Popular non-fungible token (NFT) collection Polkamon moves to Elrond blockchain to improve user experience
A press release released on April 7 states that the creators of the popular NFT collection of animated dragons and other creatures are going to bring Polkamon’s “Diverse Universe” to the Elrond blockchain.
The project named high gas charges as the main reason for the transition. These NFTs are sold on the Polkastarter platform powered by Polkadot, but are still issued on the Ethereum network.
The platform said it wants to make the digital collection more accessible by improving speed and convenience.
Full integration with Elrond
The Polkamon team said it expects full integration with Elrond by the third quarter of this year.
“Collectors will be able to take advantage of Elrond’s superior interface when unlocking accelerators and releasing NFTs, as well as lower gas fees.”
To celebrate the partnership, the company even released a rare limited edition Elrond Uniragon. When buying a Polkamon egg, users have a 1 in 5000 chance of getting a unique dragon.
According to the OpenSea NFT marketplace, Polkamon is the sixth most popular collection. The total volume of the collection is almost 2,000 ETH since they hatched at the end of March.
Elrond is a high-speed blockchain that uses adaptive state sharding and a secure bet confirmation algorithm. The official website of the project says that it provides linear scalability and speeds up to 15,000 transactions per second.
Polkamon is yet another one NFT platform looking for an Ethereum alternative due to high gas fees. According to Bitinfocharts, now you have to pay an average of $ 20 per transaction on this blockchain. Gas prices for smart contract transactions and NFT issuance are even higher.
Pricing dynamics of PMON and EGLD
The value of PMON tokens fell by 8% on the day, amid a general decline in the NFT segment. At the time of publication, the token was trading at $ 31.44 according to CoinGecko. PMON hit an all-time high on April 2 at $ 57, but the token’s value has been declining since then.
The native token of the Elrond network, EGLD, also declined slightly. Its price dropped 3% to $ 181. However, before that, the token showed a steady growth. The EGLD is up 30% in the last week and a whopping 635% YTD.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website.