Solana overtakes Ethereum in daily volume

Solana Crypto

The NFT has undergone several recent changes. In recent weeks, the trading volume in the high-value Ethereum NFT market has been declining, although the Solana NFT market continues to grow. Both yesterday and today, there was more NFT traffic on the Solana network than on the Ethereum network.

In the previous twenty-four hours, Solana NFT sales on the secondary market generated close to $24.3 million, while total Ethereum sales across all CryptoSlam exchanges reached $24 million.

In a span of one day, this is the first time that the Solana market, which is much smaller than Ethereum’s, has outperformed Ethereum’s sales. According to CryptoSlam, the number of Solana NFT sales skyrocketed 436 percent in just 24 hours.

On Tuesday, Magic Eden unveiled the world debut of Solana’s NFT profile picture project titled Trippin’ Ape Tribe. It’s similar to Ethereum’s Mutant Monkey Yacht Club, but instead has 10,000 weird ape pictures. Following Tuesday’s minting, secondary market sales soared.

Over the course of that time period, the Trippin’ Ape tribe reportedly provided Solana with $14.5 million in donations, CryptoSlam reports. Second in terms of sales was Ethereum’s Bored Monkey Yacht Club, which brought in $3.5 million.

Okay Bears was Solana’s first initiative to reach number one on the chart earlier this month. The only other Solana NFT team to win the 24-hour reign was Trippin’ Ape Tribe. In Magic Eden, Trippin’ Ape Tribe NFTs can be purchased for 2,600 USD or 54 SOL.

NFTs are used quite frequently in the production of profile pictures, digital artwork, sports memorabilia, and in-game items. When the NFT market started to take off in 2021, it produced a trading volume of $25 billion, and it looks set to surpass that amount in 2022.

The strength of the market momentum can be seen in Solana’s attempt to overtake Ethereum in terms of 24-hour NFT trading volume. Another essential sign is that Okay Bears has racked up over $100 million in secondary sales in less than a month.

Magic Eden has also surpassed OpenSea in terms of the number of users and weekly transactions. Since the transaction fees associated with using Solana are a fraction of those of Ethereum, listing and unlisting NFTs and bidding on items are more profitable using Solana.

OpenSea has recently started supporting Solana’s NFTs, but the company has yet to establish a significant market share. Magic Eden continues to be responsible for the majority of Solana’s market revenue, and the company is looking to strengthen its position as a native Solana company by allowing customers to trade using DeGods and Aurory tokens.

Despite this, the Solana NFT market has recently seen an increase in the use of NFT minting bots, which are computer-controlled applications designed to acquire as many NFT coins as possible. On April 30, these bots caused disruptions to Solana’s network, leading to the implementation of a new “bot tax” that adds fees to “invalid” transaction attempts.

Although Solana is making progress, Ethereum is still outperforming overall. Trading volume for Solana NFT was shown at $58 million on CryptoSlam, compared to $206 million for Ethereum. Solana has generated $333 million in the last 30 days, while Ethereum has generated $3.15 billion.

Due to the Otherside parcel release, the Ethereum non-fungible token market was quite active in late April and early May. Although the structure of the transaction was questioned, the NFTs were sold for close to $1.2 billion in just under a month.

A few weeks ago, while the cryptocurrency market was falling, the development of Ethereum NFTs stopped. Monday’s trading volume on OpenSea’s Ethereum platform was $29 million, up from $476 million on May 1 this year.