Solana NFT Sales Surpass Bitcoin with $62M Weekly Volume
According to data from Cryptoslam, Solana’s weekly NFT trading volume exceeded $62 million between January 18 and January 25. While around $3.4 million of this volume was wash trading, the remaining sales still surpassed Bitcoin’s volume of $53 million by nearly 17%.
Solana’s Rise in the NFT Market
After surpassing Ethereum in NFT sales in December with over $365 million, Solana continued its growth in January with sales reaching $192 million. Notable collections like Froganas, CryptoUndeads, Claynosaurz, Sujiko Warriors, and Tensorians contributed to Solana’s success.
Competition and Innovation in the NFT Space
Solana’s achievement in surpassing Ethereum and Bitcoin in NFT sales volume is significant, considering Ethereum’s dominance in the market. This competition between Solana and Ethereum is expected to drive further innovation and improvements in the NFT market. However, Ethereum still leads the month with NFT sales volume reaching $291 million as of January 25.
The Rise of Solana’s NFT Trading
NFT trading on Solana gained momentum after OpenSea incorporated Solana NFTs in April 2022. This led to major sales growth and eventually allowed Solana to surpass Ethereum in NFT sales volume. The highest-priced Solana NFT so far comes from the SolanaMonkeyBusiness collection, with one piece selling for 13,027 SOL (approximately $2.1 million at the time).
Solana’s Strengths and Token Extensions
Solana is seen as a blockchain that offers similar services and apps as Ethereum but with fewer downsides. Its efficient handling of transactions and growing popularity among the NFT and gaming communities make it a potential competitor to Ethereum. Solana recently launched token extensions, catering to builders in various industries, including payments, stablecoins, and real-world assets.
Hot Take: Solana Emerges as a Strong Contender in the NFT Market
Solana’s weekly NFT sales volume surpassing Bitcoin demonstrates its growing influence in the market. With its recent achievements in surpassing Ethereum and attracting notable collections, Solana is becoming a strong contender. The competition between Solana and Ethereum is expected to drive further advancements in the NFT space. As Solana continues to innovate and expand its offerings, it has the potential to challenge Ethereum’s dominance in the NFT market.
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