As the NFT market experiences substantial growth in interest, active addresses, and revenues, Optimism emerges as a formidable rival.
Among layer 2 solutions, Optimism [OP] was making substantial progress. In the NFT industry, it outpaced the rise of Polygon [MATIC] and Arbitrum [ARB]. Optimism has experienced significant interest in its protocol despite initially being behind, particularly in the NFT space.
NFTs in music have an effect
The NFT industry was one prominent area of growth for Optimism. The amount of mints of sound xyz, a music NFT distribution platform, has exploded since its 13 June introduction on Optimism. This month, it generated more than 150,000 music NFTs on the network.
This remarkable quantity is nearly equal to the total number of music NFTs issued on Ethereum in the previous calendar year. The Optimism Collective’s release of the V Buterin track NFT is to blame for the increase in mining activity.
However, in the NFT market, Polygon and Arbitrum saw a drop. Blue chip NFT volume and sales on the Polygon network over the previous week significantly decreased, according to Dapp Radar’s statistics.
Similar to this, OpenSea’s data showed waning interest in Arbitrum NFTs, as shown by the protocol’s falling floor price.
But during the past year, Optimism has seen a steady increase of active addresses, because to the surge in NFT interest and the existence of numerous dApps on the network. In terms of active addresses, Polygon continues to be dominating, followed by Arbitrum, while Optimism’s rising daily activity points to a potential future advantage over its rivals.
These favorable developments have resulted in Optimism’s financial success. Data from Token Terminal revealed a significant 29% increase in network income over the previous month.
While Arbitrum recorded a decline of 34.4% as of the time of writing, Polygon saw a large decline in revenue of 47% over the same time period.
The L2 race is now led by Polygon and Arbitrum, but Optimism’s recent upswing makes it a potent challenger. If Optimism can keep up this trend, it might eventually exceed its rivals and become a dominant force in the L2 market.