Solana surpassed $1.5 billion in NFT sales, but still has a long way to go before catching up with Ethereum
The total trading volume for Solana-based non-fungible tokens has reached $1.5 billion.
Solana Surpasses $1.5 Billion Worth of NFT Transactions
Solana hit the new milestone just months after surpassing $1 billion for the first time. NFTs issued on Solana generated over two million transactions with 314,910 buyers and 260,844 sellers.
Last September, an NFT from Degenerate Ape Academy raised $1 million, a first for Solana, joining the club of popular Ethereum-based NFT projects like CryptoPunks.
Solana rose to prominence in 2021, emerging as an inexpensive alternative to Ethereum, which continues to struggle with high transaction fees and relatively slow transactions.
Over the past week, Solana has seen NFT sales increase 55.34%, CryptoSlam data shows.
Earlier this year, JPMorgan predicted Solana would outpace Ethereum in the NFT arena even though the coin is less decentralized. However, it is still impossible to hold a candle to leading the market. Ethereum generated a whopping $21 billion worth of sales.
Solana is also lagging behind Axie Infinity’s Ronin, the congested sidechain solution that recently lost a whopping $540 million to hackers.
Irreplaceable token markets are working to support Solana. Kingpin OpenSea is expected to integrate the “Ethereum killer” as early as this April, potentially creating a massive impetus for network adoption. Rumors of the addition started circulating last year.
SOL/USD 4-hour chart | Source: TradingView
Meanwhile, SOL has once again surpassed the market capitalization of XRP, becoming the sixth largest cryptocurrency. The cryptocurrency is currently at $133 on significant spot exchanges.
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