05 July 2022 13:01, UTC
Studying time: ~2 m
In keeping with a current tweet from Santiment, the quantity of Solana-based non-fungible tokens (NFT) surpassed that of Ethereum. Though the volumes differ by a tiny issue, it’s nonetheless a really crucial one.
An necessary issue to take into accounts is the truth that the quantity that was charted within the tweet was not calculated in USD however within the blockchain’s native token.
In different phrases, regardless of Ethereum observing solely 550,000 ETH price of NFT transactions, the quantity exceeds $550 million. Nevertheless,1.3 million price of SOL transactions is barely price about $43.39 million.
NFT quantity ETH (left), SOL (proper) (Supply: Twitter)
Solana’s NFT didn’t surpass Ethereum’s besides when it got here to the full transactions performed all through the week. The weekly quantity of transactions for ETH stood at 500,000, whereas Solana’s stood at 630,000. Because of this Solana’s exercise was about 32% greater than that of Ethereum.
Solana NFT transactions this week (Supply: Nansen)
When wanting on the macro timeframe, Solana’s NFT market has been experiencing a gentle decline by way of each day quantity. During the last two months, the very best quantity famous on MagicEden was 380,000 SOL.
Solana each day NFT quantity (Supply: AMBCrypto)
Over the identical interval, the each day NFT purchases on Solana have additionally decreased by about 78%.
Alternatively, Ethereum is struggling an analogous destiny. Since its peak of $476 million in Could, the each day quantity of NFT transactions for Ethereum has dropped to only $15 million on July 3.
Along with this, OpenSea has already registered $43 million price of volumes. If issues proceed at this charge, OpenSea might solely file $344 million in transactions by the tip of the month.
OpenSea month-to-month NFT quantity (Supply: DUNE-AMBCrypto)