Did Solana Really Surpass Ethereum With 136% Greater NFT Quantity » CRYPTO KINGDOM

Did Solana really surpass Ethereum with 136% greater NFT quantity

In line with a latest retweet by Santiment, plainly the amount of Solana-based NFTs exceeded that of Ethereum. Effectively, in actuality, the amount differs with a tiny but crucial issue.

It’s Solana and never Ethereum

The amount charted within the tweet is just not calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH price of NFT transactions, the overall quantity exceeds $550 million. Nevertheless, 1.3 million SOL price of NFT transactions, solely quantities to $43.39 million.

Put merely, under no circumstances did Solana’s NFT surpass that of Ethereum. Effectively, besides on one entrance. The overall transactions performed all through the week on Ethereum got here as much as slightly below 500k, whereas Solana famous nearly 630k transactions this week alone.

This 32.6% greater exercise on Solana does present that decrease prices can appeal to greater utilization, however it doesn’t quantity to a lot.

Did Solana Really Surpass Ethereum With 136% Greater Nft Quantity

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 very 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 Might.

Did Solana Really Surpass Ethereum With 136% Greater Nft Quantity

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 is just not alone on this, as OpenSea on Ethereum can also be experiencing an identical conundrum. 

Did Solana Really Surpass Ethereum With 136% Greater Nft Quantity

Solana each day NFT purchases | Supply: Dune – AMBCrypto

The each day quantity of NFT transactions on Ethereum from their peak of $476 million in Might, dropped to simply $15 million on 3 July. In truth, the dropoff in transaction quantity from April to Might 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 price of volumes. At this price, by the top of this month, {the marketplace} would solely report $344 million in transactions.

Did Solana Really Surpass Ethereum With 136% Greater Nft Quantity

Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto

In addition to, with the broader market treading downwards, buyers will solely maintain themselves farther away from NFTs, so the determine may find yourself being right.



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