The blockchain platform Solana has experienced a dip in NFT sales, trailing behind its competitor, Polygon.
According to the latest data, Solana's NFT trading volume has decreased by 17.17%, totaling $4.5 million in sales. This downturn contrasts starkly with Polygon's notable increase in trading activity, which has seen an 84.94% surge, reaching $9 million in sales.
The NFT marketplace is witnessing dynamic shifts, with Ethereum maintaining its top position, boasting $13.4 million in sales, marking a 29.65% increase.
Meanwhile, Bitcoin, often less associated with NFT transactions, has held steady with $13,016,115 in sales despite an 18.52% decline.
The 30-day volume data for NFTs reveal Bitcoin's dominance with sales reaching nearly $872.7 million, and Ethereum's active market at over $709.7 million, despite a high wash trading volume. Solana and Polygon also show significant activity, with total sales of approximately $334 million and $99.4 million, respectively.
Despite the current dip, it is important to acknowledge Solana's significant achievements in the recent past.
In December 2023, Solana unexpectedly topped Ethereum's monthly NFT sales volume, according to CryptoSlam, with approximately $366.5 million worth of Solana NFTs sold compared to Ethereum's $353.2 million.
This was a surprising twist given Ethereum's longstanding dominance in the space. The surge in sales for Solana was attributed to a combination of factors, including a substantial increase in unique buyers and sellers.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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