Solana is one of the most amazing blockchains for NFTs, and for a considerable amount of people, it is the NFT of choice; here’s why this company has a cause to celebrate in April
Solana: Exceptional Q1 traction
Saying that Q1 2022 was remarkable for Solana would be an understatement; a considerable amount of planned activities and goals the company set are being achieved.
In fact, it’s almost impossible to go a week without hearing about positive news from this blockchain ecosystem.
Recently, the entire NFT space celebrated when OpenSea announced that they’d begin supporting Solana NFTs on the platform in April.
The acceptance by OpenSea is a big boost for the company, and once Solana NFTs are made available on OpenSea, it’ll help this platform expand its horizons like never before.
Solana first gained public acclaim for being an “alternative” to Ethereum; people were tired of the slow transaction speeds, exorbitant gas fees, and unreliability of the Ethereum blockchain leading to massive adoption of alternative blockchains like Solana.
As Solana progresses, the blockchain is quickly evolving from an alternative to Ethereum to a blockchain that creators and consumers actively seek out because the product is impressive.
In September 2021, Solana recorded its first million-dollar transaction when an NFT from the “Degenerative Ape Academy” sold for more than $1 million.
Solana in the Billion Dollar Club
There’s a reason why when a project or blockchain records its first million, 100 million, or billion-dollar transaction; it gets a lot of press coverage.
We’re living through a reality that would have been unbelievable to fathom three years ago, and each time a groundbreaking transaction takes place, people want to learn about it.
Solana recently crossed the $1.5 billion mark, and this comes months after the platform became a member of the Billion Dollar NFT marketplace club.
314,910 buyers purchased more than $1.5 billion worth of Solana assets across two million transactions from 260,844 sellers.
$1.5 billion in transactions is no small feat. It makes sense when financial juggernauts, including JPMorgan Chase, predict and tout Solana as the most likely blockchain to unseat Ethereum to become the number blockchain for NFTs.
Solana’s growth in 2022
Solana has witnessed growth figures that’ll turn heads, and over the last week of March 2022, CryptoSlam data showed a week-on-week increase of 55.34% in Solana NFT sales.
SOL is the native token of the Solana network, and at the time of curating this piece, SOL was trading at $133 on significant exchanges. Furthermore, SOL recently surpassed XRP in market cap to become the sixth-largest cryptocurrency by market capitalization.
By the end of the year, it’s not crazy to imagine that Solana can overtake Ronin to become the second-largest NFT blockchain by trade volume. Ronin has had its fair share of hiccups since the start of the year.