TL;DR
- NFT sales on Solana increased by 30% in the last 24 hours.
- The Ethereum network saw a 20% drop in the same period.
- The overall NFT market has seen a decline in sales activity over the past month.
In the last 24 hours, the Solana network has registered a notable increase in the sales volume of NFTs, with an increase of 30% according to data from CryptoSlam.
During this period, the total value of Solana minted NFTs sold amounted to $3.17 million, with 78,165 transactions completed on the network.
This rally is significant, especially in a context where the overall NFT market has seen a decline in sales activity over the last month.
One of the main reasons behind this rise in Solana is its superior performance and lower transaction fees compared to other blockchains like Ethereum.
Solana is known for its high processing capacity and significantly lower transaction costs, making it an attractive platform for NFT transactions, especially during high activity periods when Ethereum may face congestion and high fees.
Furthermore, the launch of new and long-awaited NFT collections on the Solana network may have fueled this increase in sales.
New collections often generate a lot of excitement and activity, as collectors and investors rush to acquire these newly minted NFTs.
The growing popularity and strategic collaborations within the Solana ecosystem have also played an important role in this increase, attracting a broader audience and increasing transaction volume.
Comparing to other networks, Ethereum has seen a 20% drop in NFT sales volume in the last 24 hours, recording just $7 million in sales.
This decline can be attributed to the high costs and scalability issues faced by Ethereum, causing users to look for more efficient alternatives like Solana.
In contrast, the Bitcoin network has performed better, with a 10% increase in NFT sales volume over the same period.
Context of the NFT market beyond Solana
Despite the recent surge in Solana, the NFT market as a whole has seen a steady decline in trading activity over the past month.
According to NFTGo data, the total sales volume of NFTs across all collections was $448 million in the last 30 days, marking a 15% drop.
However, due to the recent rise in values of several crypto assets, the market capitalization of NFTs has seen a small rebound.
Currently, the NFT market cap is $8 billion, up 1% over the past month.
As for the leading NFT collections, the Bored Ape Yacht Club (BAYC) and CryptoPunks continue to be the most prominent.
The BAYC collection saw a 2% increase in value in the last 24 hours, although its sales activity decreased significantly, with only 16 NFTs sold, a reduction of 56%.
For its part, CryptoPunks, the largest collection by market capitalization, registered a base price of 40 ETH, equivalent to 131 thousand dollars, with only 3 NFTs sold in the same period.
While the NFT market faces challenges and fluctuations, Solana has proven to be a robust and efficient platform, attracting considerable transaction volume and standing out in a competitive market.
