NFT sales on the Solana blockchain saw huge growth last week, exceeding the sales volume of Bitcoin. According to data from Cryptoslam, Solana’s weekly NFT trading volume surpassed $62 million between January 18th to 25th. Even after accounting for $3.4 million in wash trading, this represents a nearly 17% increase compared to Bitcoin’s volume of $53 million over the same period.
This continues Solana’s momentum in the NFT space after it surpassed Ethereum in total sales last December, with volume exceeding $365 million that month. While January started slowly, sales have picked up again reaching $192 million so far. Top Solana NFT collections driving growth include Froganas, CryptoUndeads, Claynosaurz, Sujiko Warriors, and Tensorians.
Solana’s success in generating higher NFT sales volume than Ethereum, the dominant player, shows its growing competitiveness. This rivalry between Solana and Ethereum in NFTs should spur further innovation. However, Ethereum still leads for January overall with $291 million in volume as of January 25th.
The launch of NFTs on Solana in 2022, starting with OpenSea’s support in April, catalyzed growth in trading. This includes the highest sale so far – a SolanaMonkeyBusiness NFT selling for 13,027 SOL ($2.1 million).
As a blockchain touting similar capabilities to Ethereum but with fewer downsides, many see Solana as having the potential to overtake Ethereum over time. Its strengths in avoiding transaction issues and popularity for NFTs and gaming are positive signs. Solana also just introduced token extensions to appeal to more industries on January 25th.
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