Solana Captures A Quarter Of Total NFT Volume!
Solana has just seen a significant breakout, accounting for a fourth of overall NFT traffic. Solana's NFT volume domination has risen from 7% to 24%, according to recent sources. Furthermore, this process took roughly 6 weeks to finish.
Solana Succeeds in Being an Alternative to Ethereum in the NFT Space!
The charts show that NFT volume on the Solana chain has been increasing since mid-August. It also shows that it resulted in a 40% rise at the beginning of September. Then, in the ongoing process, there was a decline. However, over the previous two weeks, Solana has witnessed a significant increase, accounting for about a fifth of total weekly NFT traffic. The number of weekly Solana NFT publications also expanded dramatically during this period. It also finds a link between freshly circulating NFTs and on-chain trade volume. To put it another way, freshly issued Solana NFTs can find purchasers.
Surprisingly, other blockchains produce far less volume than ETH or SOL. However, other blockchains have increased their market share since the beginning of September, with Solana accounting for around 18% of the market. According to the statistics, despite Ethereum's shift to proof-of-stake, it is becoming less popular for NFTs.
NFT Statistics Keep Falling!
Despite the emergence of Solana and other blockchains, the short-term shift calls into question if this is a long-term trend. In any event, the NFT market has suffered tremendously this year. Nonfungible data show that sales and the number of unique customers have been dropping since October 2021. Although sales remained slightly active until February 2022, the fall could not be avoided. Furthermore, NFT sales came to a halt in May.
On May 1, sales rose to $811 million, outperforming the market. Sales for September 29 were recorded at $14.8 million. Unique NFT buyers show a bearish trend. In addition, NFT users, which peaked at 79.4 thousand on November 5, 2021, decreased by 86 percent to 11 thousand users.