Solana Beats Ethereum in NFT Sales Volume for the First Time
Solana’s recent success has led to a surprising outcome in the NFT market: in December 2023, monthly sales volume of NFTs on Solana surpassed that of Ethereum for the first time ever. According to data from analytics platform CryptoSlam, Solana NFT sales totaled about $366.5 million in December, compared to $353.2 million on Ethereum.
Solana also saw double the number of unique buyers and sellers in December, along with significantly more total NFT transactions. CryptoSlam reported approximately 218,000 sellers and 279,000 buyers on Solana, compared to about 114,000 sellers and over 143,000 buyers on Ethereum.
Ethereum’s NFT sales volume remained relatively flat in December compared to November, while Solana experienced a surge from about $83 million worth of sales.
Possible Factors Behind Solana’s Success
The rise in Solana’s price may have contributed to the spike in its NFT sales volume. However, it does not fully explain the increased number of traders and transactions. The average NFT sale price on Solana actually decreased from about $74 in November to under $56 in December.
Broader momentum around Solana and hype surrounding specific projects tied to potential airdrops and perks may have also played a role. Notable projects like Tensorians and Mad Lads generated millions of dollars in trades on the Solana network.
Ethereum and Bitcoin Ordinals Comparison
In December, CryptoSlam data suggests that Bitcoin Ordinals trading volume exceeded that of Ethereum and Solana combined. However, it’s important to note that CryptoSlam tracks Bitcoin Ordinals differently from NFTs on other networks. The data includes trading of BRC-20 tokens, which function similarly to fungible tokens on other chains.
Uncategorized Ordinals, including various media assets not part of a specific project, accounted for approximately $88.5 million worth of trades in December. Bitcoin Frogs was the top individual Ordinals project with $27.7 million in trading volume.
Hot Take: Solana’s Rise in the NFT Market Challenges Ethereum’s Dominance
Solana’s impressive performance in the NFT market, surpassing Ethereum in sales volume, highlights the growing competition between the two networks. While Solana’s price surge may have attracted attention, the increase in unique traders and transactions indicates a broader shift towards Solana as a preferred platform for NFTs. Ethereum’s flat sales volume suggests potential challenges in maintaining its dominance in the market. As the NFT space continues to evolve, it will be interesting to see how these platforms adapt and compete for market share.
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