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Solana Surpasses Ethereum in NFT Sales

Sun, 10/12/2023 - 13:33
Solana Surpasses Ethereum in NFT Sales
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Solana has recently overtaken Ethereum in terms of sales volume. Data indicates that Solana's sales have reached nearly $16 million after a 2.78% increase.

This surge comes despite a broader downturn in the market, with Ethereum seeing a significant drop of 22.70% in sales.

Review of top blockchains

The blockchain landscape for NFT sales is showing interesting trends. Ethereum has long been the frontrunner in the NFT market, but recent data reveals Solana's ascending trajectory.

Ethereum's sales have dropped to $11.4 million, a stark contrast to Solana's nearly $16 million in sales.

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Bitcoin, typically not a direct player in the NFT space, has recorded sales of $13 million. This is due to the surge of Bitcoin Ordinals, which have also contributed to the flagship cryptocurrency recently overtaking its altcoin archrival in terms of total fees.

Other blockchains like Polygon and ImmutableX are also making their presence felt, albeit with lower sales volumes of $1.5 million and $942,113, respectively.

Solana's NFT marketplace booms

Solana's NFT marketplace has seen a robust increase in activity, with Tensor emerging as the leading platform. The platform has achieved a monthly trading volume of approximately $1 million while surpassing Magic Eden. This positions Tensor at the forefront with about 60% of Solana's total NFT market share.

Despite Tensor's fewer unique wallet users compared to Magic Eden, the platform's traders are engaging with higher volumes.


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