Solana wants to prove that Ethereum (ETH) is not the only blockchain offering large non-fungible tokens (NFTs). And it seems to be starting to find its place: The creation of NFTs on Solana has exploded in recent weeks. What explains this enthusiasm?
Collections of Solana NFTs Explode
According to data shared by analyst The Block, activity around Solana’s NFTs has surged, even as their Ethereum counterparts are experiencing a rather dull end to the summer. The number of non-fungible tokens produced (beaten) on Solana has thus been achieved an absolute record at 312,000 copies 7 Sept. A figure that was only 39,000 three days earlier.
Progression of NFTs produced on Solana
Transaction volumes related to NFTs have also logically increased, reaching an all-time high of $11.5 million on September 6. The NFT sales platform Solana Magic Eden in particular has benefited from this renewed interest, sinceit represented 36% of the market share on September 7.
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Do Solana’s NFTs Find Legitimacy?
When the first collections of NFTs were offered on Solana, they aroused quite a bit of ridicule. Indeed, many copies of large collections were still available on Ethereum, such as the Bored Apes. But the ecosystem seems to have gotten rid of itas Chase Barker, development manager of the Solana Foundation, noted:
I remember once (last year), “some people” laughed at Solana NFTs. Locks of ridicule, and some of it was fair because many first launches were clones. Although no one likes the clones. Today, Solana is on track to completely dominate the NFT market. gm
— The Charker 🌚🔫🌚 (@therealchaseeb) September 9, 2022
One of the advantages of Solana’s NFTs is their low cost. Costs on Ethereum remain high and some collections have reached staggering prices, making them inaccessible to many investors. Thereafter, there is talk about different collections about Solana – this is for example the case with y00ts.
This is therefore encouraging for the NFT sector on Solana. We also note that the volumes are very close to each other. For the week of September 5 Solana NFTs accounted for $42.9 million in trades, compared to $62.6 million at Ethereum. So these are serious competitors coming to prey on the land of the second largest blockchain.
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Source: The Block
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