The global NFT market is quietly brewing a revolution. Unlike the previous dominance by Ethereum, emerging public chains are rapidly rising, redefining the ecological dominance of non-fungible tokens. Recently, data from multiple crypto data platforms showed that Immutable and Polygon, two blockchain networks, have both surpassed Ethereum in 24-hour trading volume, causing it to fall to third place in the NFT market rankings for the first time. This shift not only reflects deep structural changes in the NFT market but is also seen as one of the signals before the next bull market begins.
According to the latest statistics from the on-chain data platform Cryptoslam, the global NFT market has exceeded $24 million in trading volume in the past 24 hours, a 22% increase from the previous day. At the same time, the number of investors purchasing NFTs has also risen by 21%, indicating a significant capital inflow and increased user activity in the market. Among the most notable changes is the strong performance of Immutable and Polygon. Immutable's daily NFT trading volume reached $8.7 million, up 39% from the previous day, firmly leading the trading charts. This public chain focuses on low-cost, high-speed transfers of Web3 games and digital assets, becoming an important platform for NFT implementations.
Following closely is Polygon, which, with its efficient Ethereum scaling capabilities, has attracted a large number of developers and users. In the past 24 hours, NFT trading volume based on Polygon soared to $5.1 million, with a daily growth rate of 199%, not only surpassing Ethereum but also indicating that its ecosystem's attractiveness to NFT projects is rapidly strengthening. Polygon's strong performance is backed by the large-scale deployment of multiple gaming NFT projects and metaverse platforms, accelerating the circulation frequency and trading heat of on-chain assets.
In contrast, Ethereum, once the king of NFTs, has noticeably slowed down in this round of trading frenzy. Although still ranked third, its NFT trading volume in the past 24 hours was only $4.4 million, down 8.77% from the previous day. For a long time, Ethereum has been the preferred chain for NFT transactions due to its mature DeFi ecosystem and the concentration of mainstream NFT projects (such as CryptoPunks, BAYC). However, as high gas fees and scalability issues continue to plague developers and users, its market dominance is gradually being eroded by low-cost, high-performance emerging chains.
This change in the landscape is not accidental. Analysts point out that compared to previous bull markets, the current NFT market recovery has a more solid foundation: first, the real user growth in Web3 games and virtual worlds (metaverses) gives practicality to NFT assets; second, institutional investors are beginning to reassess digital asset allocations, with crypto art and chain game assets becoming diversified options in asset portfolios; third, inter-chain competition has driven technological progress and user experience optimization, allowing more NFT projects to start "multi-chain deployments," breaking away from the reliance on Ethereum alone.
From a broader perspective, Ethereum being surpassed is a market reshuffle but also injects new vitality into the entire NFT ecosystem. The coexistence of multiple chains and diverse development will become the new norm for the future NFT market. The rapid rise of Immutable and Polygon not only represents the results of a new round of crypto infrastructure upgrades but also means that the previously considered "unreachable" NFT bull market is gradually accumulating momentum.
With the warming of trading volumes, increased user activity, and technological innovations of emerging chains, the NFT market may be standing at the starting point of another wave of prosperity. In this time of change, those who can truly grasp the multi-chain trend and find a balance between user experience and content innovation will likely stand out in the next bull market. For developers, investors, and collectors, now is a critical window to re-examine the NFT market structure and layout strategies.
