NFTs News

Solana Is A New Rival For Ethereum’s NFT Domination

New data from Messari reveals that Solana (SOL) is emerging as a challenger to Ethereum smart contract platform (ETH) non-fungible token (NFT) market dominance.
Solana Is A New Rival For Ethereum's NFT Domination 4

In a recent report, Messari said that although Solana’s overall usage declined in the second quarter of this year, its NFT activity accelerated significantly.

“Following a breakout end to 2021 and beginning of 2022, Solana NFT activity accelerated amidst the network’s decline in usage and DeFi activity during Q2. Daily new NFTs dramatically increased to over 7 million newly minted NFTs, representing 46.4% growth. For perspective, newly minted NFTs over the first six months of 2022 are twice the amount minted during all of 2021.”

The market intelligence firm revealed that NFT activity exploded in May and June after hitting a 2022 low in March.

Solana Is A New Rival For Ethereum's NFT Domination 5

According to Messari, Solana’s increased NFT activity is increasing due to the success of Metaplex, an open source tool that allows users to create NFT marketplaces, launch NFT Serum collection and raise funds by its NFT marketplace, Magic Eden.

“Ultimately, Solana’s position in the NFT sector remains a strong component of its ecosystem despite a down market. It continues to be the second-largest protocol by secondary NFT sales volume, trailing only behind Ethereum.”

Solana Is A New Rival For Ethereum's NFT Domination 6

Messari noted that while Ethereum continues to maintain the majority of activity in the NFT market, Solana is performing well against other competing layer-1 protocols.

“Although Ethereum maintained 85% dominance and controlled the number one position of NFT secondary sales volume, Solana continued to capture market share compared to the alternative L1s in the peer group.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

25 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

54 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.