Ethereum (ETH) & Solana (SOL) NFTs Settles Down After Epic Rises

Ethereum NFT Limitations Allows Alternative Blockchains to Thrive

With the rise of the non-fungible tokens (NFT) market and its evolution so far, far by now, it’s highly evident that the NFTs will be playing a vital role forever till human existence in this world. Even cryptos are like a cat on the wall, not sure if they deserve the term ‘forever’. Yet, the NFTs sure does, owing to the entire world widely into it. Everything and everyone is into these NFTs either directly or indirectly.   

In spite of all this, the whole NFT market took everyone to extreme astonishments and in awe during the month of August. Also, last month witnessed epic heights of almost the entire NFT market as never as before. However, the following month the situation was not the same though. 

Splendors of August 

For the entire NFT market, the month of August, 2021 is the golden month in its history so far. The month of August saw an epic surge in the NFT market overall drastically. Various factors and numerous outperforming NFTs are to be the main reasons for this recordable month. 

Accordingly, OpenSea, the biggest and largest global platform for all sorts of buy, sell, and trade of digital collectibles, assets and NFTs, witnessed the same personally last month. In spite of this, the overall trading volume for the platform crossed over a whopping $3.4 billion. This is the highest for the firm so far. 

Furthermore, this remarks an epic surge of over 950% more than that of the previous month of July. And so comparing the previous year of 2020, with complete 2020 sales markets combined together, OpenSea is 140 times more than that for the month of August alone! 

Moreover, the majority of the NFTs record sales amounts to Ethereum (ETH) based NFTs like CryptoPunks and Art Blocks. In addition, the Solana (SOL) based NFTs like Degenerate Ape made impeccable records so far and still much more to go too.

The Settle of September

Despite such a surge one could ever imagine upon such a market, the case is not the same at present for the month of September 2021 though. In addition, the recent downfall of most of the leading cryptocurrencies in the past few days imposed certain impacts to the NFT market.

Moreover, the increase of the Ethereum transaction gas fees proves to be another factor for such subtle performance of the whole NFT market for September, 2021.

On the contrary, seeking this in terms of OpenSea, the first week of September saw $274 million in ETH trade up its platform. However, the present week ,taking the past few days into account, witnessed only $107 million in ETH trade.

In addition, all this is due to the fact that the price of Ethereum (ETH) has dropped down recently. Also taking the past 1 week into consideration the graph has been down to about 18%.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.