Solana Overtakes Ethereum in Daily and Weekly NFT Trading Volume for the First Time in History
Solana has surpassed Ethereum in NFT trading volumes, bolstered by its Tensor marketplace and new NFT standards, signaling a major shift in the digital asset landscape.
In a historic shift in the digital asset market, Solana has overtaken Ethereum in NFT trading volumes, both daily and weekly, for the first time. In the past week, Solana's NFT trading volume reached $91.91 million, consistently exceeding Ethereum's daily volume. Notably, on December 16, Solana's trading volume doubled Ethereum's, hitting $25 million compared to Ethereum's $12 million. This achievement highlights Solana's growing influence in the NFT market, showcasing its efficiency, speed, and the innovation of its community and developers.
At the forefront of this remarkable achievement is Tensor, Solana's top NFT marketplace, which has now flipped Blur, Ethereum's leading marketplace, in terms of trading volume. Tensor has cemented its position as the dominant force on Solana, accounting for 65% of the platform's NFT trading volume. This dominance is partly attributed to the introducing of a new NFT standard called inscriptions by LibrePlex on Solana. This innovative standard, born out of the demand for fair NFT launches and the immutability of images on-chain, is set to revolutionize NFT use cases.
The Blockrons collection, based on the inscription standard, has reached a remarkable floor price of 350 $SOL. Similarly, another inscription-based collection, SOLS SPL-20, peaked at 93 $SOL, contributing significantly to the overall trading volume. These collections exemplify inscription-based NFTs' potential and appeal to investors and collectors.
The outlook for Solana's NFT ecosystem remains bullish, with more innovative founders and projects gravitating toward the platform. Notably, the founder of Sappy Seal, a prominent NFT project, expressed interest in launching a collection on Solana via Twitter. This move signals Solana's growing recognition and attractiveness among other blockchain project founders.
Solana's surpassing Ethereum in NFT trading volumes marks a pivotal moment in the digital asset space. This shift highlights Solana's growing appeal and efficiency, positioning it as a potential leader in the NFT market. As Solana continues to draw innovative projects and developers, it stands on the brink of redefining the NFT landscape and solidifying its status as a premier platform for NFT trading.