In line with a latest tweet from Santiment, the quantity of Solana-based non-fungible tokens (NFT) surpassed that of Ethereum. Though the volumes differ by a tiny issue, it’s nonetheless a really important one.
An necessary issue to consider is the truth that the quantity that was charted within the tweet was not calculated in USD however within the blockchain’s native token.
In different phrases, regardless of Ethereum observing solely 550,000 ETH value of NFT transactions, the quantity exceeds $550 million. Nevertheless,1.3 million value of SOL transactions is barely value about $43.39 million.
NFT quantity ETH (left), SOL (proper) (Supply: Twitter)
Solana’s NFT didn’t surpass Ethereum’s besides when it got here to the overall transactions carried out all through the week. The weekly quantity of transactions for ETH stood at 500,000, whereas Solana’s stood at 630,000. Because of this Solana’s exercise was about 32% larger than that of Ethereum.
Solana NFT transactions this week (Supply: Nansen)
When wanting on the macro timeframe, Solana’s NFT market has been experiencing a gentle decline by way of each day quantity. Over the past two months, the best quantity famous on MagicEden was 380,000 SOL.
Solana each day NFT quantity (Supply: AMBCrypto)
Over the identical interval, the each day NFT purchases on Solana have additionally decreased by about 78%.
However, Ethereum is struggling the same destiny. Since its peak of $476 million in Might, the each day quantity of NFT transactions for Ethereum has dropped to only $15 million on July 3.
Along with this, OpenSea has already registered $43 million value of volumes. If issues proceed at this price, OpenSea may solely report $344 million in transactions by the tip of the month.
OpenSea month-to-month NFT quantity (Supply: DUNE-AMBCrypto)
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