Is Solana ready for the next price jump? NFT volume explodes

Solana steals the show from all other NFT sales, taking 24% of the total volume of NFT purchases. In the last 30 days, the turnover of non-mungible tokens has increased by 108%. Solana Daily published this in a Twitter post last week.

Solana: Explosive developments

Accordingly, Solana outperforms other NFT sales by up to 29%. Ethereum crashes on purchases, losing 31%. Avalanche surged 79% over the past 30 days, Panini returned 73% and NFT wax sales increased 21%.

Top Blockchains at NFT Sales Growth Last 30D

🔴#ETH @ethereum -31%
🢢#SOL @solana +108% 🚀🚀#FLOW @flow_blockchain#IMX @unemotional #BNB @binance #SEAL @Ronin_Network #MATIC @poligán@PaniniAmerica #AVAX @avalancheavax#WAX @WAX_io@cryptoslamio #Solana $SOL pic.twitter.com/PbpyubRRKJ

— Solana Daily (@solana_daily) September 28, 2022

Solana is stealing NFT market share from the second largest cryptocurrency Ethereum. Over the past few months, NFT sales have declined significantly. Hence, the boom in Solana NFT sales is making waves.

However, the developments seem to have a positive impact on Solana’s price as well. At the end of September, the price dropped from USD 35 to USD 33 and has since moved sideways with little volatility. As of yesterday, however, the value is rising again. The price of Solana Coin today is $34.20. Solana is currently ranked 9th with a market capitalization of over USD 12 billion.

Solana gains leadership in NFT trading volume

Crypto experts at Delphi Digital published a chart via Twitter that clearly shows the increase in sales. They write: “Solana’s share of total NFT trading volume has increased from 7% to 24% over the past 6 weeks.”

Solana’s share of total NFT trading volume has increased from 7% to 24% over the past 6 weeks. 👀 pic.twitter.com/zpAmz9UkTH

— Delphi Digital (@Delphi_Digital) September 29, 2022

This performance began in mid-August. The peak value was then reached in September. With the increase in NFT sales, Solana is establishing itself as a useful alternative to ETH. Due to its simultaneous descent and Ethereum’s still clearly uncertain course, Solana is currently outperforming overall.

Solana’s NFT market can score

Solana gains a major advantage over Ethereum through the speed offered to buyers on the SOL NFT market. Solana can book about 65,000 transactions in one second. Currently Ethereum only has 15 transactions at the same time. In other words, the Solana blockchain is 400 milliseconds fast. Ethereum hosts a blockchain that takes between 12 and 15 seconds.

Prices can also play a role. The price of Solana NFTs is usually much lower than the price of Ethereum NFTs. There is also a significant difference between the gas prices for the NFTs. These play a major role in the sale of the special token. NFT can be charged 10 USD with ETH. Solana, on the other hand, keeps those fees under $0.01.

This also makes entry into the NFT world much more expensive if you want to use Ethereum NFTs.

Do NFTs have a future?

Thanks to Solana, the demand for NFTs has increased significantly again. But no one can say at the moment whether this performance will last and whether the purchases will be of a sustainable nature. Shareholder Markus Eisenbeis is familiar with trading in virtual assets. In an interview with the Augsburger Allgemeine, he commented on the hype surrounding the special signs.

“I don’t really see any downsides. We are not concerned with speculation in cryptocurrency. The hype surrounding NFTs had nothing to do with the art market or the art. It comes from the gamer world and the crypto-savvy platform. Not every NFT is automatically art just because it is traded at Christie’s or Sotheby’s. As in the classical art market, the trade in digital art will also consolidate. Hot air will be going out. One focuses on reputable artists and solid platforms. Reputable dealers act as a filter for a clean transaction process, to achieve prices that are also grounded. No one wants to buy any token from anonymous Lieschen XY.”

So, as NFT buying picks up, Solana may bounce back from its slide and regain the price soon. Ethereum may even play into SOL coin’s hands with the merger, which is why NFT investors and buyers may switch to Solana coin.

Background: What are NFTs?

NFT (Non-Intangible Token File) is based on coins that represent a digital or physical asset. Non-funded means that this token is unique and cannot be duplicated or subdivided. This makes it especially secure.

NFTS is created using metadata and identification codes. They can be used for everything. In most cases they are used in collectibles, pictures, playing cards or music. The possible applications are endless.

How to buy Solana on eToro

With the step-by-step guide below, you can complete the purchase of Solana tokens in minutes.

Step 1: Registration

First, visit the eToro.de website and create an account. There are no costs to you.

After registration, your details will be verified. This process takes place in a separate window and only takes a few minutes. You will be asked to upload a photo of your ID card.

Step 2: Deposit

As soon as your user account is activated, you can use eToro. For your purchase, first deposit money into your account. EToro offers many payment options for this.

Step 3: Buy Solana

Now search for Solana, or SOL and select the token to buy. Now a trade window will open where you can enter how many coins you want to buy. Confirm your selection and complete the purchase.

Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.