Solana overtakes Ethereum in NFT trading volume

Solana recently surpassed Ethereum in terms of NFT sales volume, as data indicates. Solana’s sales reached nearly $16 million after increasing 2.78%. This rapid increase came despite the broader market downturn. Broadly, Ethereum saw a steep 22.70% drop in sales.

Ethereum sales dropped to $11.4 million, a stark contrast to Solana’s sales of nearly $16 million.

As for the Bitcoin network, which is generally not a direct player in the NFT space, sales amounted to $13 million. This is thanks to the rise of Bitcoin Ordinals, which has contributed to the main cryptocurrency recently overtaking its altcoin competitor in Terms of all fees

Other blockchains such as Polygon and ImmutableX did the same, although their sales volumes were lower at $1.5 million and $942,113, respectively.

Solana’s NFT market is growing rapidly.

Solana’s NFT market has seen a surge in activity, with Tensor emerging as the leading platform. With monthly trading volume of around $1 million, it surpassed Magic Eden, putting Tensor at the forefront with Solana’s roughly 60% share of the NFT market.

Although Tensor wallet users are less in number compared to Magic Eden, the platform’s traders engage with higher volumes.

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