sale was not number 1.
Overtaking cryptopunks and BAYC sales for the day is an impressive milestone for Polygon NFTs.
This was the first time in a long time where an ETH sale was not number 1.
Overtaking cryptopunks and BAYC sales for the day is an impressive milestone for Polygon NFTs.
@y00tsNFT 12/ Centralization Concerns⚠️
Utilizing wETH as the primary denomination for Polygon NFTs could result in greater centralization around Ethereum's ecosystem.
However, it's important to strike a balance to ensure innovation and competition remain.
Utilizing wETH as the primary denomination for Polygon NFTs could result in greater centralization around Ethereum's ecosystem.
However, it's important to strike a balance to ensure innovation and competition remain.
@y00tsNFT 13/ Unique Identity of Polygon🛡️
Polygon has its native token, MATIC, which is used for various purposes within the network.
By denominating NFTs in wETH, it may undermine the unique identity of Polygon and reduce the utility of the MATIC token.
Polygon has its native token, MATIC, which is used for various purposes within the network.
By denominating NFTs in wETH, it may undermine the unique identity of Polygon and reduce the utility of the MATIC token.
@y00tsNFT 14/ Over the past month, Polygon NFT sales data, meticulously compiled by @scorzeth, has exhibited a consistent division between transactions carried out in MATIC and wETH.
This trend highlights the diverse preferences of users within the Polygon NFT ecosystem.
This trend highlights the diverse preferences of users within the Polygon NFT ecosystem.
@y00tsNFT @scorzeth 15/ My Thoughts
The mix of MATIC and wETH transactions showcases the ecosystem's diversity. Projects like @aavegotchi, using GHST, highlight market variety.
Balancing wETH advantages and Polygon's uniqueness is crucial for ongoing growth and success.
The mix of MATIC and wETH transactions showcases the ecosystem's diversity. Projects like @aavegotchi, using GHST, highlight market variety.
Balancing wETH advantages and Polygon's uniqueness is crucial for ongoing growth and success.
@y00tsNFT @scorzeth @aavegotchi 16/ Conclusion 📷 Ultimately, using wETH as a denomination for Polygon NFTs brings substantial benefits, such as familiarity, liquidity, and cross-chain interoperability.
Despite some challenges, embracing wETH can foster a thriving and successful Polygon NFT market.
Despite some challenges, embracing wETH can foster a thriving and successful Polygon NFT market.
@y00tsNFT @scorzeth @aavegotchi 17/ That’s a wrap! If you found this thread useful:
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