The September growth of the Solana NFT ecosystem competes with Ethereum
The September growth of the Solana NFT ecosystem competes with Ethereum
- The market share of Solana on the entire NFT trade volume has increased from 7 % to 24 % in the past six weeks
- The USD value of the NFT trade volume is "still much higher at Ethereum", according to Blockworks Research.
Solana began October with an hour-long company interruption-the 12th such failure of the blockchain in 2022-a particularly sour grade, especially after one month with rising NFT coins and daily volumes that compete with Ethereum.
The market share of Solana on the entire trading volume has increased from 7 % to 24 % in the past six weeks, according to Delphi Digital.
Solana recorded higher daily trade volumes as an ethereum in September. The number of individual buyers rose by 34%from month to month. according to data from dune analytics.
The Ethereum's NFT volume may have decreased since April, but the newly converted proof-of-stake-blockchain is still the top dog when it comes to NFT sales. It houses-by far-the blue chip collections, including Bored Ape Yacht Club and Crypto Punks.
"One thing that should be kept in mind is that the USD value at Ethereum is still much higher," said Blockworks Research Analyst Sam Martin. "Project developers can wash the trade on Solana to artificially increase the volume due to low transaction fees, while this would be far more expensive at Ethereum."
Solanas trades of less than $ 200 and lower gas fees have made "more interaction and participation" possible than the Ethereum network, the analysis platform nansen reported .
"The role of Ethereum in the NFT area will concentrate on value-added memory. In contrast, Solana will see the breeding ground for trade, newer collections and creators who are looking for access to the global market, and it is already to a certain extent," said Nansen.
Solana's "Y00TS: MINT T00B" project had the highest 30-day trading volume on both OpenSea and Magic Eden. Dust Labs-the company behind Solana's most valuable NFT collection, the Degods project-published Y00TS in early September. The design is still pending.
The Y00T coin ran on metablex, an NFT protocol for developers on Solana. According to the company, more than 4 million Wallets Metlets have kept NFTS so far, a sphere with range similar to the ERC 721 standard from Ethereum. A million Solana NFTs are shaped every 18 days over the metabulous network.
The growth of Solana could certainly be related to the rapid recovery of the entire NFT market after a break-in at the end of 2021, which decimated the collective market capitalization of all digital collectors.
But the idea that NFTS can become "identity tokens" and promote the community-including the particularly close-meshed owners of Y00TS and Degods-is something that is worthwhile to sit down, according to Stephen Hess, the former product manager of Solana Labs and current Metaplex CEO.
"If you change your profile photo, signal your membership in a group," Hess told Blockworks. "You somehow construct your identity online. If we zoom in, we see this as the beginning of decentralized social networking."
While the cards are not yet overturned, Solana gains strongly on the ground. The proof-of-stake protocol has collected 9.89 million cumulative trades worth $ 1.1 billion, while Ethereum has registered $ 16.38 million with $ 16.5 billion. from flipside crypto.
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The September growth rival Ethereum of the Solana NFT ecosystem first appeared on block works.