Solana-based NFTs have surpassed Ethereum-based NFTs in volume.
This is the first time the Solana NFT ecosystem has generated more transactions over 24 hours. Ethereum still is the biggest name overall, with major projects including Bored Ape Yacht Club, Crypto Kitties, and Crypto Punks pushing it into the big league.
Many celebs have invested in Bored Apes, including celebrities Jay-Z and Neymar. This has pushed Ethereum to new highs, while also bringing NFTs to the forefront.
Solana overthrowing Ethereum is a major change, even if it did so by a small margin.
More About the Event
A tweet from Santiment highlighted Solana’s success, however, it did not present the numbers in USD. Ether observed 550,000 ETH in terms of transactions, which equals $550 million. On the other hand, Solana’s 1.3 million only equals $43.39 million.
According to the tweet, Solana’s NFT surpassed Ethereum’s, in terms of total weekly transactions. ETH had a total of 500,000, slightly behind Solana’s 630,000. Thus, Solana had 32 percent more activity than Ether.
What the History Shows
The release of ‘Trippin’ Ape Tribe’ helped Solana dethrone Ether back then. The project has proven to be a towering success and has surpassed other names with a massive day at $14.5 million. However, this is not the first time that a Solana-based collection topped the charts, Okay Bears recorded a tremendous month at $18 million in April, but the Solana network could not beat Ether back then.
What the Situation Looks Like
The overall picture is not very bright for Solana. The marketplace has been declining for the past few months. The highest volume on Magic Eden since May was only 380,000 SOL, and the daily purchase volume saw a decline of 78 percent. However, Ether has not done impressive numbers either.
The volume has fallen to $15 million since recording a high of $476 million in May. Some experts believe that the decline in the crypto market is the cause behind this fall.