Did Solana (SOL) Outshine Ethereum (ETH) With 136% NFT Volume Uptick?

The latest Santiment’s retweet shows Solana-based non-fungible tokens (NFTs) surpassed Ethereum in volume. Meanwhile, the change presents a tiny but crucial difference.

It’s Solana, Not Ethereum

Analysts calculated the tweeted volume in the platform’s native coin and not in USD. Therefore, despite ETH noting NFT transactions worth 550K ETH only, the overall volume surpasses $550 million. Nevertheless, SOL NFT transactions amounting to 1.3 million are only worth $43.39 million.

Precisely, SOL’s NFT didn’t outshine Ethereum’s. However, there was one exception. Overall transactions completed during the week on the Ethereum blockchain were slightly below 500K, whereas Solana recorded nearly 650K transfers this week alone. The 32.6% activity surge on Solana does indicate that lower charges can draw higher usage, though not that much.

Meanwhile, SOL’s NTF market has witnessed gradual daily volume declines on longer timeframes. The NFT marketplace MagicEden, which dominated about 98.5% of overall SOL non-fungible token volume, had its highest volume within the past two months at $12.6 million (380K).

Meanwhile, the timeframe saw Solana’s daily non-fungible token purchases plunging by 78.85%. However, Solana isn’t alone here, with Ethereum’s OpenSea witnessing a similar puzzle.

Ethereum’s daily NFT transaction volume plummeted to $15M on July 3 from the peak at $476M in May. Moreover, the transaction volume slump between April and May stayed interestingly high as numbers plunged to $969M from $2.59B.

Moreover, OpenSea recorded volumes worth $43 million at press time month. Maintaining this rate would see the marketplace recording $344 M in transactions in July. Moreover, the declining trends in the overall market would see investors avoiding non-fungible tokens. Thus the number could be correct at the end.

On the other hand, the cryptocurrency market presented impressive leg ups within the previous day. Large-cap assets within the crypto market saw lucrative overnight gains.

The cumulative crypto market value confirms the upside with a 5.62% surge within the past day to $914.78 billion. Meanwhile, the overall market volume noted a staggering 52.51% within the last day to $57.65 billion.

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Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

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