- Solana’s market share of total NFT trading volume has risen from 7% to 24% over the past six weeks.
- Blockworks Research Says USD Value of NFT Trading Volume “Still Much Higher on Ethereum”
Solana celebrates October hours of service interruption — 12th blockchain outage in 2022 — especially disappointing after a month of skyrocketing daily volumes rivaling NFT Mint and Ethereum.
Solana’s market share of total trading volume has risen from 7% to 24% over the past six weeks. according to Delphi Digital.
Solana recorded higher daily trading volume than Ethereum in September. The number of unique buyers increased by 34% month-on-month according to to data from Dune Analytics.
Ethereum NFT Volume May Have Declined Since April Newly Transformed Proof of Stake Blockchain Still the top dog when it comes to NFT sales. It houses the finest collections, including Bored Ape Yacht Club and Crypto Punks.
“One thing to keep in mind is that the U.S. dollar is still much more valuable on Ethereum,” Blockworks research analyst Sam Martin said. You can wash your trades and artificially increase the volume because of the low transaction fees, but with Ethereum, it is much higher.”
Solana’s Sub-$200 Transactions and Low Gas Fees Allow ‘More Interaction and Participation’ Than Ethereum Network, Analytics Platform Nansen report.
“Ethereum’s role in the NFT space will gravitate towards a store of value. In contrast, Solana will become, and to some extent already, a hotbed for creators looking to trade, new collections and access to global markets. ‘, said Nansen.
Solana’s ‘y00ts: mint t00b’ project had the highest 30-day trading volume on both OpenSea and Magic Eden. Dust Labs — the company behind Solana’s most prized NFT collection, the DeGods project — Release y00ts in early SeptemberThe design has yet to be announced.
The y00t mint ran on Metaplex, the NFT protocol for Solana creators. According to the company, so far he has over 4 million wallets holding his Metaplex NFTs, a similar range to his ERC-721 standard on Ethereum. One million Solana NFTs will be issued every 18 days through the Metaplex network.
Solana’s growth may have something to do with the rapid recovery of the overall NFT market after a significant decline in the market capitalization of all digital collectibles at the end of 2021.
However, according to Stephen Hess, former product chief of Solana Labs and current Metaplex CEO, the idea that NFTs could become “identity tokens” and foster a community that includes particularly close-knit owners of y00ts and Degods is something that Solana It’s worth the bet for .
“By changing your profile picture, you’re letting people know you’re a member of the group,” Hess told Blockworks. “You’re kind of building your identity online. When you zoom out, this is considered the beginning of decentralized social networking for him.”
There may not be a card flip yet, but Solana has plenty of ground. The Proof of Stake protocol has recorded 9.89 million cumulative transactions worth $1.1 billion and Ethereum has registered his 13.38 million cumulative transactions worth $16.5 billion. per data From Flipside Crypto.