Solana in Pole Position to Challenge Ethereum NFT Dominance, Report

July 29, 2022, 10:45 AM AEST - 2 weeks ago

Data from crypto platform Messari reveals that Solana (SOL) could become the biggest challenger to Ethereum’s NFT market dominance.

In a recent report by James Trautman from Messari, Solana’s network activity declined heavily in the second quarter of this year. However, daily activity has accelerated with over 7 million newly minted NFTs, a growth rate of 46.4 percent:

Solana new NFTs per month. Source: Messari

Solana Defies Market Downturn

The NFT market has been hammered by the crypto winter, with sales plunging over 90 percent since their January highs. But while Ethereum still commands over 80 percent of the market, Solana continues to gain traction in the industry, overthrowing other alternative layer-1 platforms:

Ultimately, Solana’s position in the NFT sector remains a strong component of its ecosystem despite a down market. It continues to be the second-largest protocol by secondary NFT sales volume, trailing only behind Ethereum.

Messari report

A boost for the Solana NFT ecosystem came with the announcement of OpenSea introducing its Solana launchpad to allow SOL-based NFT projects. The plan is to provide OpenSea users with a “multi-chain future” for NFTs.

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