- Optimism gained momentum in the L2 sector.
- Optimism’s NFT sector saw significant growth, with a surge in mining activity and increased daily activity.
Optimism [OP] was making significant strides among layer 2 solutions. It surpassed the growth of Polygon [MATIC] and Arbitrum [ARB] in the NFT sector. Despite initially lagging behind, Optimism has seen increased interest in its protocol, particularly in the NFT space.
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Music NFTs make an impact
One notable area of growth for Optimism was in the NFT sector. After launching on Optimism on 13 June, the number of mints of sound xyz, a music NFT distribution platform, have skyrocketed. It minted over 150,000 music NFTs on the network this month.
This impressive figure is almost equivalent to the total number of music NFTs minted on Ethereum in the past year. The surge in mining activity can be attributed to the release of the V Buterin music NFT by the Optimism Collective.
Source: Dune Analytics
In contrast, Polygon and Arbitrum experienced a decline in the NFT sector. Dapp Radar’s data revealed a significant drop in volume and sales of blue chip NFTs on the Polygon network over the past week.
Similarly, OpenSea’s data indicated diminishing interest in Arbitrum NFTs, as evidenced by the declining floor price on the protocol.
Source: Dapp Radar
A tight race
Nevertheless, Optimism witnessed consistent growth in active addresses over the past year, driven by the spike in NFT interest and the presence of various dApps on the network. While Polygon remains dominant in terms of active addresses, followed by Arbitrum, Optimism’s increasing daily activity suggests a potential for outperforming its competitors in the future.
Source: Artemis
These positive developments have translated into financial success for Optimism. Token Terminal’s data showed a notable 29% surge in revenue for the network over the past month.
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In contrast, Polygon experienced a significant decline of 47% in revenue during the same period, while Arbitrum observed a decrease of 34.4% at the time of writing.
Source: Token Terminal
While Polygon and Arbitrum are currently leading the L2 race, Optimism’s recent uptrend positions it as a formidable competitor. If Optimism can sustain this momentum, it has the potential to emerge as a strong player in the L2 sector, surpassing its rivals in the future.