Will Solana Replace Ethereum in the NFT Marketplace?

Will Solana Replace Ethereum in the NFT Marketplace?
  • The weekly volume growth for Solana was 17.83% during the market down crash.
  • Solana’s unique seller count crossed over 170% in the month.

There is an unseen race between Ethereum and Solana NFT for the past month. Both are competing with each in terms of growth rate. Yesterday the weekly growth rate was 17.83% for Solana and -12.40% for Ethereum, as per cryptoslam. 

Solana News tweets:

On May 16, the sales of both the NFT were also neck to neck. The sales volume of Ethereum NFT was $27 million and Solana NFT was $20 million. The change in the volume was 21.74% for Ethereum and it was 184.35% for Solana. 

The press time values are as follows, $37 million sales for Ethereum with 32.07% change in the last 24 hrs and $4 million sales for Solana with -21.16% change. In the top 10 NFT collection ranking, the first nine places are occupied by the Ethereum collection and the tenth one is Solana’s Fortuna’s car club. 

NFT Ranking (Source : Cryptoslam)

Shark Competing with Whale

The NFT market is greatly dominated by Ethereum, all major collections are from Ethereum blockchain like the prominent Bored Ape Yacht Club and famous personalities supporting and being buyers of them. 

The Solana even being visible in front of this giant is big news for the crypto world and this is seen to be the response to the addition of the Trippin’ Ape Tribe. Also, the NFT blockchain got the attention of the crowd when Opensea supported Solana. The transaction speed of Solana is only 10K times higher, also the unique seller value has crossed the 1 million mark. 

Media person with a programming background. Ecstatic about exploring worlds in and out of books. Gains confidence by trying out new things. Dedicated to upgrading knowledge about Crypto Market.