Solana Dominates Monthly NFT Transactions, Surpassing Bitcoin and Ethereum

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Solana’s monthly NFT transactions significantly outpaced those of Bitcoin and Ethereum.
The weekly sales volume of Ethereum NFTs surged, while those of Solana and Bitcoin fell.
“Solana continues to lead in NFT transactions, demonstrating robust engagement in the crypto space,” noted analysts.

Explore the dynamic shifts in the NFT market, with Solana maintaining a strong foothold and Ethereum showing promising growth in sales volume.

Solana’s Dominance in the NFT Sector

Recent data from Coin98 Analytics showcases Solana’s superior performance in the NFT space. As reported, Solana led the market with a remarkable 308,000 unique NFT traders last month, eclipsing Bitcoin and Ethereum, which had 129,000 and 74,000 unique traders respectively.

Comparative Analysis: Solana vs. Bitcoin and Ethereum

In terms of monthly NFT transactions, Solana recorded an astounding 5.2 million, which dwarfs Bitcoin’s 550,000 and Ethereum’s 437,000. Notably, collections like STEPN, Mad Lads, and Famous Fox Federation have propelled Solana to this commanding position. Meanwhile, top collections on Bitcoin and Ethereum include NodeMonkes, Bitcoin Puppets, RuneStone, Bored Ape Yacht Club, Milady Maker, and Mutant Ape Yacht Club.

However, despite leading in transactions, Solana saw a 40% drop in monthly sales volume, compared to a 62% and 52% decline for Bitcoin and Ethereum respectively. Interestingly, the number of active buyers and sellers on Solana increased by double digits, indicating high user engagement.

Ethereum’s Recent Upsurge

In the past week, Ethereum has shown remarkable resilience, with NFT sales volume increasing by 17% to over $40 million. This is in stark contrast to Solana and Bitcoin, which saw drops of 18% and 37%, respectively. Ethereum’s consistent performance highlights its growing acceptance and utility in the NFT market.

Price and Market Sentiment

Despite the fluctuations in the NFT market, the prices of these major cryptos experienced a downturn. Bitcoin fell by 4.4%, Ethereum by 3.4%, and Solana by nearly 10%. As of the latest data, Bitcoin is trading below $67,000, with Ethereum at $3,558 and Solana at $144.

This bearish price movement has also impacted their social sentiments. According to Santiment, the weighted sentiment for Solana, Bitcoin, and Ethereum has turned negative, indicating a prevailing bearish outlook among investors.

Conclusion

The NFT market continues to be dynamic and complex, with Solana leading in transaction volume and user engagement, while Ethereum shows significant growth in sales volume. Investors and enthusiasts should stay vigilant, as market conditions and sentiments are prone to rapid changes, affecting performance and valuation in this volatile sector.