Solana NFTs are hot, with sales volume surpassing Ethereum NFTs for the first time in over a year. Solana is proving that it’s a serious contender in the NFT market.
In terms of daily trade volume, Solana NFTs have finally surpassed Ethereum NFTs, which is a significant accomplishment for the smaller Solana network.
In 24 hours, Solana’s NFTs traded for over $25.5 million, while Ethereum’s traded for just $24.5 million.
Last year, Trippin’ Ape Tribe, a Solana NFT profile image project, went live on Magic Eden in April 2022 and helped Solana’s NFT market surpass Ethereum’s in terms of 24-hour sales volumes.
Trippin’ Ape Tribe took the Solana NFT market by storm, generating over $14.5 million in sales. This was more than double the sales of any other project, and it helped put Solana on the map as a major player in the NFT space.
With OpenSea’s support, Solana NFTs are poised to explode in popularity. OpenSea, the $13.3 billion NFT marketplace, is making a big move into the Solana ecosystem by adding support for Solana NFTs.
OpenSea was a strictly Ethereum NFT marketplace until it added support for Polygon (MATIC) NFTs.
Rival of OpenSea, Rarible was quick to jump on the Solana NFT bandwagon, following OpenSea’s lead and enabling Solana NFTs on its platform.
Solana is making some noise in the NFT space, but Ethereum is still the king. Solana’s NFT trade volume was close to $41 million in the last seven days, while Ethereum’s was close to $166 million. The gap between Solana and Ethereum widened significantly over 30 days, reaching nearly $380 million.
Ethereum and Solana are both Layer-1 blockchain protocols with thriving DeFi ecosystems. Ethereum is the OG of DeFi, and its ecosystem is vast and mature. Solana is a newer player, but it is growing quickly and has a lot of potential.
With a staggering $26.7 billion tied up in DeFi protocols, Ethereum controls more than half of the industry’s TVL. On the other hand, Solana has a TVL of only $265.57 million.
If you’re looking for a way to quickly compare Ethereum and Solana, just look at their market capitalizations. Ethereum’s is $231.17 billion, while Solana’s is $7.38 billion. That’s a difference of more than 30 times.