Did Solana actually surpass Ethereum with 136% higher NFT volume
In accordance with a current retweet by Santiment, it appears that evidently the quantity of Solana-based NFTs exceeded that of Ethereum. Nicely, in actuality, the quantity differs with a tiny but vital issue.
It’s Solana and never Ethereum
The quantity charted within the tweet will not be calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH value of NFT transactions, the overall quantity exceeds $550 million. Nonetheless, 1.3 million SOL value of NFT transactions, solely quantities to $43.39 million.
NFT quantity 🖼
Ethereum (left) vs Solana (proper) pic.twitter.com/WUsJFBxP58
— Alex Svanevik🐧 (@ASvanevik) July 3, 2022
Put merely, on no account did Solana’s NFT surpass that of Ethereum. Nicely, besides on one entrance. The whole transactions carried out all through the week on Ethereum got here as much as a bit of below 500k, whereas Solana famous nearly 630k transactions this week alone.
This 32.6% larger exercise on Solana does present that decrease prices can entice larger utilization, however it doesn’t quantity to a lot.
Solana NFT transactions this week | Supply: Nansen
On the macro timeframe, Solana’s NFT market has been observing a gradual decline by way of each day quantity.
Within the final two months, the best quantity famous on MagicEden, the NFT market, which dominates 98.5% of all Solana NFT quantity, was 380k SOL ($12.6 million) that too again in Could.
Solana each day NFT quantity | Supply: Dune – AMBCrypto
Notably, over the identical time interval, the each day NFT purchases on Solana have decreased by 78.85%. However Solana will not be alone on this, as OpenSea on Ethereum can be experiencing an identical conundrum.
Solana each day NFT purchases | Supply: Dune – AMBCrypto
The each day quantity of NFT transactions on Ethereum from their peak of $476 million in Could, dropped to only $15 million on 3 July. In truth, the dropoff in transaction quantity from April to Could was surprisingly excessive as figures sank from $2.59 billion to $696 million.
Moreover, as of press time this month, OpenSea has already registered $43 million value of volumes. At this fee, by the tip of this month, {the marketplace} would solely document $344 million in transactions.
Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto
Apart from, with the broader market treading downwards, traders will solely maintain themselves farther away from NFTs, so the determine may find yourself being appropriate.
