Solana Surpasses $1.5 Billion Worth of NFT Transactions
Solana’s NFT sales have topped $1.5 billion, but it has has a long way to go before catching up to Ethereum.
According to data supplied by NFT tracking portal CryptoSlam, total transaction volume for Solana-based non-fungible tokens has surpassed $1.5 billion. The platform was able to reach the new milestone only a few months after breaking the $1 billion barrier for the first time.
With 314,910 buyers and 260,844 sellers, NFTs issued on Solana have created almost two million transactions.
Last September, a Degenerate Ape Academy NFT sold for $1 million, a first for Solana, who now joins the ranks of notable Ethereum-based NFT ventures like CryptoPunks.
The platform sprang to popularity in 2021 as a low-cost alternative to Ethereum, which is still plagued by high transaction fees and sluggish transaction speeds. According to CryptoSlam statistics, the Ethereum’s killer has witnessed a 55.34% spike in NFT sales in the last week.
JPMorgan projected earlier this year that Solana may potentially outperform Ethereum in the NFT market, despite the fact that the former iis less decentralized. It is, nevertheless, unable to compete with the market leader. Ethereum has made a staggering $21 billion in sales.
The platform also lags behind Axie Infinity’s Ronin, the beleaguered sidechain solution that was recently hacked and lost $540 million.
Solana is being supported by non-fungible token markets. OpenSea, the network’s kingpin, is anticipated to include the “Ethereum killer” as early as April, potentially boosting the network’s popularity significantly. Last year, rumors regarding the addition began to circulate.
Meanwhile, SOL, the network’s native cryptocurrency, has eclipsed the market cap of Ripple-affiliated XRP to become the sixth largest cryptocurrency. On major spot markets, the cryptocurrency is now trading at $133.
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