As CryptoSlam sales tracker reports, NFTs sales on the Solana blockchain surpassed $1 billion in all-time volume trade just last week.
Ethereum has been the most popular blockchain for NFTs for several years at this point. That’s primarily because it’s the first major blockchain to offer smart contracts. However, in recent months, Ethereum has been experiencing prohibitively high transaction fees.
Solana-based NFTs have gained popularity as an alternative in the latter part of 2020 and the beginning of 2021. And now, Solana has reached new levels of success.
When Did Solana Surpass $1 Billion?
The crypto market has been all over the place this year. We’ve seen record highs and record lows. However, things have been seemingly stable in recent months, and now, investors and traders finally have something to feel truly excited about.
In August, Solana’s NFT ecosystem finally passed a major milestone. The total volume of the Solana Blockchain went over a billion dollars.
Solana has become one of the biggest players in the crypto world, and it will only continue to grow in popularity.
Last year, Solana switched to Metaplex as its main protocol. The developers managed to create a permissionless infrastructure for NFTs. Some 16 million out of 18 million NFTs on the platform have been minted using Megaplex.
Is This the First Time This Has Happened?
This is a big deal because it’s the first time that the total volume of NFTs on a single blockchain has surpassed $1 billion. Just last year, Solana’s highest weekly trade volume was just over $160 million.
That’s just a small fraction of what it is now.
Of course, Ethereum still holds the title for most NFT transactions. However, Solana is quickly catching up. At certain points of this year, Ethereum’s fees have been so high that many users have turned to Solana as an alternative.
Will This Push Solana Over the Top?
The Solana community has been steadily growing for over a year now. The company also has the 9th-largest cryptocurrency on the market. The most expensive NFT on the network was sold last September.
Everything is going rather great. However, when it comes to NFTs, Ethereum is still king. And from the look of things, will be for at least the next two years.
In reality, Solana lacks high-profile NFT projects like BAYC or CryptoPunks. These projects have made millions and millions of dollars and have been featured in some of the biggest publications in the world.
These NFT projects have entered the public consciousness. Even people unfamiliar with the crypto world know about these projects.
So, while Solana has made great strides, it still has a long way to go before it can truly dethrone Ethereum.
The Future is Looking Bright for Solana
Even though Solana might take a while to dethrone Ethereum completely, there’s no doubt it has a bright future.
The platform is quickly making progress and gaining ground. It has some of the biggest names in the crypto world behind it. And if Ethereum’s fees continue to rise, more and more users will be looking for alternatives.