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Against the backdrop of declining NFT sales and buyers, Solana (SOL) is making waves and stealing NFT market share from Ethereum (ETH).
Ethereum loses lead: Solana comes up
Cryptocurrency research firm Delphi Digital has released a chart showing the increase in the number of Solana on NFT. The scientists write:
“Solana’s share of total NFT trade volume has increased from 7% to 24% over the past 6 weeks.”
The chart shows that NFT volume on the Solana blockchain has been trending upwards since mid-August, peaking at 40% in early September.
Then there was a burglary. But a rebound has been seen over the past two weeks, with Solana currently accounting for nearly a quarter of NFT’s total weekly volume.
For NFTs: Solana is establishing itself as a viable alternative to ETH
During this time, the number of weekly Solana mints also increased. This suggests that there is a positive correlation between newly floated non-fungible goods and the chain’s trading volume. In other words, Solana’s brand new NFTs find buyers.
Interestingly, “other blockchains” represented a much lower volume than ETH or SOL. Since the beginning of September, however, other blockchains have increased their market share alongside Solana. They make up about 18% of the market.
Data suggests that Ethereum is losing popularity despite moving to proof-of-concept and addressing the issue of carbon and energy-intensive use of NFTs.
Metrics for NFT continue to decline
Despite the win for Solana and other blockchains, the relatively short turnaround period raises doubts about whether this is a permanent trend.
In any case, NFTs have struggled over the past year. According to data from nonfungible.com, sales and the number of unique buyers have been falling since October 2021.
During this period, up to February 2022, sales were slightly more vigorous. Since May, however, NFT sales have stagnated. May 1 is an outlier – that’s when sales rose to $811 million. Sales for September 29 are $14.8 million.
One-time NFT buyers are trending down which peaked at 79.4k on November 5, 2021. That reading is down to 10.9k as of Thursday – an 86% drop.
Callum Carlstrom, Head of Marketing at Proofed, isn’t too worried, though. He says: The downturn has to do with broader macro and cryptocurrency factors. However, he remains confident that “NFTs will bounce back” once macroeconomic conditions improve.
Text credit: Cryptoslate
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