Solana Continues to Gain Ground, Netting First Million Dollar NFT Sale

September 14, 2021, 10:00 AM AEST - 2 weeks ago

The Solana blockchain is stealing a march on its Ethereum rival with its first million-dollar non-fungible token sale.

A Degenerate Ape Academy NFT (below) changed hands on September 11 for 5980 SOL, or about US$1.11 million, in a record sale for Solana.

And that wasn’t all. After shelling out seven figures for Degen Ape #7225, a hideously scarred zombie primate with a halo munching on a brain, Moonrock Capital, a European blockchain advisory and investment firm, announced a few hours later it had purchased a CryptoPunk knock-off NFT, also on the Solana blockchain, for 1388 SOL (US$257,446.24).

Last week, a single Bored Ape NFT sold for a new record US$2.9 million to the creators of The Sandbox, an upcoming Ethereum-based open-world metaverse game.

Ethereum Challenged By Cardano, Tezos and Solana

However, with its lower fees and reduced traffic, Solana is presenting a serious challenge to the Ethereum blockchain, which initially cornered the market on NFTs. But its popularity caused traffic and fees on Ethereum to skyrocket and rivals like Cardano, Tezos and Solana are capitalising, at least for now.

As the NFT space continues to explode, more artists and content creators are moving their works from Ethereum to Solana while it remains the cheaper option.

The price of Solana’s native token has already taken off in response, with its market capitalisation vaulting over XRP and Dogecoin to become the world’s sixth-largest cryptocurrency. Its total value is now US$54 billion compared with XRP’s $43.5bn and DOGE’s $32bn.

A month ago, a single SOL was worth just $40. After it recently hit an all-time high of more than $200, the token is now changing hands at around $185.

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