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NFTs News

Solana Overtakes Ethereum as the New King of NFT

June 1, 2022 - Around 3 mins mins to read

Solana overtakes Ethereum in Daily NFT Transaction Volume in large part due to the launch of Trippin’ Ape Tribe collection.

Solana NFT hit $24.3 million in 24 hours

The high-value Ethereum NFT market has seen a drop in transaction volume over the past few weeks. However, the Solana NFT is still growing – and in the 24 hours between yesterday and this morning, this network yielded more NFTs than Ethereum.

According to data from CryptoSlam this morning, Solana NFT secondary market sales generated nearly $24.3 million in the last 24 hours, while Ethereum sales increased to $24 million. Over the same period across all markets, it tracks.

This is the first known instance of the smaller market surpassing Ethereum in the number of dollars generated through sales in 24 hours. According to CryptoSlam, sales of Solana NFT increased by 436% in those 24 hours compared to the previous window.

That’s primarily due to the launch of Trippin’ Ape Tribe, a new NFT profile photo project that debuted on Magic Eden on Tuesday. It has a similar style to Ethereum’s Mutant Ape Yacht Club, with 10,000 uniquely crafted apes illustrations highlighted with a host of surreal visual features. Secondary market sales for the project jumped after the initial deal on Tuesday.

Solana
The Trippin’ Ape Tribe is a Solana NFT profile picture project.

The Trippin’ Ape Tribe alone has grossed over $14.5 million in total revenue for the platform. That made it the most popular project, beating all other Ethereum and Solana projects by a large margin – the runner-up was Ethereum’s Bored Ape Yacht Club with revenue. 3.5 million dollars.

Last month, Okay Bears became the first project to top that list – a feat it has repeated in the weeks since. Trippin’ Ape Tribe is the only other NFT project to take the throne in 24 hours compared to many different Ethereum and Solana collectibles. As of this writing, an NFT Trippin’ Ape Tribe starts at 54 SOL ($2,600) on the Magic Eden marketplace.

Solana’s move to overtake Ethereum in terms of 24-hour NFT trading volume is the latest sign that this market is rising. Okay Bears sales have hit $100 million in secondary sales in less than a month.In addition, the Solana NFT market has recently been hit with its own set of difficulties, including the proliferation of NFT mints – that is, automated bots attempting to overwhelm mints. NFT to buy as much as possible. Such bots crashed the entire this platform network on April 30, leading to creating a new “bot tax” that charges “invalid” transaction attempts.

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.

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