In line with a latest retweet by Santiment, plainly the quantity of Solana-based NFTs exceeded that of Ethereum. Nicely, in actuality, the quantity differs with a tiny but crucial issue.
It’s Solana and never Ethereum
The amount charted within the tweet shouldn’t be calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH value of NFT transactions, the whole quantity exceeds $550 million. Nonetheless, 1.3 million SOL value of NFT transactions, solely quantities to $43.39 million.
NFT quantity 🖼
Ethereum (left) vs Solana (proper) pic.twitter.com/WUsJFBxP58
— Alex Svanevik🐧 (@ASvanevik) July 3, 2022
Put merely, by no means did Solana’s NFT surpass that of Ethereum. Nicely, besides on one entrance. The entire transactions carried out all through the week on Ethereum got here as much as somewhat beneath 500k, whereas Solana famous virtually 630k transactions this week alone.
This 32.6% larger exercise on Solana does present that decrease prices can appeal to larger utilization, however it doesn’t quantity to a lot.
Solana NFT transactions this week | Supply: Nansen
On the macro time-frame, Solana’s NFT market has been observing a gradual decline when it comes to every day quantity.
Within the final two months, the very best quantity famous on MagicEden, the NFT market, which dominates 98.5% of all Solana NFT quantity, was 380k SOL ($12.6 million) that too again in Might.
Solana every day NFT quantity | Supply: Dune – AMBCrypto
Notably, over the identical time interval, the every day NFT purchases on Solana have decreased by 78.85%. However Solana shouldn’t be alone on this, as OpenSea on Ethereum can be experiencing an analogous conundrum.
Solana every day NFT purchases | Supply: Dune – AMBCrypto
The every day quantity of NFT transactions on Ethereum from their peak of $476 million in Might, dropped to simply $15 million on 3 July. Actually, the dropoff in transaction quantity from April to Might was surprisingly excessive as figures sank from $2.59 billion to $696 million.
Moreover, as of press time this month, OpenSea has already registered $43 million value of volumes. At this charge, by the top of this month, {the marketplace} would solely document $344 million in transactions.
Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto
In addition to, with the broader market treading downwards, buyers will solely hold themselves farther away from NFTs, so the determine may find yourself being right.
